Marketing chiefs must embrace fundamental change in how they approach their roles, and put data at the heart of not just their marketing activity but their agency relationships, budgeting and beyond, to ease the pressure on making spend count.
According to a survey, commissioned by data marketing procurement platform and consultancy RightSpend, 99% of chief marketing officers are struggling with pressure to make every penny of their budget count; how the remaining 1% get away with it is anyone’s guess.
The study also reveals that more than nine in ten (95%) CMOs recognise that staying informed about agency investments and fostering open communication enhances long-term agency relationships and consequently boosts financial returns.
Even so, nearly three-quarters (72%) of CMOs admit that they are not always on top of managing marketing costs, despite virtually all of them being under intense pressure to make their budget count.
Meanwhile, nearly half (47%) confess they are too focused on growth and ROI to be on top of streamlining costs, while a third (34%) do not even have access to the valid data and analytics needed.
An additional fifth (20%) blame a siloed organisational structure and almost two in ten (18%) have actually given up the ghost, claiming it is too much of a monumental task in which to invest their time.
The report focuses on potential solutions, with two-thirds (66%) of CMOs saying that embracing data-driven insights to maximise spend would work for them.
Meanwhile, just over two-thirds (67%) would be willing to invest in partnering with an external marketing procurement system if it would help them to benchmark, analyse and manage costs and the long-term savings would outweigh the investment.
Overall, the figures show that more than two-fifths (43%) of CMOs are under no illusion that they must invest to save.
RightSpend chief executive Iain Seers said: “Our survey results unmistakably indicate that CMOs recognise the significance of their agency partnerships and prioritise the expansion of these affiliations. It’s about a fundamental change in how CMOs approach their roles.
“By embracing transformative technology, CMOs stand at the forefront of a new era in marketing – one where data is the compass guiding us toward unparalleled success.”
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