According to research from Adverity’s latest report, “Recession, Resilience, and Marketing Data: What's Shaping the CMO's Roadmap,” two-thirds of CMOs are drowning in marketing data. Adverity surveyed 300 CMOs from small and medium-sized businesses across the UK, US, Germany, Austria, and Switzerland, and it was revealed that while making data-driven decisions is a key priority for CMOs, many are still struggling to get on top of their data.
Doubling down on data ops in times of recession
Over the past few years, marketers have been put through the wringer. They’ve seen massive shifts in customer behavior, coupled with a number of economic downturns as countries across the world locked down and opened up again. Despite the tumultuous times, 75% of the CMOs surveyed say their team was resilient enough to adapt to periods of unpredictability. For those who have successfully ridden out the storm, data is now front of mind as another hurricane forms on the horizon. In fact, among the CMOs we surveyed, a staggering 85% agree that being able to make data-driven decisions is a critical competitive advantage. But with new platforms and channels spitting out increasingly granular information, getting data insights is easier said than done.
CMOs are drowning in data
Thirty-three percent of CMOs say the biggest external impact on marketing today is the increasing number of channels and platforms.
Keeping track of all these data sources is tricky—they don’t all use the same metrics and many marketing teams don’t have tools in place to give them a unified view over cross-channel campaigns. If marketing teams can’t get a handle on all this data, then they risk making slower, uninformed decisions that put more and more distance between them and their customers.
While it’s very promising to see that CMOs understand that making data-driven decisions is a critical competitive advantage, many are struggling to create a sustainable framework for these channels. Almost 7 in 10 CMOs feel the volume of marketing data available has become overwhelming—and when we look at the number of data sources marketing teams are working with, it’s easy to see why.
Top challenges are a lack of support from the C-suite and difficulty getting budget for tech investment
Among respondents who struggled most to adapt over the past few years, it’s interesting to note the difference in barriers to tech investment. Securing budget and getting the C-suite on board are tied for top challenges (25%).
Interested in finding out how to avoid getting overwhelmed by data? Find out by reading Adverity’s full research report here.
—Harriet Durnford-Smith, CMO, Adverity
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