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A report from the Economist Intelligence Unit
The new rainmakersCMOs’ drive to deliver business value
© The Economist Intelligence Unit Limited 20131
The new rainmakers CMOs’ drive to deliver business value
About the report 2
Introduction 3
Marketing ROI remains a work in progress 4
A measure of accountability 6
A data-driven model takes shape 8
Conclusion 10
Appendix: survey results 11
Contents
1
2
3
4
© The Economist Intelligence Unit Limited 20132
The new rainmakers CMOs’ drive to deliver business value
About the report
The new rainmakers: CMOs’ drive to deliver business value is an Economist Intelligence Unit report, sponsored by SAS.
The Economist Intelligence Unit bears sole responsibility for the content of this report. The fi ndings do not necessarily refl ect the views of the sponsor.
The paper draws on two main sources for its research and fi ndings:
l A global survey—conducted in July 2012—of 389 executives. The respondents are based in Western Europe (40%), North America (27%), Asia-Pacifi c (24%), Latin America (6%), Middle East/Africa (2%) and Eastern Europe (1%); a total of 42 countries are represented. Respondents include marketing and non-marketing professionals from 19 industries, such as fi nancial services (14%), consumer goods (11%), IT/Technology (8%) and manufacturing (8%).
l A series of in-depth interviews with senior executives from major companies and other experts listed below.
Cammie Dunaway, US President and Global CMO, KidZania
Leontyne Green Sykes, CMO, IKEA US
Dan Marks, CMO, First Tennessee Bank
John McDonald, vice-president marketing, Americas, British Airways
Michelle Peluso, former global consumer chief marketing and internet offi cer, Citigroup
We would like to thank all interviewees and survey respondents for their time and insight.
The report was written by Rob O’Regan and edited by Gilda Stahl.
© The Economist Intelligence Unit Limited 20133
The new rainmakers CMOs’ drive to deliver business value
The new watchword for chief marketing offi cers (CMOs) is accountability. Disruptions to the traditional marketing model, driven by the rise of digital channels and a wealth of customer and market data, have increased pressure on CMOs and their marketing teams to deliver more measurable return on marketing investments (ROMI). In other words, the challenge at hand is to create more explicit links between marketing activities and business value.
An Economist Intelligence Unit global survey of 389 executives and managers fi nds that marketing is seen as creating value for sales, customer service and product development but less so across other internal business functions such as merchandising, research and development, and operations.
In “Outside looking in: The CMO struggles to get in sync with the C-suite”—the fi rst in a three-part series of Economist Intelligence Unit reports on the evolution of the CMO’s role—we highlighted a disconnect between CMOs and the rest of the C-suite over marketing’s role. In “Voice of the customer: Whose job is it, anyway?” we explained how the CMO’s increasingly fragmented
responsibilities make it diffi cult to take ownership of the “voice of the customer” across the organisation. Ever-expanding CMO responsibilities—fuelled by digital media, data-driven decision-making and empowered customers—and uncertainty about marketing’s role add to the challenge of increased accountability.
In this report—the last in the series—we examine how leading CMOs are embracing this new accountability mandate. They are rebuilding their marketing organisations with a more nimble, data-driven approach, guided by experimentation and a broader set of metrics designed to help them better understand and optimise marketing spend and demonstrate its value across all aspects of the business.
“Marketing has to be about business outcomes,” says Dan Marks, CMO of First Tennessee Bank, a regional bank in the south-eastern US. “But that doesn’t mean creativity is dead. Instead, think of [accountability] as a way to better understand and communicate the value of the creativity to the rest of the organisation.”
Introduction
© The Economist Intelligence Unit Limited 20134
The new rainmakers CMOs’ drive to deliver business value
The accountability mandate emphasises measurable return on investment (ROI). However, development of credible ROI metrics still has a ways to go. While one-half of the CMOs surveyed believe they are doing an above-average job delivering measurable ROI for marketing expenditures, just 35% of their C-suite colleagues agree (see chart).
Marketers deploy a variety of performance metrics to track marketing ROI; the most popular of these are customer satisfaction, sales leads and customer engagement (see chart below). A challenge with these metrics is that they don’t easily translate into quantifi able business value. Just 36% of respondents surveyed say their
Marketing ROI remains a work in progress1
Source: Economist Intelligence Unit survey, July 2012.
