Mobile will account for 50% of marketing budgets within the next five years, while digital will account for 75%, according to a third of senior marketers surveyed in a CMO study by Accenture.
Analytics, digital and mobile are the three areas of fundamental change identified by marketers.
More than a third of senior marketers believe mobile will reach 50% and digital will reach 75% of budgets. Marketing, sales and customer service merging into a single function is also expected in the next five years by 34% of marketers, while 26% believe marketing and IT will merge.
The most strongly agreed on prediction is that analytics will be a core competence, reflecting the impact that data is having on marketing.
More than a quarter (27%) of senior marketers believe earned media will be more important and receive more support than paid and owned.
One in five marketers believe the importance of the CMO's relationship with the CEO will surpass that of the the CFO and other c-suite execs.
While marketing bosses have successfully hired teams with more digital, analytical and technical know-how, satisfaction with key marketing capabilities has declined in those areas.
Agencies, however, are doing better and marketers say external partners are bringing more creative ideas, understanding CMOs’ business better and being more strategic.
The report states: “Digital is changing the world and chief marketing officers know it. They are embracing digital channels with fervour, but it’s time to do more. The prize is not mastery of the channels but command of the opportunities to delight customers and drive superior business outcomes. Then the reward for customers and marketers alike becomes relevant and seamless experiences from brand promise through brand delivery.”
Accenture surveyed 580 marketers in 11 countries including Australia, the US, UK and Europe and Asia, about their views on how marketing will change in the next five years.
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