Sprinklr just announced the results of a new study conducted in partnership with the CMO Council.
According to the study Two out of three marketers lack confidence in their ability to achieve their goals in times of economic inflation and uncertainty.
Next to 8 out of 10 also express concerns about lack of investment or budget cuts.
This lack of trust is compounded by the difficulties in executing data-driven marketing strategies.
“Marketers must work with finance and IT to sustain MarTech budgets and investments. They need to identify and consolidate their resources to have peace of mind.
These resources include, but are not limited to, the collection of real-time information. Gathering this information reveals what audiences really think about multi-channel marketing and makes it easier to share that knowledge across the organization. »
explained Donovan Neale-May, CEO of the CMO Council
Declining marketing budgets as the main fear
78% of professionals surveyed don’t think they can convince the CFO to invest in marketing and not cut the budget.
Amidst budget concerns, a majority (68%) totally agree that this year it’s imperative that marketing managers and IT managers work together to drive competitive advantage through customer experiences.
Data is always a problem
Even among the most confident marketers surveyed, only 32% are very satisfied with their ability to use and analyze data. For the least confident Specialists, this drops to 10%.
Omnichannel as a lifeline?
Internal collaboration and ROI optimization across all channels will be key to success.
Over the next 12 months, most marketers plan to create omnichannel customer experiences to help them navigate economic uncertainty.
“In these complicated times, marketing managers are under greater pressure to stick to their budgets and strategies by demonstrating tangible and visible ROI.
As our research with the CMO Council shows, marketers need to seize the opportunity to improve how they collect data, identify actionable consumer insights, and strengthen their engagement strategy across channels. »
Note: Arun Pattabhiraman, Chief Marketing Officer, Sprinklr
methodology
This study was conducted in Q1 2023 in collaboration with CMO Counil with more than 450 marketing managers from different business areas and geographies: North America (39%), Europe and Middle East (31%) and Asia Pacific (29). %).
Outsmart Adversity: Weathering Economic Backwinds and Emerging Poised for Growth is available from ICI.
