CMOs are constantly paying attention to global events and trends that could impact their business and customer behavior. Because of this, CMOs typically have heightened sensitivity to potential risks and now want more say in important business decisions.
After surveying over 700 executives and board members from Fortune 1000 and private companies for PwC's most recent Pulse Survey, we’ve narrowed down the top three takeaways for today’s CMOs:
1. CMOs want a seat at the table
CMOs are looking to grow and evolve their role over the next 12 months. Part of that growth means taking part in the big decisions. Thirty-five percent of CMOs plan to expand their relationships across the C-suite and 31% wish to address their expanded responsibilities, which now include generating revenue. Yet marketing can often be considered a “cost of doing business,” which may leave CMOs out of roundtable discussions—and budget increases.
Many CMOs strive to make their departments more indispensable by proposing pricing strategies, omnichannel sales tactics and revenue forecasts. Their experience can help organizations adapt to rapid technological advancements, shifting trends and increased demand in customer preferences.
2. CMOs need the right data to demonstrate ROI
Marketing budgets and investments are highly scrutinized, leading many CMOs to seek innovative, reliable ways of measuring marketing performance and ROI. In fact, 45% of respondents plan to focus more on demonstrating ROI so they can offer actionable and measurable advice. They’ll need a tech-enabled approach to be successful.
Nearly a third of CMOs have prioritized securing capital budgets to improve marketing technology stacks, but budgetary restrictions, technological limitations and disjointed data across legacy systems leave many CMOs struggling to provide the evidence they need to back up their proposed strategies.
Marketing efforts are most likely making an impact. CMOs need rich customer data that highlights how their marketing investments—big and small—are delivering results to the bottom line.
3. Workforce challenges threaten progress
A lack of talent may also stall marketing efforts. While 29% of CMOs have prioritized finding digitally savvy marketing talent, hiring freezes, reduced headcount and the rescinding of job offers all add pressure to marketing departments—leaving CMOs and their limited resources stretched thin.
Some companies are coping by doing more with less. But without a proper strategy to upskill talent, the goal of a lean, well-oiled marketing team may not materialize. And missing the mark can cause a cycle of missed opportunities, deferred priorities and C-suite reluctance to put more stock into marketing initiatives.
Having more influence takes data
Marketers that understand how to work with advanced analytics and read, use and visualize data can help CMOs tell the story of their value. When you couple this with the right customer data platform, CMOs can understand their customers on a deeper level and create measurable revenue-generating experiences.
Try PwC's Customer Link product to unlock insights about what your customers really want, deliver more targeted campaigns and increase your marketing impact.
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