CMO/Head of Marketing C-Suite
CMOs’ effectiveness at delivering measurable ROI (% respondents)
15 9 34 26 35 37 14 191 7 21
Excellent
2
3
4
Poor
Don’t know
Source: Economist Intelligence Unit survey, July 2012.
Which performance metrics does your organisation employ to track Return On Marketing Investment (ROMI)? (% respondents)
50
40
34
33
33
31
31
28
23
21
15
2
Customer satisfactionSales leads
Customer engagementRevenue from expenditures
Brand awarenessProfit from expenditures
Sales conversionBusiness analytics
Customer retentionReferrals
Customer lifetime valueOther
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The new rainmakers CMOs’ drive to deliver business value
❛❛Know Me doesn’t involve marketing alone, so the metrics need to be equally broad. This is not a campaign to be measured with traditional ROI.
❜❜John McDonaldvice-president marketing Americas British Airways
company can clearly demonstrate marketing’s contribution to top-line revenue, and only 40% believe marketing can show direct linkages between customer engagement and fi nancial performance.
Part of the challenge is a disconnect between CMOs and the rest of the C-suite about marketing’s priorities. While 30% of C-level executives say driving revenue growth should be the top priority of the marketing function, CMOs rank revenue growth third on their priority list, behind creating new products and services and fi nding new customers (see chart).
As CMOs strive to position marketing as a driver of business value, they are rethinking how marketing performance is measured—and how those metrics are communicated to the rest of the C-suite. At British Airways, for example, marketing has been at the forefront of Know Me, a company-wide initiative launched in February 2012 to enhance the customer experience through deep insights into air travellers’ preferences and behaviour. The programme involves virtually every group within the airline, from IT to the cabin crews.
“Know Me doesn’t involve marketing alone, so the metrics need to be equally broad,” says John
McDonald, vice-president marketing, Americas, for British Airways. “This is not a campaign to be measured with traditional ROI.” Key performance metrics for the programme include the impact of increased advocacy on revenue growth and the effect of higher satisfaction on “revenue at risk”—a measure of potential customer defections. They are extending traditional metrics (increased advocacy) to real business outcomes. This is the essence of modern marketing: translating customer insights into commercial opportunities, Mr McDonald says.
Other organisations are tinkering with their measurement and analytics models in similar ways, searching for more measurable linkages between marketing programmes and business outcomes. The marketing team at IKEA US, for example, recently completed an econometric analysis of its marketing programmes across all media channels. The goal: determine the percentage that each programme and channel contributes to driving sales and brand performance.
“We always do a proposed ROI at the beginning and then track the results at the end,” says Leontyne Green Sykes, CMO of IKEA US. “We try to have a good balance between facts and heart. The CFO appreciates the facts a lot more.”
Source: Economist Intelligence Unit survey, July 2012.
CMO/Head of Marketing C-Suite
No consensus on marketing’s top prioritity (% respondents)
22 9 20 21 19 30 18 18 15 14 7 8
Creating new products and services
Finding new customers
Driving revenue growth
Improving your organisation’s reputation
Entering new markets
Retaining existing customers
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The new rainmakers CMOs’ drive to deliver business value
“Fact-based insights” about customers enable marketing to quantify more effectively its contributions to other parts of the business. According to survey respondents, marketing adds most value to sales, customer service and product development. In their view, marketing’s value to other areas of the organisation, such as merchandising and research and development (R&D), lags. This signals an opportunity for marketers to better leverage customer insights across those business functions (see chart).
The ability to access data-driven insights has been aided by consumers’ embrace of digital channels, including social and mobile media. Marketers’ ability to measure the new information, however, has not caught up to customers’ increasingly digital lifestyles. Only one-quarter of survey respondents agree that marketing has fully
integrated digital media into the marketing mix and has built proven models for digital media measurement (see chart, next page).
Some organisations are taking steps to improve integration between marketers and digital teams. For example, Citigroup’s digital and marketing teams both reported to Michelle Peluso, the former global consumer chief marketing and internet offi cer. (Ms Peluso left Citi in February 2013 to become CEO of Gilt Groupe.) Marketers work hand in hand with digital teams—including website, mobile and social media product developers—to share consumer insights that drive new products or services.
