As CMOs are called on to play larger roles, how can they manage and make best use of all the data at their disposal?
With so much data flowing to brands from every which way, you might say that the troubles of the past two years came at a perfect time. Surely the smartest companies could use solid, indisputable data to turn this whole disruption thing into another success story …?
Instead, the peaks and valleys of consumer markets seem harder to navigate than ever. Brands are struggling to meet the expectations of wary and demanding customers. And, again and again, we find marketers in the eye of the hurricane, taking on a host of new responsibilities and trying to deliver bold leadership at a time of deep fragmentation.
Data is a major focus for today’s CMOs – and it has become both a blessing and a curse.
Marketers have more potential information to draw from than ever before, and other organizational stakeholders look to CMOs for leadership in this crucial area. But the truth – as GfK discovered when it partnered with the CMO Council to interview chief marketers around the world – is that CMOs often lack access to the data they need and feel too little confidence in what they have.
just 28% have substantial confidence in their data – 10 points lower than the global average
only half (48%) feel their data is readily accessible – 7 points below global
less than 1 in 10 (8%) say they can quickly transform data into insights – versus a global average of 20%
But the study – which covered over 300 marketers worldwide – also points to some clear opportunities, solutions and mitigating factors for CMOs in North America and around the globe.
How confident are you in your data/analytics/insights sources and systems for winning and retaining customers in today's fast-paced marketplace?
