The new report also indicates that scarce resources, mediocre data skills and a skeptical CEO threaten to undermine marketing's efforts.
The insights are based on a survey of over 150 brand leaders and in-depth interviews with executives from companies. These include:
- Pitney Bowes
- PepsiCo, and
Individuals are encouraged to download the full report here
.Rising Above The Fray
highlights the pressure marketers are under to grow revenue. They face many challenges, including the need to show marketing attribution to revenue and make investments in data analytics and MarTech pay off, says the report.
Here are a few of the major findings:
- 63% of marketers say they are under very high to extreme pressure to deliver revenue growth
- 53% say they are only moderately confident or worse that they will meet their revenue targets, and
- 57% think their CEO is only moderately satisfied or worse with marketing's performance.
"What can marketers do to improve their odds? With limited resources, marketers need to go deep on a handful of strategic initiatives. Digital experience, content strategy and omnichannel should be top priorities," says Donovan Neale-May, executive director of the CMO Council.
Marketers must close a data literacy gap inside marketing and make better use of customer intelligence to engage and acquire new customers. To this end, marketers are increasing investments in MarTech aimed at leveraging data, while AI promises to bring speed and scale to the data-insights-action process, according to the findings.
Data-related key findings include:
- 85% of marketers have data literacy gaps inside their teams
- 79% are only moderately successful or worse at leveraging data for customer segmentation
- 73% are only moderately successful or worse at applying data analytics for customer insights, and
- 75% are only moderately successful or worse at actioning on customer insights.
"There are many touchpoints along the journey to revenue that need to be appreciated, measured and refined to get to the revenue outcome. Leveraging data-driven insights to make data-driven decisions will enable marketing leaders to set new KPIs to demonstrate success in conjunction with enabling greater predictability along the pathway to a sustainable revenue," concludes Deanna Ransom, global head of marketing and marketing services, and chairperson of diversity and inclusion at Televerde.
For more information, visit www.cmocouncil.org
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