This 8-page report titled, “The Great Return to the Golden Age of Marketing” by Wunderkind offers a thoughtful summary of the key opportunities and challenges today’s CMOs face. Essentially, they’ve concluded that the playbooks that have worked for the past 10 years need to be changed up to drive sustained growth in the future. Their data - collected from 100 of the top B2C brands - suggests that, “we are on the cusp of a contemporary golden age of marketing.”
Some stats we found most interesting at The Garden:
1. 94% of CMO’s look at the last 2 years as a positive turning point for marketers, but 70% predict their marketing budgets will begin to shrink in the next year.
This could result in massive opportunity for brands who double down during these times of uncertainty. It also means that marketers need to get more creative in how they achieve impact and results.
2. Only 5% of company leaders believe their marketing organization utilizes their technology extremely well.
We’ve heard the term “big data” for over a decade now, but having data is useless unless it’s minded for truly actionable insights. While data is abundant, many marketers still struggle with how to fully utilize it; or, they are relying on a variety of technologies that don’t work well together when it comes to unearthing the information and insights needed to stand out from the pack.
3. 78% of CMO’s believe they have a good customer experience strategy that creates meaningful one-to-one interactions between their company and its consumers. Consumers don’t agree.
We know that 96% of customers feel that CX is crucial for brand loyalty and 89% would switch brands if they had an unpleasant experience, so it’s interesting to note that this report suggests CMOs have over-indexed just how in tune they are with their customer experience versus actual customer expectations.
If you want your team to become skilled on how to do more with less, and developing more effective ideas around your customer experience strategy, check out our creative problem-solving workshop ThinkShop.