66% of Marketers Lack Confidence in Ability to Achieve Revenue Goals, According to CMO Council and Sprinklr Research
New research highlights the importance of data and analytics for marketers working to protect budgets and prove ROI in 2023
SAN JOSE, Calif. and NEW YORK, May 11, 2023 (GLOBE NEWSWIRE) -- The CMO Council, in partnership with Sprinklr (NYSE: CXM), the unified customer experience management (Unified-CXM) platform for modern enterprises, today announced a new research report, “Outsmart Adversity: How CMOs Can Weather Economic Headwinds and Emerge Poised for Growth.” The report finds that 2 in 3 marketing leaders lack confidence in their ability to achieve goals in the face of economic adversity and uncertainty. Nearly 8 in 10 express concerns around lack of investment or budget cuts. Challenges with executing data-driven marketing strategies contribute to this lack of confidence.
“Marketers will have to build alliances with finance and IT to protect budgets and MarTech investments, and they’ll need to identify and shore up capabilities to build their confidence,” said Donovan Neale-May, Executive Director of the CMO Council. “These capabilities include gathering real-time insights that reveal how audiences really feel about your marketing on multiple channels, and then easily distributing this knowledge throughout the organization.”
The report surveyed nearly 500 global marketing leaders to reveal key findings about how marketers feel about economic adversity, and how they can achieve revenue goals.
Key findings include:
78% of marketers don’t strongly feel that they can convince the CFO to invest in marketing and not cut the budget.
Facing budget challenges, a majority (68%) strongly agree that it’s imperative for CMOs and CIOs to collaborate this year to develop a competitive advantage with customer experience.
However, even among highly confident marketers surveyed, only 32% are very satisfied in their ability to leverage data/analytics. Among less confident marketers, this falls to 10%.
Internal collaboration and maximizing ROI across marketing channels will be key to success. In the next 12 months, most marketers plan to create omnichannel customer experiences to help them emerge from economic uncertainty.
“In uncertain times, marketers face even more pressure to protect budgets and programs by demonstrating clear ROI,” said Arun Pattabhiraman, Chief Marketing Officer, Sprinklr. “As our research with the CMO Council shows, marketers must embrace the opportunity to enhance the way they gather data, identify actionable consumer insights, and strengthen their engagement strategy across channels.”
Download “Outsmart Adversity: How CMOs Can Weather Economic Headwinds and Emerge Poised for Growth” at: [https://www.cmocouncil.org/thought-leadership/reports/outsmart-adversity]
The report is based on a CMO Council survey of nearly 500 marketing leaders across industries and geographies in Q1 2023.
About CMO Council
The Chief Marketing Officer (CMO) Council is the only global network of executives specifically dedicated to high-level knowledge exchange, thought leadership and personal relationship building among senior corporate marketing leaders and brand decision-makers across a wide range of global industries. The CMO Council's 16,000-plus members control approximately $1 trillion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide. In total, the CMO Council and its strategic interest communities include more than 65,000 global executives in more than 110 countries covering multiple industries, segments and markets. For more information, visit www.cmocouncil.org.
Sprinklr is a leading enterprise software company for all customer-facing functions. With advanced AI, Sprinklr's unified customer experience management (Unified-CXM) platform helps companies deliver human experiences to every customer and citizen, every time, across any modern channel. Headquartered in New York City with employees around the world, Sprinklr works with more than 1,000 of the world’s most valuable enterprises — global brands like Microsoft, P&G, Samsung and more than 50% of the Fortune 100.