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CMO report shows marketers risk missing revenue targets
Chief Marketing Officer Council research has revealed that self-reliant buying and digital-first customer strategies have placed marketing at the center of sales action.
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About the report
The CMO Council in partnership with Televerde published a new report titled, Rising Above The Fray: How Marketers Can Right The Revenue Ship. The insights of the report are based on a survey of over 150 brand leaders and in-depth interviews with executives. Companies which participated include Cisco, F5, Pitney Bowes, Five9, PepsiCo and Henkel. This report details how the self-reliant buyer and digital-first customer journey has impacted sales action in a way that makes marketers responsible for nearly half of a company's revenue, as well as the pressure marketers are under to grow revenue. Scarce resources, mediocre data skills, and skeptical CEO's threaten to undermine marketing's efforts.
Key findings
- 63% of marketers say they’re under very high to extreme pressure to deliver revenue growth.
- 53% of marketers say they’re only moderately confident or worse that they’ll meet their revenue targets.
- 57% of marketers think their CEO is only moderately satisfied or worse with marketing’s performance.
Executive director of the CMO council, Donovan Neale-May, said, “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.”
Marketers are increasing investments in MarTech aimed at leveraging data in an effort to close the data literacy gap. This is necessary to ensure there is better use of customer intelligence to engage and acquire new customers. In addition, AI can bring speed and scale to the data-insights-action process.
Data related key findings
- 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.
- 75% are only moderately successful or worse at taking action on customer insights.
Global head of marketing and marketing services and chairperson of diversity and inclusion at Televerde, Deanna Ransom, said, “There are many touch-points 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 sustainable revenue.”
Download the full report here.
