The CMO Club, in partnership with Rakuten Marketing, recently released survey findings regarding companies implementing an omnichannel strategy. The survey focused on more than 120 Chief Marketing Officers and global marketing executives.
The survey found that 55% have yet to implement omnichannel marketing, 34% are in early implementation phase, and 11% have integration across channels and online to offline.
Brands such as Target, Nieman Marcus, Macy’s, Coach, J.Crew, and Walmart are finding success in their implementations of the omnichannel strategy.
When asked to identify three barriers to omnichannel implementation, 64% said lack of resources and investment required to succeed, 61% said lack of analytical and technical resources to make sense of data, and 52% said difficulty integrating data.
The survey found a definite causal relationship between many of these challenges and the siloed structure of marketing budgets.
The most common budget structure reported keeps brand dollars separate from direct marketing dollars (30%) or allocates budget by business unit (30%). Budget distribution by channel came in at 20%and 19% budget online and offline marketing separately.
65% of marketing executives surveyed rely on some type of attribution to show success. 34% evaluate each channel individually and optimize based on channel-specific performance. 20% use cross-channel data and attribution to evaluate all marketing touch points, and 11% employ media-mix modeling across online and offline efforts.
Want to know more? Download The CMO Club and Rakuten Marketing guide here.