July 06, 2023
We all know these are challenging and uncertain times for marketing leadership around the world, as much of what we thought we knew was disrupted by the pandemic and the acceleration of digital transformation. And who had artificial intelligence on their Bingo card this year, or more importantly, in their marketing strat?
Marketing leadership need all the tactics in their toolbox to tackle the curveballs coming at them over the past couple of years. The CMO Council’s latest report Outsmart Adversity asks if marketers can balance investments across brand and demand; clearly and persuasively articulate marketing’s value; and if they are ready for growth as their markets recover?
What CMO Council research discovered, is that this is not just a matter of skills or strategy, but also of confidence – with a pretty powerful performance gap between those marketers who are more confident in taking the right decisions, than those who are not ready to act.
Only 34% of marketing leaders are highly confident in their ability to handle economic adversity and uncertainty against their revenue growth mandate. The CMO Council partnered with Sprinklr to measure how marketers can outsmart adversity and cope with change. The findings are based on a survey of nearly 500 global marketers.
NEW BLOG: 3 Marketing Matters In Need of Mastery
It’s no secret that the last few years have upended the way customers want to interact with companies. Digital engagement has led to higher customer expectations, bigger demands and about a million more choices if one brand doesn’t deliver. Privacy laws and changes by tech companies have marketers scrambling to get the data they need to meet customer expectations. Our report, Cracking Tomorrow’s CX Code, found that more than 60% of marketing leaders say the digital customer journey has dramatically changed their CX strategy. Worse, nearly two-thirds aren’t very confident in their CX strategy’s ability to win and retain customers in this new environment.
The CMO Council and SAS embarked on this extensive study to understand where CX gaps and opportunities lie. We looked at CX from various perspectives and compared mature CX capabilities between top and bottom performers. Our findings are based on a survey of more than 1,000 marketing leaders and a survey of more than 2,000 consumers across the globe. Additionally, we conducted 10 in-depth interviews with executives from companies such as AT&T, Pfizer, FedEx, Standard Chartered Bank, Hitachi Vantara, Globe Telecom, Red Wing Shoe Company, and Mars Wrigley. FREE TO DOWNLOAD
In another report from our library of exclusive content from interviews and research with our top global marketing membership, CMO Council and the Business Performance Innovation (BPI) Network, fielded a global survey of more than 250 enterprise executives (technology buyers, specifiers, and influencers) across companies of all sizes. The quantitative research fielded in Q3 2022 explored areas of focus and challenge in digital transformation; perceived value and benefits; as well as considerations and requirements for digital change agent/partner selection and success.
The report, Digital Enterprise Execution: Ailing or Excellent?, found that an overwhelming 89 percent of survey respondents believe digital transformation is enabling enterprises to achieve greater business value, performance, and innovation. However, less than 12 percent of chief executives are seen as highly strategic and adept at evaluating and implementing new technologies for competitive gain and growth. Most (44 percent) are seen as moderately strategic. FREE TO DOWNLOAD
Overcoming adversity and gaining confidence in implementing new strategies, especially in the face of rapid digital transformation and innovation, is a recurring theme in CMO content. Our report, Gaining Lift from the Consumer Shift, provides insights into how consumer buying shifted during the Covid pandemic and beyond. Over the last several years, the theme of “meeting customers where they are” has been top-of-mind, but the pandemic brought this to the forefront of every marketer’s strategy in a new way.
This report, in partnership with Commerce Signals, examined these customer relationships and tracks how their dollars shifted categories throughout the last couple of years. With needs and priorities changing and the world around us evolving at an expedited rate, these data points serve as a “survival guide” for brands across all industries to come back stronger than ever in a post-pandemic world. BECOME A MEMBER to access this report.
Outsmart Adversity is a based on a survey of nearly 500 global marketing leaders across industries and geographies. Among job titles, 32% are SVP/EVP of marketing, 31% CMOs, and 20% VP of marketing (or digital). Nearly 30% of respondents come from companies with $1B to $5B in estimated annual 2023 revenue, and 28% from companies with more than $5B. DOWNLOAD THE FULL REPORT.
Louise Burgers has 25 years’ experience in B2B publishing as an award-winning editor, columnist and journalist on media brands in Africa; also working with brands/NGOs as a content strategist. She is currently Editorial Director of the CMO Council; lectures in Marketing & Advertising Communications at Red & Yellow School of Creative Business in Cape Town, SA; and writes and edits retail brand blog RetailingAfrica.com. She holds a Masters in Commerce: Strategy and Organisational Dynamics, from University of KwaZulu Natal, in conjunction with Copenhagen Business School in Denmark and UK Open University.