MARKETING STRATEGY

Marketers lack confidence in their ability to achieve goals in hard times

By our News Team | 2023

As they deal with a struggling economy, most marketing leaders are worried about the impact of budget cuts and lack of investment. 

The US-based CMO Council, in partnership with customer experience platform Sprinklr, recently released a new research report entitled ‘Outsmart Adversity: How CMOs Can Weather Economic Headwinds and Emerge Poised for Growth’.

It finds that two in three marketing leaders lack confidence in their ability to achieve goals in the face of economic adversity and uncertainty, while nearly eight in 10 express concerns around lack of investment or budget cuts.

Marketing Strategy

Photo by Nick Youngson CC BY-SA 3.0 Pix4free

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 organisation.”

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 maximising 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 programmes by demonstrating clear ROI,” said Arun Pattabhiraman, Chief Marketing Officer at 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.”

You can download the full report here.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.