Study finds that brand building is no longer a priority for marketers. The report, which aims to provide a timely insight for marketers to take a harder look at how their marketing dollars are performing, surveyed 3,000 marketers worldwide on a number of aspects of their role.
The report points out that driving customer demand has overtaken brand building in developed economies, such as the UK, Australia and the US.
Fournaise Marketing Group, one of the world's leading marketing effectiveness tracking companies, tracks both offline and online marketing effectiveness.
The report findings are not for the faint hearted:
- 65% of all marketing spend in 2007 had no effect on consumers.
- Estimated wastage rates varied from 45% for business-to-business marketers, through to 65% for business-to-consumer.
- Just one in ten of respondents have automated systems in place to track the effectiveness of their spend.
- Of the 55% of marketers who do track the results of their spending, 80% do so manually, spending hours capturing, compiling and analysing data.
- Questioned on strategy, 70% of marketers believe that short-term revenue-boosting and lead-generation campaigns are more important than long-term intangible brand building (15%). A clear indication that marketers are under pressure more than ever before to generate results.
- Tracking marketing effectiveness topped the 2008 wish lists of 35% of marketers, and made the top three for 70%.