CMOs’ Top Goals and Challenges

307 views

by Ayaz Nanji
Chief marketing officers (CMOs) say they are expected to simultaneously retain customers, increase brand awareness, improve customer satisfaction, and increase customer profitability, according to a recent report from Oracle Marketing Cloud and the Aberdeen Group.

The report was based on data from a survey of 447 marketers at B2B, B2C, and mixed-model (B2B and B2C) companies from around the world (57% based in the Americas; 29%, EMEA; 14%, APAC).

Some 81% of senior marketers surveyed say retaining customers is one of their top agenda items; increasing brand awareness is the next most common goal (74% cite), followed by improving customer satisfaction (67%) and increasing customer profitability (54%).

Below, additional key findings from the report.

Challenges

More than half (55%) of respondents say a top challenge is meeting the needs of modern buyers who have access to a wealth of information about competing products/services.

Some 40% of respondents say they struggle to create enough content for their marketing efforts.

Best-in-Class Performers

As part of their analysis, the researchers examined what differentiates the data strategies of the best-in-class performing companies—those who self-report being in the top 20% in customer retention, revenue growth, profit margin, and response time to customer needs.

The analysis found best-in-class marketers are more likely to use customer feedback to develop new products/services (61% do so vs. 40% of those not best-in-class), provide internal stakeholders with tailored views of data (61% vs. 35%), standardize customer data across the business (51% vs. 39%), and integrate customer feedback into business decision making (50% vs. 37%).

About the research: The report was based on data from a survey of 447 marketers at B2B, B2C, and mixed-model (B2B and B2C) companies from around the world (57% based in the Americas, 29% EMEA, 14% APAC).