Financial Services

New Report Finds CMOs at Risk of Missing Revenue Targets

Press release from the Wise Marketer
Image by OpenClipart-Vectors from Pixabay

New CMO Council research reveals how the rise of the self-reliant buyer and digital-first customer journey have put marketing at the center of the sales action

SAN JOSE, Calif. (May 11, 2021) — Today, the Chief Marketing Officer (CMO) Council, produced in partnership with Televerde, published a new report, “Rising Above The Fray: How Marketers Can Right The Revenue Ship.” 

The new report details how the self-reliant buyer and a chaotic, digital-first customer journey have flipped much of the sales action to the top of the funnel, making marketers responsible for nearly half of a company’s revenue. Yet scarce resources, mediocre data skills, and a skeptical CEO threaten to undermine marketing’s efforts.

The insights are based on a survey of over 150 brand leaders and in-depth interviews with executives from companies including Cisco, F5, Pitney Bowes, Five9, PepsiCo and Henkel.  Download the full report at https://cmocouncil.org/thought-leadership/reports/rising-above-the-fray.

Rising Above The Fray highlights the pressure marketers are under to grow revenue. They face many challenges, including the need to show marketing attribution to revenue and make investments in data analytics and MarTech pay off. Here are a few of the major findings:

  • 63% of marketers say they’re under very high to extreme pressure to deliver revenue growth
  • 53% say they’re only moderately confident or worse that they’ll meet their revenue targets
  • 57% think their CEO is only moderately satisfied or worse with marketing’s performance

“What can marketers do to improve their odds? With limited resources, marketers need to go deep on a handful of strategic initiatives. Digital experience, content strategy and omnichannel should be top priorities,” said Donovan Neale-May, Executive Director of the CMO Council. 

Marketers must close a data literacy gap inside marketing and make better use of customer intelligence to engage and acquire new customers. To this end, marketers are increasing investments in MarTech aimed at leveraging data, while AI promises to bring speed and scale to the data-insights-action process. 

Data-related key findings include:

  • 85% of marketers have data literacy gaps inside their teams
  • 79% are only moderately successful or worse at leveraging data for customer segmentation
  • 73% are only moderately successful or worse at applying data analytics for customer insights
  • 75% are only moderately successful or worse at actioning on customer insights 

“There are many touchpoints along the journey to revenue that need to be appreciated, measured, and refined to get to the revenue outcome. Leveraging data-driven insights to make data-driven decisions will enable marketing leaders to set new KPIs to demonstrate success in conjunction with enabling greater predictability along the pathway to sustainable revenue,” said Deanna Ransom, Global Head of Marketing and Marketing Services and Chairperson of Diversity and Inclusion at Televerde.

For more information and to download the full report visit: https://cmocouncil.org/thought-leadership/reports/rising-above-the-fray

About the CMO Council

The Chief Marketing Officer (CMO) Council is the only global network of executives specifically dedicated to high-level knowledge exchange, thought leadership and personal relationship building among senior corporate marketing leaders and brand decision-makers across a wide range of global industries. The CMO Council’s 16,000-plus members control approximately $1 trillion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide. In total, the CMO Council and its strategic interest communities include more than 65,000 global executives in more than 110 countries covering multiple industries, segments and markets. For more information, visit https://www.cmocouncil.org.

About Televerde

Televerde is the preferred global revenue creation partner supporting marketing, sales and customer success for B2B businesses around the world. Our uniquely evolved approach, business model, best practices and integrated solution has enabled us to deliver a cutting-edge AI enabled customer journey life-cycle platform and the delivery of a highly personalized experience generating $65B+ in pipeline and to close $12B+ in revenue for our customers and counting. For more information, visit https://televerde.com/

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