This “co-creation” arrangement, combined with an “agile development” approach (see sidebar, next page), brings product and technology teams much closer to the customers that Citi’s online and mobile
A measure of accountability2
Source: Economist Intelligence Unit survey, July 2012.
Where does marketing deliver significant business value? (% respondents)
59
51
49
31
19
18
17
14
8
3
Sales
Customer service
Product development
Merchandising
Research and development
Operations
Finance
Human resources
IT
Don’t know
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The new rainmakers CMOs’ drive to deliver business value
banking products are designed to serve. “The product developers are dropping ideas in front of customers all the time,” says Ms Peluso. “It is much more interactive, much more effi cient and much more valuable from a product development perspective.”
Citi’s consumer marketing team has also made progress quantifying social media engagement. Social monitoring tools help track customer sentiment not just on Citi’s own Facebook and Twitter pages, but across the social media
landscape. If the team discovers a customer who is having a problem, it proactively reaches out to them with an offer to help. The team uses a secure chat channel for private, one-on-one discussions to help resolve problems.
“It is more effi cient—and less expensive—to provide service to customers in a secure chat environment than for them to call the contact centre,” Ms Peluso says. “That is a pretty straightforward ROI.”
Source: Economist Intelligence Unit survey, July 2012.
Digital media measurement models remain elusive
We have fully integrated digital media into our marketing mix and have built proven models for digital media measurement (% respondents)
1 Strongly agree
2
3
4
5 Strongly disagree
Don’t know
6
19
35
28
111
❛❛The product developers are dropping ideas in front of customers all the time. It is much more interactive, much more effi cient and much more valuable.
❜❜Michelle Pelusoformer global consumer chief marketing and internet offi cerCitigroup
Citigroup’s consumer banking group has adopted an agile approach to marketing as a way to make smarter investment decisions and improve marketing ROI.
“Agile marketing” borrows from agile software development, which emphasises iterative, incremental development and collaboration among small teams. Citigroup’s integrated marketing and digital team has found the approach particularly useful in building new mobile banking products—along with the marketing programmes that support them.
The agile marketing approach is a big
shift in the way many marketers are used to operating and fi ts well with marketing’s accountability mandate. “Traditionally, you would build a big, expensive product, with a long lead cycle,” says Michelle Peluso, the former global consumer chief marketing and internet offi cer. “Then you put a bunch of advertising behind it, and then you feel obligated to stick with it even if it is not going so well.”
Now, product and marketing teams in the consumer banking group work together to test a handful of different concepts for products—and the promotional campaigns
around them—on a much smaller scale. Through testing and learning, they can quickly identify the one with the most promise and potential, then shift resources accordingly.
“There are concrete business benefi ts as you move to [agile marketing],” says Ms Peluso. “You get faster development cycles, faster launch cycles, better feedback and better data. We are spending less time and money doing research, and we have saved millions of dollars bringing design and usability testing in-house.” In other words, measurable ROI.
Citi’s agile approach to marketing
© The Economist Intelligence Unit Limited 20138
The new rainmakers CMOs’ drive to deliver business value
A data-driven model takes shape3CMOs looking to improve accountability within their marketing organisation must continue to explore innovative ways to use the tools at their disposal—including customer data and more sophisticated analytics—to develop insights that create explicit value across other parts of the business. CMOs will also need to evolve their measurement tool box, combining traditional marketing metrics with new ways to gauge marketing’s impact on business growth. Three best practices are emerging to help CMOs tell a more credible story about marketing’s ability to deliver business value.
Redefi ning marketing metricsCMOs need metrics that more accurately quantify the return on marketing investment and demonstrate the value of marketing initiatives to the wider business in terms that resonate with business leaders.
At Citigroup, the consumer marketing team tracks three sets of metrics around every product launch: (1) Business metrics, such as increasing sales or
obtaining new customers; (2) Customer satisfaction, primarily defi ned by
the Net Promoter Score (NPS), an industry-standard measure of customer satisfaction. Citi tracks NPS across the entire product lifecycle, providing product teams with a steady stream of insights that can be used to add new features or fi x problematic areas.
(3) Performance data, the basic nuts-and-bolts digital metrics that include page-load times, site quality, nav paths, bounce rates and the like. “When you bring those three sets of metrics
together, it is much easier to say whether you are making something better or worse, and then iterate quickly to make improvements,” says Ms Peluso. This type of approach can help marketers optimise investments by reallocating resources more quickly to the programmes that are working best.
