Tech and marketing collaboration is a growth driver, report finds
A new report has found a link between marketing and technology teams that work together effectively and revenue growth.
Improved collaboration between marketing and technology teams could unlock up to 11 per cent in revenue growth, a new report by Deloitte Access Economics has found.
Technology provider Sitecore commissioned Deloitte to research why some digital transformation projects are more successful than others.
It drew on 300 responses from marketing and technology industry leaders in Australia and found that misaligned teams can pose a threat to growth for businesses in the throes of digital change.
The report found the majority (98 per cent) of business leaders surveyed were aligned on the importance of digital and its role in improving the health of companies, saying they consider digital investment “pivotal” to business strategy. One of the authors of the report, Deloitte Access Economics partner John O’Mahony explained: “We live in the digital age, where every business is pursuing a digital strategy. Every business understands, depending on which industry, it is that digital is really important,” he said.
The report also found that broader digital transformation efforts as well as scaling existing digital solutions comprise the top two priorities among business leaders, outpacing other objectives such as revenue growth, talent development and customer retention.
However, more than half of respondents agreed that a “fundamental” problem is often misalignment on corporate strategy, which can stymie progress for collaboration between marketing and technology teams.
Poor internal stakeholder relationships could also be to blame, the report revealed. Mr O’Mahony said that to unlock the 11 per cent revenue opportunity, executive buy-in was essential to determine how budgets are allocated and teams are structured as a starting point.
“Focusing more on the customer” could also unite all, Mr O’Mahony explained. “Putting the customer at the centre is absolutely critical, because it gives you something that’s not just about two departments working together, but (are) working towards a higher objective,” Mr Mahony added.
The report reiterates the value of both teams aligning with a well-understood corporate strategy. It also said creating better structural accountability within organisations can foster better collaboration and communication between marketers and technologists.
Budgets are also a factor, which could be more effectively managed with co-investment strategies between the departments, the report suggested.
Collaboration can also be strengthened by returning remote workers to physical office locations and reviewing internal processes such as reporting lines, the report explained.
“If (teams) are structurally separated, if you don’t have multifunctional teams, they do what we describe in the report as ‘going through the motions’ of collaboration. Do they have check-ins? Yes. Do they have weekly meetings? Yes.
“But if you don’t have the corporate strategy, if you don’t have accountability, if you don’t have the budget, then going through the motions is not enough,” Mr O’Mahony said.
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