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…TO DRIVE ENHANCED MARKETING STRATEGY AND AGENCY COLLABORATION
We commissioned a report to gain more insight into how the power of data is being utilised and affecting CMOs in the current marketing landscape.
According to our latest report* of 500 marketing decision makers, nine in ten (95%) say that staying on top of agency investments and maintaining open communication helps nurture long-term partnerships with their agencies, the outcome being a stronger commercial return on their financial investment.
DATA-DRIVEN DECISION MAKING
Gaining a better understanding of how their external agency investments are being utilised, would help grow relationships by allowing for informed, data-driven decision making leading to more accurate and successful strategies, say almost half (46%).
This comes at a testing time when almost three quarters of those polled (72%) admit they’re not always on top of managing and streamlining marketing costs to make the best savings, despite nearly all (99%) revealing they’re now under intense pressure to make every penny of their budget work harder than ever before.
Half (47%) confess they’re too focused on growth and ROI to be on top of streamlining costs, while a third (34%) don’t have access to the valid data and analytics needed. A fifth (20%) blame a siloed organisational structure and almost two in ten (18%) concede it’s too much of a monumental task which they just cannot afford to invest the time in.
More than a third (36%) reveal better cost management would benefit them by identifying growth opportunities to make marketing work harder, while a further 36% confirm it would help boost long-term agency partnership stability.
Other reasons for gaining more understanding around investments include enabling better budget planning and efficient spending (36%), identifying potential inefficiencies or issues through performance management (24%) and creating an environment of trust, transparency and collaboration (24%).
When questioned, nine in ten (89%) divulge they are concerned about meeting their marketing objectives and KPIs with their allocated budget because they need to meet high targets for growth (61%) or have limited or reduced budget (58%).
A solution for two thirds (66%) would be leveraging data-driven insights to maximise spend. Almost seven in 10 (67%) would be willing to invest in partnering with an external marketing procurement system if it would help them to benchmark and manage costs and the long-term savings would outweigh the investment. More than two fifths (43%) are under no illusion that they must invest in order to save.
MORE VALUE FROM MARKETING BENCHMARK DATA
Iain Seers, CEO at RightSpend, comments: “Our survey results unmistakably indicate that CMOs recognise the significance of their agency partnerships and prioritise the expansion of these affiliations. Nevertheless, given the current climate of budget constraints and the demand to achieve challenging objectives, they are actively seeking avenues to ascertain how to extract enhanced value from their investments.
“In the rapidly evolving business landscape, staying ahead requires a willingness to embrace innovation and seek transformative solutions, such as investing in an external data-driven marketing procurement platform, which holds the potential to revolutionise how CMOs navigate the complexities of their roles.
EMPOWERING CMOS THROUGH THE POWER OF DATA
“In an era where data reigns supreme, leveraging the insights offered by a data-driven marketing procurement platform is akin to gaining a new lens through which to perceive the marketing landscape. This technology enables CMOs to delve into the intricacies of their marketing investments with unparalleled clarity. Through robust analytics and data-driven decision-making, CMOs are empowered to make strategic choices that drive optimal outcomes.”
“This newfound transparency allows them to allocate resources where they are most impactful, optimising spend efficiency and mitigating wastage. The result is a leaner, more focused marketing strategy that yields higher return on investment.”
“However, the advantages extend far beyond financial acumen. The platform’s data-driven insights pave the way for a profound shift in agency relationship management. CMOs can approach these partnerships armed with quantitative evidence, fostering a culture of collaboration founded on shared objectives and measurable goals. This not only nurtures more productive collaborations but also cultivates an environment of trust and accountability.”
TAKE CONTROL WITH MARKETING BENCHMARKING
The survey goes on to reveal that enlisting the support of an external expert which could assist with benchmarking, marketing analytics and managing costs would help more than half (52%) feel empowered by having the tools and resources to take control of their budget and monitor spending and identify cost-saving opportunities.
It would give more than four in ten (47%) confidence in the accuracy and consistency of cost data and the ability to trust the reliable benchmarks, while a third (33%) would feel better informed to make decisions about resource allocation and budget management.
A quarter (25%) acknowledge the independent support would bolster alignment with finance departments, ensuring cost data is accurately recorded and almost three in ten (27%) recognise it would help them develop a more strategic marketing plan.
Iain continues: “In essence, investing in an external data-driven marketing procurement platform isn’t just about technological adoption – it’s about a fundamental change in how CMOs approach their roles. It’s about moving from intuitive decision-making to strategic precision and breaking free from the limitations of traditional methods, unlocking the potential of data to drive innovation and ensure that every marketing pound invested is maximised for impact and growth. By embracing transformative technology, CMOs stand at the forefront of a new era in marketing – one where data is the compass guiding us toward unparalleled success.”
To find out how RightSpend can help you to unleash the power of data to drive enhanced strategies, refine agency collaboration and deliver advanced ROI, book a call today.
*Report commissioned by RightSpend, August 2023, where 500 CMOs in companies of 100+ employees were surveyed online by an independent research company.