We’ve all heard the adage that if something can’t be measured, it doesn’t exist. But in today’s Modern Marketing world, simply having measurable data is not always enough. CMOs must challenge their teams to interpret and then take actionable steps toward using data to drive marketing strategies.
How many of today’s CMOs are succeeding in becoming a data-driven marketing organization? Argyle Executive Forum, a leading peer-to-peer C-suite networking group, recently commissioned a survey in partnership with Oracle Marketing Cloud to gain insights into how marketing leaders are leveraging data in their marketing strategies. The results of this survey led to some surprising findings about the data-driven efforts of today’s CMOs and their teams.
A few key takeaways included:
- Proving ROI remains a key challenge. One third of marketing leaders struggle with demonstrating ROI to the executive team, finding it difficult to prove the effectiveness of implemented strategies. It’s no doubt that marketers are busier than ever, but having tangible insights into overall marketing-driven revenue performance is a key aspect for today’s marketing teams to get right.
- Most marketing leaders have data on the brain. Sixty-six percent of survey respondents indicated that they are focusing on transitioning into a data-driven department and seamless cross-channel customer experiences, underscoring the importance of a holistic understanding of the customer journey.
- It’s time to get personal. Over seventy-five percent of respondents believe their customers currently receive little to no personalized information, indicating plenty of room for organizational growth in expanding personalization efforts.
- Testing is still largely informal. While nearly all survey respondents indicated they test new customer experience ideas and strategies, sixty-six percent said they were still using informal testing methods, and nearly half of respondents do not use A/B testing. Getting more disciplined in testing methodology is a key opportunity for today’s marketing teams.
Interested in reading the full brief? Download the Data Driven CMO and see how you stack up against your peers.
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