Legacy metrics such as page views and clicks no longer deliver, a survey of chief marketing officers reveals; instead CEOs and boards want to see the delivery of more touch points throughout the business, better customer experience and increased revenue.
Forbes Insights and The Trade Desk surveyed over 200 CMOs in global companies with more than $500m in annual revenues. The survey results, said Forbes, underscore that demands on CMOs are evolving and that aligning marketing with business goals is critical to create value to an organization.
Business-focused metrics that demonstrate the value of marketing across campaigns – and so marketers’ value to the business – are the big priorities. Tech and ROI are key points of focus, with nearly half of those surveyed saying efficiency through tech investment were key goals.
The biggest challenge described by CMOs is changing media consumption habits, as more consumers turn away from cable and satellite media in favour of online alternatives – so-called cord-cutters.
Technology is the biggest disruptor to businesses, and the research shows that the best-performing marketers are “faster and more effective at shifting marketing resources and investments across media, channels, and stages of the customer journey to optimize performance and adapt to the market” Forbes said.
CMOs are investing in tools to reduce the time, cost, and complexity of managing and measuring marketing performance. And they understand this will separate winners from losers, the report finds.
The results mirror findings presented at the recent IPA EffWeek conference in London, where marketing consultant Fran Cassidy described how her research showed the relationship between finance and marketing departments was changing for the better, and the growing importance of marketers being financially literate.
Finance teams were seeing positive effects from technology and were driving performance rather than just reporting it, the research showed. And crucially those marketing departments that could confidently think in financial terms could help the business as a whole think about future cash flows.
Sourced from The Trade Desk; additional content by WARC staff