PwC: what top marketers are missing

PwC, the professional services firm, identifies a “frustrating catch-22” in which marketers lack modern technological and human capabilities, but struggle to get the initial investment that would allow them to demonstrate the difference they would make.

Why it matters

Based on in-depth interviews with UK-based chief marketing officers and a survey panel of 77 chief marketing officers – both from July 2022 – PwC’s report examines how top marketers are feeling and responding to the strategic pressure around them.

Many feel that they are falling short, getting neither the best from their technology nor from their people. There remains, too, a marginally higher interest in spending on tools and tech (83%) than on talent (75%).

Effectiveness

Of the organisations surveyed, 78% put a strong focus on measuring the commercial impact of marketing activity (though only half would do the same for the environment).

Even so, around 40% of CMOs find it difficult to convince the C-suite of the returns on their investment, while a minority of senior leadership (35%) contribute to setting ROI targets.

Marketing misunderstood

• 65% of CMOs say their board still view marketing as a cost.
• 83% of CMOs have prioritised short-term performance marketing in the last 12-18 months.
• 32% aren’t satisfied with the way their organisations perceive marketing.

Tell that to the board

Just 52% of CMOs surveyed are represented at board level. Yet 77% believe that those organisations leading in their marketing data and automation capabilities do have representation at the top table.

Data management in the spotlight

One fascinating aspect of the study is the perception that having too much data can cause problems:

• 83% of CMOs note that the organisation’s data sits across multiple functions.
• 55% agree they are collecting more data that they can usefully interpret.

Sourced from PwC