Marketers appear more sure of results from digital marketing and are optimistic of making increased investments in this medium, according to a survey conducted amongst chief marketing officers (CMOs) by Sapient Interactive, the digital agency which officially launched in India recently.
The survey conducted in partnership with IMA India, across 52 organisations from automotive, airlines, hospitality, telecom, banking and financial services, insurance and FMCG sectors tried to understand marketers' views on various aspects of digital marketing and commerce.
The findings state that while digital advertising currently forms 17% of the total marketing pie, the primary reason for its slow adoption is the lack of understanding of metrics used to measure effectiveness of spends.
However, a majority feel that marketing campaigns with an interactive media component, manage to achieve the set of objectives, atleast on digital.
And at times when they don't, marketers blame it on the agency's lack of understanding of digital channels.
Still, there is optimism that in the current economic scenario, digital channels would take on a greater focus in their overall marketing strategy. Allocation of moneys to digital media is growing - 88% of respondents said they had launched campaigns with a digital component, while 92% of them plan to do so in the next 12 months.
About 33% of marketers feel that they are over-spending on print advertising, while 22% feel the same about television advertising. The sectors most at ease with adapting to digital media include travel, insurance, airline, hospitality, financial services and IT. Their expectations of changes in consumers’ media habits are the most dramatic.
Commenting on the survey findings, Karandeep Singh, MD, Sapient Interactive said, "The survey reinforces our assessment that marketers in India are increasingly thinking digital. Given compelling market dynamics that include a prolific number of mobile subscribers coupled with steadily increasing broadband penetration, now is the right time for brands in India to adopt effective multi-channel strategies for the right digital dividends. We foresee an addressable digital market of $ 150 million in India, growing at 45%-50% Year-on-Year."