The World Federation of Advertisers (WFA) and the marketing training experts Circus Street found that marketers are concerned that they will not be able to recruit the experts they need.
WFA and Circus Street surveyed 22 multinationals in WFA membership with more than $25bn in annual global marketing spend.
The experts that marketers feel that they will be unable to recruit are within: AI predictive modelling, programmatic marketing and the Internet of Things.
73% of respondents who predict that there will be gap in knowledge and skill said that AI was the area of expertise that they were most concerned about. Programmatic marketing was a concern for 62% of respondents and management of Internet of Things was a concern for 52%. Knowledge of data privacy, virtual reality and augment reality was also discussed by those surveyed.
The areas of concern surround the development of specialised marketing technology and the subsequent dangers and difficulties.
Current performance in marketing was said to not be at a standard that it should be with digital integration and ecommerce having ‘the biggest gaps between priority and performance’.
Digital integration was ranked by respondents as one of the highest priorities in marketing. Brand positioning was also ranked a high priority; however, it was not listed as low performance.
In response to the findings, Rob Dreblow (Head of Marketing Services at the WFA) stated that whether ‘talent is sourced internally or externally, clear marketing capabilities programmes are a vital part of managing resource and demonstrate how central teams are investing in their people’.
However, the report does not only highlight the downfalls in the marketing industry, they also found that 60% of respondents believed that they have ‘world-class marketing teams’.
Overall, the report highlights that marketers need to prepare for the future with the expansion of data and the advancement in technology. We will see those that take this as an opportunity to create multi-skilled and diverse marketing teams, and those that are left behind.