Organisational contraints – including siloed data and tech – are continuing to thwart senior marketers, with two-thirds admitting that their own companies still have plenty of work to do when it comes to orchestration across marketing, media, and customer experience.
That is one of the key findings of a new report by Merkle, in the latest instalment from Dentsu’s annual CMO Navigator Report, a study of 1,900+ CMOs in 13 countries, focusing on customer experience insights.
It reveals that despite the vast opportunities presented by new technologies such as artificial intelligence, CMOs feel unsteady about the digital maturity of their organisation rather than the technology itself.
As such, CMOs are looking to extract more value out of existing capabilities and are making very targeted investments when it comes to technology, partners, and growth strategy.
However, only a quarter (25%) are investing heavily in digital transformation efforts or completely overhauling their tech stacks, indicating a need for technologies that maximise data utilisation.
In fact, more than half (51%) of CMOs are looking to new strategies to navigate forward, leveraging new digital capabilities and emerging customer behaviours.
To expand target audiences and cut through digital noise, two-thirds (63%) are launching new experiences, highlighting the growing trend of CMOs prioritising CX.
And, as CMOs transform existing processes and data, they remain optimistic about the future of technology and the economy.
An overwhelming majority (89%) expect marketing budget increases next year, which will support further AI adoption and more impactful customer experiences.
CMOs recognise the impact these future transformations will have on their businesses, with nearly two out of three (59%) expecting half or more of their future revenue to come from offerings not yet in their portfolios.
The study has also uncovered a new breed of global CMO, who is more aligned with consumers when it comes to how our lives will look five to ten years from now.
When comparing CMOs’ survey responses to consumers’, this subset of 18% of CMOs has greater alignment with consumers’ visions of a transformed future.
This belief in future digital transformation makes “Perceptive CMOs” more proactive when it comes to taking CX capabilities to the next stage, leading them to invest more in innovation, CX, and business transformation than their peers.
Merkle global head of experience and commerce Holden Bale said: “The dynamic and competitive landscape of 2024 has emboldened CMOs to discard traditional playbooks and invest more in innovation and consumer experiences.
“As CMOs navigate the complexities of digital transformation, our aim is to empower them with the insights needed to drive meaningful engagement and growth.”
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