If you’re pitching your media and services to CMOs, it helps to get into their heads. Dentsu analysts have done that for you. They issued their findings in their latest CMO_Report. You’ll be interested to know that CMOs need help to get the job done.
CMOs have set these specific goals for their departments this year:
- Deliver business growth 61%
- Ensure effective brand management 55%
- Develop the overall customer experience 53%
To get there, 76% of CMOs believe they need to deliver entertainment and content to attract consumers to the brand. So far, only 50% believe they excel at this activity. And 75% think that media must be highly targeted and optimized. But they need data for that and only 46% have what they want. Sometimes, it’s not just having the data that matters. Over 50% struggle with having sufficient people and resources to analyze the data and then come up with actionable insight.
CMO Budget Changes and Planning Horizon
Some CMOs are feeling the financial pinch with about 28% saying their budget will increase by more than 5%. Another 40% will make do with an increase of less than 5%. They’re also dealing with the separate needs to deliver a solid ROI in the short term but plan a strategy for the longer term. By industry vertical, the average timeframe for planning marketing strategy is as follows:
- Media/entertainment 2.0 (years)
- Leisure 2.2
- Telco 2.2
- Transportation 2.3
- Finance and insurance 2.4
- Retail 2.4
- Technology 2.6
- Pharma and health care 2.7
- Energy 2.8
- Food and beverage 2.8
CMOs and the Future
Is there a disconnect between what CMOs see as their mandate and what consumers want? The research says yes. Consumers trust companies based on transparency (55%) and legitimacy and authority (55%). When your client, as a food marketer, for example, reveals exactly what’s in their product, consumer trust increases. CMOs don't see the world the way consumers do. At least 63% say their ability to deliver consistently to consumers will increase trust. And 53% say putting customers first will increase trust. Only 29% of consumers say the same.
While CMOs struggle with lack of long-term investment (50%), they also require more talent to achieve their goals. At least 40% don’t have the kinds of staff members they need, especially to address the gap between their understanding of what consumers want and what CMOs are doing. If you’re selling digital marketing services, these statistics can help you get your foot in the door.
Bring your best creative ideas to the table to help your clients differentiate themselves in the crowded marketplace and to make sure they are emphasizing what consumers respond to. Review the profiles in AudienceSCAN to learn about which audiences will respond to your clients’ advertising campaigns. The profiles available on AdMall from SalesFuel.