2022 Priorities for CMOs

23 Mar,2022

 

 

By Our Staff

 

In the EY-FICCI report for 2022 which was released with much fanfare on Monday, we found an interesting two-pager on the Priorities for Chief Marketing Officers for the year 2022. The entire EY-FICCI 2022 M&E report is available at https://assets.ey.com/content/dam/ey-sites/ey-com/en_in/topics/media-and-entertainment/2022/ey-ficci-m-and-e-report-tuning-into-consumer.pdf and the content below is on Pages 251 and 252

 

Zero and first-party data is by far the most important priority for 2022

 

 

• Most Important amongst marketer priorities for 2022 was creating zero and I irst-party data to enable efficient targeting of consumers, particularly given the challenges posed by cookie-less advertising and data privacy regulations

:: Suggestion 1: Create a fair value exchange for your consumers

:: Suggestion 2: Step up interactivity and gamification

 

• Social Commerce has become an effective way to reduce the time between discovery and conversion and marketers need to understand its nuances and implement social sales channels for their brands at scale

:: Suggestion 1: Create automatic bot check-outs

:: Suggestion 2: Maximise role of influencers, tracking their Rol

 

• Interestingly, many respondents identified effective content (and its ability to build reach and engagement) as a key priority for 2021

:: Suggestion 1: Make content purposeful and personalised, based not on what people are searching for, but why

:: Suggestion 2: Challenge yourself to think about the way stories are being presented [voice, video, visual via mobile and social], while keeping the art of storytelling alive [the heart of the message]

 

Inability to measure ROI continues to be most severe challenge for marketers

 

• Despite the overload of data generated by digital media, respondents identified measurement of marketing Rol as their number one challenge for 2022

:: Suggestion 1: Build SMART (specific, measurable, achievable, relevant, time-bound) objectives to justify investments in full-funnel marketing, linked to clear KPls and use evolved attribution models

:: Suggestion 2: Designate independent, objective owners of the Rol tracking technologies and processes

 

• The lack of a common metric across TV and digital campaigns has most markets evaluating their campaign performances separately, and this led to concerns on the genuine incremental reach provided by digital to TV campaigns:

:: Suggestion 1: Invest in modeling that provides directional guidance on investment strategies

:: Suggestion 2: Build ways to collect deterministic data sets (actual households or individuals associated with an ad exposure) as a reliable way to control frequency

 

Over 70% of respondents had ad fraud management in their top 3 challenges for 2022; yet the problem of linking adfraud and brand safety to wastage is seen as least severe amongst marketer problems. In there, lies an opportunity that must be addressed by the industry at large

:: Suggestion 1: Continuously detect and protect against fraudulent traffic; boosting standards of measuring digital effectiveness

:: Suggestion 2: Certify platforms that can demonstrate a proven ability to prevent fraud

Post a Comment 

Comments are closed.

Today's Top Stories
Videos