99% of chief marketing officers (CMOs) are struggling with pressure to make ‘every penny’ of their budget count new data reveals. As a result, CMOs must prioritise agencies and communications for success, new data reveals.
The survey, commissioned by data marketing procurement platform and consultancy, RightSpend, looked at how significant agency partnerships are to CMOs, why they are prioritising expansion and how data can aid marketers.
The figures reveal that more than nine in ten (95%) chief marketing officers (CMOs) say that staying informed about agency investments and fostering open communication enhances long-term agency partnerships and boosts financial returns.
It follows the data that showed over 72% of CMOs aren’t always on top of managing marketing costs, despite 99% being under intense pressure to make ‘every penny’ of their budget count.
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.
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An additional fifth (20%) blame a siloed organisational structure and almost two in ten (18%) have resigned themselves into thinking it’s too much of a monumental task in which they just cannot afford to invest the time.
The report focuses on potential solutions, with two-thirds (66%) saying that leveraging data-driven insights to maximise spend would work for them.
Meanwhile, 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, analyse and manage costs, and the long-term savings would outweigh the investment.
Overall, the figures show that more than two-fifths (43%) of CMOs are under no illusion that they must invest to save.
“Our survey results unmistakably indicate that CMOs recognise the significance of their agency partnerships and prioritise the expansion of these affiliations,” said RightSpend CEO Iain Seers.
“It’s about a fundamental change in how CMOs approach their roles.
“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,” Seers added.
