NEW YORK & LONDON–(BUSINESS WIRE)-42% of CMOs believe data is hindering creativity among marketing teams, according to a new report by Adverity, the data and analytics platform for marketing, sales, and eCommerce teams.
The report, entitled “Data, People, and Culture: The Evolving Role of the Modern CMO”, surveyed 300 CMOs across the US, UK, and DACH region (Germany, Austria, and Switzerland) from small to midsize businesses, to better understand how the role of the CMO is changing amid the growing digitalization of the industry.
However, CMOs are at odds on whether the exponentially increasing sophistication and volume of data helps or hinders creativity, with 41% insisting data does in fact help and 17% remaining undecided. Importantly, those that say it greatly hinder creativity are twice as likely to struggle with a lack of tools. Furthermore, responses suggest that 30% of marketing teams only review data once a quarter or less, and nearly half (43%) of CMOs feel the greatest barrier to getting value from their marketing data is related to company culture.
At the same time, the need for a marketing ops role to manage martech stacks has accelerated dedicated routers. 73% of CMOs are committed to introducing this role to their team: 45% already have someone in place, and a further 28% are currently hiring. Only 12% of CMOs have had one in place for more than a year.
Harriet Durnford-Smith, CMO, Adverity He said: “Modern marketers are faced with huge volumes of data streaming in from multiple sources, so it’s not at all surprising to see CMOs are focused on investing in people dedicated to managing the entire data stack. Without eyes on the big picture, insight-driven decision making becomes nearly impossible. It’s staggering that 30% are only reviewing their data sporadically – in today’s data-driven marketplace, brands are in danger of counting themselves out of the race if they don’t have a single unified view of performance, in real time. Now is the time for CMOs to champion change in company culture and embrace the opportunities that data brings.”
Other key findings from the survey include:
66% of CMOs say it’s harder to hire new employees with a data background than to upskill their current team.
36% said retention is becoming difficult, so even if marketers find a fantastic data hire, there’s no guarantee they’ll stick around.
Half (49%) agree the amount of manual reporting required is putting people off wanting to work in their marketing team.
CMOs are having trouble getting the rest of the C-suite on their side with 17% saying there is a lack of enthusiasm from leadership.
Cumbersome legacy workflows are having an impact on culture, and the silos and bottlenecks that come with them (15%).
18% of respondents claim the biggest single reason they are struggling to get value from their data is a lack of tools to manage it.
38% say not having the right tech to consistently deliver valuable insights from data is a hindrance, having people with the right skill sets (19%).
43% say their team spends more time getting data in one place than they do actually using it to make decisions, which can be time-consuming, inefficient and prone to human error.
To view the full report, visit: https://www.adverity.com/resources/research-evolving-role-of-the-modern-cmo
In April 2022, Adverity commissioned a survey of 300 CMOs across the US, UK, and DACH region (Germany, Austria, and Switzerland). The respondents were interviewed over the telephone, and represent a wide range of industries, including Technology, Marketing Agencies, and eCommerce. Respondents came from small and midsize businesses as defined by Gartner; Small businesses are defined as organizations with an annual revenue of between 20 million and 50 million USD while mid-sized enterprises are defined as organizations with an annual revenue of between 50 million to 1 billion USD.
Adverity is a leading intelligent data and analytics platform that enables businesses to make insights-driven decisions, faster and easier. Used by marketing, sales and eCommerce teams around the world, Adverity transforms siloed data into actionable insight, reducing the complexity in demonstrating marketing effectiveness and return on investment across multiple channels.
By automating data integration from hundreds of sources and working seamlessly with your existing tech stack, Adverity’s flexible end-to-end platform delivers a single view of marketing and sales performance across your entire business. The platform’s powerful data visualizations and proactive analytics reveals tangible insights and uncovers real-time opportunities for improving performance and driving growth. Adverity is headquartered in Vienna, with offices in London and New York. Learn more at adverity.com.