Translating customer insights for specifi c business units and functionsTurning raw customer and market data into insights and leveraging those insights for better decision-making require much deeper levels of collaboration between marketing and other parts of the business than many organisations are used to. Business units and other functional groups must understand how customer insights, for example, can infl uence and inform the specifi c slice of the business for which they are responsible.
“Each group has its own way of looking at its own information,” says Ms Green Sykes. “Our job is to pull all the data together, work with it in a much more integrated way and identify any overlap in what the different groups are looking at. Providing that overarching learning to the broader organisation is a big nut to crack.”
❛❛Our job is to pull all the data together, work with it in a much more integrated way and identify any overlap in what the different groups are looking at.
❜❜Leontyne Green Sykes CMOIKEA US
© The Economist Intelligence Unit Limited 20139
The new rainmakers CMOs’ drive to deliver business value
Investing in training, not just toolsSurvey respondents consider underinvestment in talent acquisition, training and retention as the primary obstacle to the CMO playing a more strategic role at their business. But just 21% of survey respondents say investments in training will be a key driver of business value over the next three years—a troubling sign for CMOs looking to build up their team’s measurement competencies.
CMOs must address this organisational disconnect about the value of training, within and beyond marketing’s walls. Technology is a critical enabler for collecting data and providing analysis quickly and at scale. But proper training is vital for translating the data into useful business insights. Specifi cally, training programmes for analytics and other data-driven techniques should focus not just on how to crunch numbers and run reports, but how to apply the results to business objectives.
“The value of the data lies in the ‘so what’, not
the raw data itself,” says Cammie Dunaway, US president and global CMO of KidZania, a Mexican producer of educational theme parks for children in nine countries.
“You don’t want to get too mechanical and start analysing everything to the nth degree,” says First Tennessee’s Mr Marks. “We have found that applying business judgment as you think about your future plans is more important than having highly mechanical scenarios.”
Training programmes that emphasize linkages between data analysis and business results will provide marketers with an important blend of skills that they can use to educate other parts of the business about the value of marketing analytics. As marketers become better at translating data into concrete business insights, business users will become more likely to seek out marketing analytics to support their decision-making.
❛❛The value of the data lies in the ‘so what’, not the raw data itself.
❜❜Cammie Dunaway US President and Global CMO KidZania
© The Economist Intelligence Unit Limited 201310
The new rainmakers CMOs’ drive to deliver business value
Conclusion4For CMOs, the new accountability mandate presents an opportunity to show the doubters that marketing can deliver tangible benefi ts to the business. Leading CMOs are embracing this opportunity by remaking their traditional approach to measurement to ensure tighter connections between marketing investments and business outcomes.
The ability to deliver data-driven insights—enabled by the growth of digital media as consumer engagement channels—has become a basic requirement for the modern CMO. The next
step involves building advanced measurement and analytical models that demonstrate marketing’s impact on all parts of the business—including revenue growth.
Ms Peluso says marketing’s status as the champion of customer insights is a profound privilege and responsibility. By using data and insights to connect the dots of a customer journey, from awareness to sale to repurchase, CMOs can become the new rainmakers—bringing value and growth to their organisations.
l CMOs have an opportunity to turn marketing’s accountability mandate into an advantage
l Redefi ning ROI metrics will help demonstrate more clearly marketing’s contribution to business growth
l Continued success requires building advanced measurement and analytical models that integrate digital media with the rest of the marketing mix
Key takeaways
© The Economist Intelligence Unit Limited 201311
The new rainmakers CMOs’ drive to deliver business value
Appendix:survey results
Percentages may not add to 100% owing to rounding or the ability of respondents to choose multiple responses.
