Challenges Facing CMOs
Some examples of current challenges facing chief marketing officers regarding the provision of better experiences for customers include personalization of services, identification of the appropriate technological solutions, application of Artificial Intelligence, data acquisition and analysis, and optimization of marketing content.
CHIEF MARKETING OFFICERS' CHALLENGES
PERSONALIZATION OF SERVICES
- Effective delivery of personalized content and services to customers is one of the challenges facing the chief marketing officers in relation to building better experiences.
- Identification and fulfillment of customers' needs pose a great challenge to chief marketing officers in delivering their services to their customers.
- A report revealed that Identification and fulfillment of customers' needs pose a great challenge to chief marketing officers in delivering their services to their customers, offering the same services.
- Designing customers' experiences that are personalized and responsive poses a great challenge to chief marketing officers due to lack of the required skills.
- According to a study by Researchscape International on marketers, about 55% reported they lack sufficient data and insights for effective personalization.
- According to McKinsey, personalization can reduce acquisition costs by 50%, increase revenues by 5% to 15%, and increase the efficiency of marketing spend by 10% to 30%.
- A report revealed, based on the consumers' buying behaviors and the explosive growth of social media, the majority of chief marketing officers wondered how to understand their customers in order to deliver effective personalized content and messaging.
IDENTIFICATION OF THE RIGHT TECHNOLOGICAL SOLUTIONS
- The ability to choose the appropriate technological solution is also one of the common issues chief marketing officers are facing in building better experiences for customers.
- Also, understanding and adaptation to technological trends and developments to provide optimum customers' experience pose a challenge to chief marketing officers.
- Due to the complexity of the marketing technology landscape, it is imperative for chief marketing officers to understand the available technological solutions to provide the best customers' experience and also to identify the right partners to solve their technology-related challenges.
USE OF ARTIFICIAL INTELLIGENCE TO IMPROVE CUSTOMERS' EXPERIENCE
- Lack of expertise in the application of Artificial Intelligence poses a challenge to chief marketing officers in providing a better experience for customers.
- Artificial Intelligence with Machine Learning enables chief marketing officers to understand their customers better through access to the customers' demographics, purchase history, psychographic data from web usage patterns, and social profiles.
- A report revealed that less than a third of chief marketing officers considered AI as a significant part of their businesses.
- Chief marketing officers are faced with the lack of appropriate skills and companies' data for the utilization of Artificial Intelligence to provide optimum customers' engagement.
- For effective utilization of AI, companies' required a large amount of quality data.
- According to Gartner’s 2018 survey, it was reported that the lack of specialized skills in AI is a significant drawback for many companies.
DATA ACQUISITION AND ANALYSIS
- Another challenge faced by chief marketing officers is the lack of the ability to integrate and interpret data garnered to identify customer needs and behavior patterns to provide seamless customers' experience.
- A report revealed that 59% of chief marketing officers lack the capability to generate meaningful business insights from their data. It was also added that 85% of the chief marketing officers' current data infrastructure needs a major upgrade.
- According to a recent DemandGen report, 83% of organizations reported that their biggest challenge is their outdated data.
- A survey by RedPoint Global also revealed that 49% of chief marketing officers lack real-time customers' data.
- Also, customers' privacy regulations impose a limitation on chief marketing officers to have access to some specific information about their consumers.
OPTIMISATION OF MARKETING CONTENT
- The constantly evolving nature of online marketing presents a challenge for chief marketing officers, due to the necessity to keep up on recent developments and to ensure that marketing strategies continued to improve customers' experience.
- Social media, online platforms, and search engines are constantly evolving, and it is essential for chief marketing officers to apply various marketing strategies to enhance seamless customers' experience.
- A report from Forbes revealed that chief marketing officers are quite deficient in the optimization of their contents.
- The necessity to acquire skills and knowledge regarding the optimization of marketing contents imposes more responsibilities on chief marketing officers.
YOUR RESEARCH TEAM APPLIED THE FOLLOWING STRATEGY
We commenced our search by scouring through various market reports, media publications, press releases, research databases, and industrial reports, such as Forbes, Inc, Market Watch, PRNewswire, among others. We focused our search on the most recent information, using the Wonder 24-month duration to identify the current challenges facing chief marketing officers in the United States. We ensured to utilize the publications within two years to address the research request. Going forward, our search yielded various challenges facing chief marketing officers in the United States in relation to building better experiences for customers or to improve customers' engagement at their respective organizations. However, the research team selected the five challenges most mentioned in the majority of the reports and publications, considering them as the current challenges facing chief marketing officers in the United States in relation to building better experiences for customers or to improve customers' engagement at their respective organizations.