Chief marketing officers (CMOs) are under increasing pressure to prove they are providing a good level of return on investment (ROI), something which can prove difficult unless the right metrics are in place to measure the success of specific campaigns.
Technology such as CRM software can help make it clearer to everyone at an organisation what the function of the marketing team is providing in terms of insight and new customers, but if it is to be utilised efficiently it needs the backing of people at the top of the company.
According to a new report from Rakuten Marketing, almost half of people in the sector feel that proving efficiency and ROI should be a central part of the CMO role, but just 23 per cent feel this is actually what people at the top of their organisation are spending most of their time on.
Less than a fifth of respondents believed that CMOs have time to prioritise defining top line marketing strategy, particularly because they are often given the responsibility of managing multiple suppliers and vendors.
Other key demands on CMOs include managing brand consistency across various platforms and dealing with squeezed budgets as firms attempt to save cash in the current economic climate, revealed Rakuten.
Although 85 per cent of respondents described multichannel marketing as “very important”, only 22 per cent were certain of the ROI across the various platforms they make use of.
Managing director Mark Haviland said: “There’s no question that marketers are tested by the multichannel marketing environment, as well as the constant pressure to deliver results and ROI. The problem of attribution is a complex one and changing consumer behaviours mean that understanding the customer journey is increasingly difficult.”
He encouraged businesses to work closely with ad tech companies that will allow them to get a better overview of what they are doing across multiple platforms, particularly as the typical campaign becomes more complex.
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