Chief Executive Officer
Chief Operations Officer
Chief Sales Officer
Chief Strategy Officer
Chief Information Officer
Chief Financial Officer
Other
To whom does your CMO or most-senior marketing executive report? (% respondents)
64
18
5
3
3
0
6
1 Highlystrategic
2 3 4 5 Not strategic
The CMO’s role
How strategic a role does the CMO play in your organisation? Rate on a scale of 1 to 5 where 1 = Highly strategic and 5 = Not at all strategic. (% respondents)
23 39 29 8 2
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The new rainmakers CMOs’ drive to deliver business value
A leading role A key player Consulted No role Don’t know
Formulating business strategy
Formulating marketing strategy
Formulating pricing strategy
Developing new products/services
Developing customer engagement strategy
Shaping customer service
Selecting new markets to enter
Deciding on new IT investments
Deciding on new marketing investments
Connecting customer-facing functions
What role does the CMO (or the most senior marketing executive) play in your organisation with regard to the following activities? Select the most appropriate response for each activity. (% respondents)
18 57 21 3 1
56 27 15 2 1
23 39 25 11 1
19 44 28 8 1
24 46 24 5 1
17 42 31 10 1
18 39 29 12 2
6 20 40 31 2
36 40 19 4 1
19 44 27 8 2
Brand marketing
Digital marketing (online, mobile, social)
Product marketing
Channel marketing
Customer service
Market research
Product development
Public relations
E-commerce
Website development
Sales
Merchandising
Retail
Pricing strategy
Over which areas do you expect the CMO’s influence to increase in the next 3 years? Select all that apply. (% respondents)
50
48
45
41
40
34
33
32
31
30
26
15
12
23
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The new rainmakers CMOs’ drive to deliver business value
1 A significant obstacle
2 3 4 5 Not an obstacle
Lack of C-level support for the CMO
Current marketing executives lack the relevant skills
Under-investment in supporting systems and technology
Under-investment in talent acquisition, training, and retention
Disconnect over what marketing should be delivering
The C-suite conception of marketing is not as a strategic function
Please indicate the extent to which the following are obstacles to the CMO playing a more strategic role in your organisation. Rate on a scale of 1 to 5 where 1 = A significant obstacle and 5 = Not an obstacle.(% respondents)
8 22 33 21 16
8 32 32 19 9
10 27 39 18 7
11 33 38 13 6
9 30 35 19 7
10 24 36 19 11
Customer insight
Communications expertise
Creativity
Industry expertise
Team building
Data-driven analytical capability
General business acumen
Technical expertise
Line-of-business knowledge
Advertising/agency experience
Social media expertise
Pattern recognition
Visual/design aesthetics
What skills are most important for CMOs to have? Select the top three. (% respondents)
42
41
31
31
29
27
25
21
19
13
7
2
1
© The Economist Intelligence Unit Limited 201314
The new rainmakers CMOs’ drive to deliver business value
1 Significantly increasing
2 3 4 5 Significantly decreasing
Advertising/agency experience
Technical expertise
Team building
Communications expertise
Creativity
Data-driven analytical capability
Customer insight
Industry expertise
Line-of-business knowledge
General business acumen
Pattern recognition
Social media expertise
Visual/design aesthetics
Which skills needed by the CMO are gaining or losing importance? Rate each skill on a scale of 1 to 5, where 1 = Significantly increasing and 5 = Significantly decreasing.(% respondents)
6 33 33 21 7
11 29 41 17 3
22 41 30 6 2
24 45 27 4
17 40 33 9 1
25 35 32 7 1
28 36 29 5 1
14 38 37 9 2
12 36 42 9 1
18 36 38 7 2
10 31 49 8 2
16 44 31 9 1
7 28 46 17 2
1 Excellent 2 3 4 5 Poor Don’t know
Establishing a clear business case for new marketing investments
Delivering customer insights that drive business value
Delivering measurable ROI for marketing expenditures
Collaborating across functions to improve business performance
Building relationships with customers
Differentiating the value of your brand from your competitors
How effective is your organisation’s CMO in the following areas? Rate on a scale of 1 to 5 where 1 = Excellent and 5 = Poor. (% respondents)
10 34 37 13 4 2
11 38 32 14 3 2
11 28 36 16 6 3
11 37 34 13 4 2
16 35 31 13 2 3
19 35 32 11 2 1
1 Strongly agree
2 3 4 5 Strongly disagree
Our company is a customer-centric business
Our company has a clear understanding of our customers’ tastes and needs
Our organisation has the data, tools and process in place to react quickly to changes in customer behaviour or other customer dynamics
We are using social media effectively to engage customers with our brand
