As the world emerges from the isolation of the pandemic and with supply chain woes fading into the past, CMOs are taking stock of the lessons learned before moving into the future. And, according to marketing company Wunderkind’s first “CMO State of the Union” report, it will not be more of the same.
“We sought to understand how ecommerce organizations – specifically marketing leaders – are reflecting on the impact and lessons of the post-pandemic era,” said Richard Jones, Wunderkind’s chief revenue officer. “One thing is for certain, the marketing landscape has transformed, and marketers are going to have to throw out their outdated playbooks and go back to the drawing board.”
Through the survey of more than 100 director-level marketers in the U.S. and U.K., the greatest areas of opportunity include resource allocation, in-house knowledge, measurement, and, most importantly, first-party data. “One of the biggest challenges CMOs are facing is the deprecation of the third-party cookie and how to accurately recommend products based on consumer interest,” Jones said. “The answer here is to stop relying on cookies and take a deeper dive into first-party data to get a better understanding of your customer at all touch points.”
This may mean investing in new technology systems that will optimize data-driven marketing and open up new revenue streams. According to the research, two-thirds of CMOs rely on their employees to adapt the legacy technology to modern tactics, and 96% believe there is a gap in knowledge of their technology systems.
The survey also found nearly 75% of CMOs are still heavily reliant on social media and search engine statistics to measure campaign effectiveness, while fewer than half are using customer-experience data.
Finally, the survey found CMOs are feeling pressure to address external consumer demands that have traditionally not been business or marketing priorities. Among the external factors affecting marketing teams are: diversity, equity and inclusion; social issues; environmental issues, and governance and compliance issues. In order to respond to consumers, brands must determine and effectively express their core beliefs.
“The last few years have placed growing pressure on brands to address issues such as social justice, diversity, and sustainability. Now, more than ever, customers are looking at brands more holistically rather than just the product or service they’re selling,” Jones said. “Organizations must pinpoint what their beliefs and values are so they aren’t just checking a box and actually making meaningful environmental, social and corporate governance policies ingrained in their culture, company ethos and daily operations.”
