Marketers waste an average of 26% of their budgets on ineffective channels and strategies, according to recent survey findings. Half of respondents said they misspend at least 20% of their budgets. A few pessimists even believed they’re squandering more than 80% of their marketing budget. CMOs have a choice.
Our first finding is that storytelling isn’t so much a tactic as a mindset. And by that we mean, we’re all showing up every day to publish e-books, publish blogs, to get it done one day after another—and that’s good. But we find that Leaders and Visionaries really have a sense of purpose that’s much bigger.
Chief Marketing Officers (CMOs) have a choice, embrace the future or cling to the past. To succeed today, they have to abandon mass-media thinking, and resist the urge to squander their budgets on trivial advertising or paid media. To compete, they must build teams of practitioners that are able to create content, not merely outsource work to agencies and contractors.
Influencer marketing is an increasingly popular component of social marketing, offering new sources of content and greater potential reach into desired audiences. “Choose influencers based on audience reach, brand relevance and their ability to resonate with followers for favorable outcomes,” says Jay Wilson, research director at Gartner.
Business-to-business (B2B) marketers know what a long haul it can be driving leads to conversions. Unlike the business-to-consumer (B2C) segment, the path to purchase for B2B products can be winding, often requiring the input of many players before a purchase is made.
Ultimately, if a brand can find a way to tie together messaging that authentically resonates with audiences and gives them a way to participate in the story, there’s a way to connect what the brand’s doing to a transmedia marketing strategy.