We are using mobile media to effectively reach customers wherever they wish to engage with our brand
We are able to track the value of marketing investments across functions
We are able to track the value of marketing investments across channels
Indicate the extent to which you agree or disagree with the following statements. Rate on a scale of 1 to 5 where 1 = Strongly agree and 5 = Strongly disagree.(% respondents)
19 41 30 8 3
13 43 37 7 1
9 30 37 19 5
7 25 39 19 10
9 25 33 21 12
6 30 38 21 5
9 30 35 20 6
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The new rainmakers CMOs’ drive to deliver business value
Sales
Customer service
Product development
Merchandising
Research and development
Operations
Finance
Human resources
IT
Don’t know
In your opinion, to which areas of your business does your marketing function deliver significant business value? Select all that apply. (% respondents)
59
51
49
31
19
18
17
14
8
3
Lack of a strategic role for marketing in the organisation
Hiring and retaining skilled marketing talent
Inability to turn data into actionable insights
Limited ability to demonstrate ROI/accountability of marketing investments
Disagreement about the role of marketing
Difficulty in mining “big data” for customer insights
Lack of senior management support for marketing investments
Misalignment between marketing investments and business objectives
Lack of transparency across customer touch points
Sharing insights quickly across the organisation
Other
What are the primary internal barriers that impede marketing from delivering more value to your organisation? Select up to three. (% respondents)
38
36
33
32
28
25
21
16
15
13
1
Driving revenue growth
Finding new customers
Improving your organisation’s reputation
Creating new products and services
Entering new markets
Retaining existing customers
What should the marketing function’s top priority be at your organisation? (% respondents)
30
17
16
13
13
10
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The new rainmakers CMOs’ drive to deliver business value
Improving your organisation’s reputation
Retaining existing customers
Creating new products and services
Driving revenue growth
Finding new customers
Entering new markets
To which area has marketing contributed most in the past year? (% respondents)
22
22
17
15
13
13
Head of sales
It’s a shared responsibility across multiple roles
CMO
Chief Customer Officer
Board member
Chief Executive Officer
Chief Strategy Officer
Who is considered the “voice of the customer” at your organisation? (% respondents)
31
21
18
12
8
8
3
CMO
It’s a shared responsibility across multiple roles
Head of sales
Chief Customer Officer
Board member
Chief Strategy Officer
Chief Executive Officer
Who in your opinion should be the voice of the customer? (% respondents)
28
23
17
13
7
6
5
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The new rainmakers CMOs’ drive to deliver business value
Face to face
Corporate website
Call centre
Mobile devices
Traditional media (print, TV, radio)
Social media
Online media (e-commerce website or 3rd-party websites)
Direct mail
What are your company’s most effective channels for customer engagement? (% respondents)
59
46
39
25
24
21
19
18
9
Face to face
Social media
Mobile devices
Online media (e-commerce website or 3rd-party websites)
Corporate website
Traditional media (print, TV, radio)
Call centre
Direct mail
What do you expect the most effective channels will be 3 years from now? (% respondents)
50
47
35
34
31
27
14
12
5
Superior: Our customer data is integrated across channels and can be shared and mined effectively for insights
Average: We are making good progress integrating different channels and data sources to gain a more comprehensive view of the customer
Lagging: Our customer channels are siloed, giving us little transparency across different touch points
How would you describe your company’s ability to track customer engagement across different marketing channels? (% respondents)
18
61
21
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The new rainmakers CMOs’ drive to deliver business value
Customer relationship management (CRM)
Brand advertising
Collaboration tools
Customer analytics
Training employees
Direct marketing
Reputation management
Marketing automation tools
Social media
New hires
Mobile application development
Web optimisation tools
In what areas should marketing focus investments in order to contribute most to your business now? (% respondents)
51
40
28
27
24
24
17
17
15
14
13
8
Customer analytics
Customer relationship management (CRM)
Social media
Mobile application development
Brand advertising
Reputation management
Training employees
Direct marketing
Marketing automation tools
