Over 87% of fast growing businesses reported that the marketing department has an influential role in setting overall business strategy, according to new research.
This drops to 69% in businesses not enjoying a strong growth trajectory. Clearly, the customer insight, data and expertise marketers can provide has never been more critical in enabling business growth.
Insight-led marketing agency Digital Radish has partnered with ALF Business Development to survey over 75 senior marketers within a variety of UK businesses, to gain insight on the role marketing departments play in overall business growth and what the DNA of fast growing businesses looks like.
The report uncovers:
• Successful businesses are 22% more likely to be launching into new markets than the average
• Despite the positive impact marketing leadership has, there is work still to be done: 67% of marketers feel they are not as respected as they could be
• 75% of businesses see predictive marketing technology as the biggest disrupter in the marketing space over the next ten years
• 88% of marketers in fast growing businesses describe themselves as happy in their role versus only 55% in low growth businesses
• 88% of fast growing businesses are outsourcing work to marketing agencies
Marketers who have a strong handle on their business’ data and numbers are much more informed and supported in their decision-making, enabling them to push the boundaries with new technologies, such as predictive marketing technology and Big Data.
The report also revealed the importance of in-house marketers collaborating with external marketing agencies – enabling them to gain access to additional expertise and deliver an overall higher standard of work.
Renaye Edwards, Digital Radish Managing Director noted: “It’s exciting to see that marketing is finally being recognised and valued by senior management. This report conclusively shows that marketers have a powerful impact when they are given a role at the boardroom table. Predictive and automated technology has allowed marketers to own customer insight, forecast trends and business growth. This enables them to be in a very powerful position; being recognised as a key contributor to their business’ success and supporting their business strategy from the very beginning.”