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Marketing Teams Lack Analysis and Insight
Just 10% of marketing executives say their teams are 'highly influential and strategic' and less than half that they are 'well regarded and respected', according to research from the USA's Chief Marketing Officer (CMO) Council. The study identifies particular weaknesses in customer insight, and in analytics and measurement.
The CMO Council's study - entitled 'Renovate to Innovate: Building Performance-Driven Marketing Organizations'- is based on qualitative interviews with a dozen marketing executives from large companies; a quantitative poll of CEOs through Chief Executive magazine; and a quantitative survey of 400 marketing executives across a variety of industries and company sizes.
The marketing execs surveyed acknowledge various gaps in knowledge in their teams. Top areas of weakness include customer insight and access (46%); strategic depth and business knowledge (39%) and marketing analytics and measurement(35%).
Donovan Neale-May, Executive Director of the CMO Council, says the study confirms that marketers 'need to move from a tactical orientation to a more analytic and strategic approach that will enable them to realign marketing initiatives with the overall corporate mission'. He adds: 'Only those who successfully transform their organizations through rigorous disciplines, best practices and technology-enabled processes will play a critical role in their company's strategic growth.'
Tim Furey, President and CEO of sales and marketing consultancy MarketBridge, and the underwriter of the study, agrees: 'Among all the marketing organizations we work with, the best ones are able to effectively analyze, measure and restructure each function and initiative on an ongoing basis, and ensure true alignment with broader strategic goals.'
The full report is available at www.cmocouncil.org.
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