Consumer Goods Companies Need to Do More to Harness Digital Technology for Marketing or Risk Falling Behind
Consumer Goods Companies Need to Do More to Harness Digital Technology for Marketing or Risk Falling Behind

A new study by Forbes Insights and Wipro Limited confirms that if companies are not taking advantage of digital technologies to improve marketing efforts, they are falling behind their competitors. According to the study, 65% of executives say their companies need to do more to harness digital technology to improve marketing effectiveness. In addition, 61% say their companies need to do more in terms of harnessing marketing data to improve effectiveness in complementary areas such as product development and logistics.

These are among the major findings of ‘The race is on: Keeping pace with the Consumer Goods leaders in digital marketing and technology’, a new study from Forbes Insights, commissioned by Wipro Limited (NYSE:WIT), a leading Information Technology, Consulting and Business Process Services company. The study surveyed 125 C-level executives from large, global consumer goods companies, in the United States, Europe and Asia Pacific, from sectors such as consumer electronics, over-the-counter pharmaceuticals, food, beverages, home & personal care and apparel & footwear.

“This study shows that many companies still have a long way to go to realize the full potential of digital marketing,” says Bruce Rogers, Chief Insights Officer and head of the CMO Practice for Forbes Media. “A trailblazing group of transformative companies is leading the way and achieving closer alignment between marketing and other departments. Others need to forge ahead or risk falling behind.”

Hiral Chandrana, VP & Global Business Head, Consumer Goods, Wipro Limited said, “Executives today face a bewildering array of digital marketing technologies.
It not only requires integrated website, mobile and social media strategies, alongside well-conceived and executed data privacy and security strategies, but also concepts such as omni-channel and analytics which add to the complexity. But at the same time, the collective capabilities of these technologies to grow and optimize sales and marketing are too important to be ignored.”

He added, “The rapid shift to digital is providing businesses, across consumer industries, with more opportunities than ever before, to connect and engage with their customers. How well businesses are able to implement digital technology has a direct impact on business results and will keep them ahead of their competitors.”

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