Collaboration tools
New hires
Web optimisation tools
In what areas should marketing focus investments in order to contribute most to your business in 3 years? (% respondents)
41
38
29
22
22
21
21
20
19
18
16
9
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The new rainmakers CMOs’ drive to deliver business value
Customer satisfaction
Sales leads
Customer engagement
Revenue from expenditures
Brand awareness
Profit from expenditures
Sales conversion
Business analytics
Customer retention
Referrals
Customer lifetime value
Other
Which performance metrics does your organisation employ to track Return On Marketing Investment (ROMI)? Select all that apply. (% respondents)
50
40
34
33
33
31
31
28
23
21
15
2
1 Very effective
2 3 4 5 Veryineffective
Don’t know
Aligning marketing strategy with overall business objectives
Finding new customers
Increasing the cost effectiveness of marketing investments
Proactively identifying new ways that marketing can add business value
Connecting customer feedback to new product/services creation
Retaining existing customers
Engaging customers across multiple platforms
Tracking customer value across multiple platforms
Linking customer engagement across business functions
How effective is your company’s marketing function in each of the following areas? Rate on a scale of 1 to 5 where 1 = Very effective and 5 = Very ineffective. (% respondents)
10 36 37 12 2 2
7 33 40 14 3 2
8 26 42 17 4 3
8 31 36 19 4 2
7 31 39 17 4 2
12 34 36 12 4 2
6 32 37 18 4 3
5 23 35 26 8 3
5 27 41 21 4 2
1 Strongly agree
2 3 4 5 Stronglydisagree
Don’t know
Our company can clearly demonstrate marketing’s contribution to top-line revenue growth
Marketing can show direct linkages between our customer engagement and our financial performance
We have fully integrated digital media into our marketing mix and have built proven models for digital media measurement
We have established metrics/dashboards for tracking and measuring customer engagement
Please indicate the extent to which you agree or disagree with the following statements. Rate on a scale of 1 to 5, where 1 = Strongly agree and 5 = Strongly disagree.(% respondents)
7 29 37 19 6 2
9 31 35 16 7 2
6 19 35 28 11 1
8 28 35 18 9 2
© The Economist Intelligence Unit Limited 201320
The new rainmakers CMOs’ drive to deliver business value
1 Significantly ahead
2 3 4 5 Significantlybehind
Don’t know
Performance of marketing investments
Overall financial performance
How would you rate your company’s performance in the last year compared with that of its peers? Rate on a scale of 1 to 5 where 1 = Significantly ahead and 5 = Significantly behind.(% respondents)
7 34 40 12 3 4
16 32 42 8 1 1
30
23
26
5
16
$100m to $499m
$500m to $999bn
$1bn to $4.9bn
$5bn to $9.9bn
$10bn or more
What are your organisation’s global annual revenues in US dollars?(% respondents)
Western Europe
North America
Asia-Pacific
Latin America
Middle East and Africa
Eastern Europe
In which region are you personally located?(% respondents)
40
27
24
6
2
1
United States of America
Australia
Germany
Netherlands, Denmark
Canada, United Kingdom
India
Mexico, Hong Kong
Brazil, Singapore, Thailand, Argentina, Colombia, Indonesia, Switzerland, China, France, Italy, Malaysia, South Africa, Spain, Turkey, United Arab Emirates
In which country are you personally located?(% respondents)
19
11
10
9
8
7
2
1
Board member
CEO/President/Managing director
CFO/Treasurer/Comptroller
CIO/Technology director
CMO/Head of marketing
Other C-level executive
SVP/VP/Director
Which of the following best describes your title?(% respondents)
4
25
4
2
28
9
28
Marketing
Strategy and business development
General management
Sales
Finance
Operations and production
Supply-chain management
Risk
IT
R&D
Customer service
Information and research
Procurement
Legal
Human resources
Other
What are your main functional roles? Select up to three.(% respondents)
59
34
32
18
12
12
10
8
7
7
6
5
5
3
2
1
© The Economist Intelligence Unit Limited 201321
The new rainmakers CMOs’ drive to deliver business value
Financial services
Consumer goods
IT and technology
Manufacturing
Professional services
Healthcare, pharmaceuticals and biotechnology
Retail/Wholesale
Energy and natural resources
Automotive
Construction and real estate
Chemicals
Telecoms
Agriculture and agribusiness
Education
Entertainment, media and publishing
Transportation, travel and tourism
Aerospace and defence
Government/Public sector
Logistics and distribution
What is your primary industry?(% respondents)
14
11
8
8
8
7
7
7
5
5
4
4
3
2
2
2
1
1
1
© The Economist Intelligence Unit Limited 201322
The new rainmakers CMOs’ drive to deliver business value
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