CMO Challenges – Turning data and insights into concrete actions
What’s on top of the CMOs mind in 2018? That’s what we were wondering earlier this year when we initiated a comprehensive study in collaboration with UserTribe. The study was made through 40 responses amongst CMOs in small and mid-sized B2B and B2C companies across various industries in Denmark. The intention was to investigate the key challenges that the CMOs are facing in 2018.
Let’s dig into one of them.
Data & insights are high on the CMOs agenda
A vast majority of the CMOs across the B2B and the B2C companies agreed that they considered “data & insight” to be “very important”.One CMO wrote: “I would like us to use data and insights much more so that our decisions wouldn’t just be based on ‘I think, I feel, and I like this the best’”. This is a highly representative persuasion amongst the participants across industries. However, the study also indicated that when comparing the B2B and the B2C companies, they intend to use data and insights for different purposes.
What is the data intended for?
A data-driven marketing approach is considered to be essential amongst the B2C companies. For some, it is already an integral part of their business, whereas there is still much to be done for others. Aimed by them all, is the translation of data and customer insights to use for more targeted communication. The challenge is yet, that many of the B2C organisations are lacking the resources and analytical skills to make full use of their database and the digital options.
Amongst the B2B companies, data and insights are emphasised in relation to the importance of making sales and marketing activities measurable. They have clear expectations of the return of investment, yet several of them are experiencing challenges in terms of having concrete parameters to measure. This is not because data is missing, but because the B2B companies are lacking tools to interpret and respond to the data. This means that companies have not yet quantified the value that marketing generates – a value that cannot always be seen directly on revenue.
There is a gap
Through the study, it became evident that there is a major gap in how important the CMOs across the B2B and the B2C companies consider data and insights to be, versus how ready they are to work with it. When addressing the organisations’ ability to collect, analyse and utilise data, their capability to turn it to concrete actions is in many cases very low. Our study indicated that the main cause for this was the tendency to prioritise data collection without having a clear goal for what this data is intended for. As a consequence, they end up drowning in the data, before being able to obtain any kind of action-orientated insights.
Translating the data into actionable insights
In order to make full use of your data, we recommend that you start by taking one step back and reflect on why you are collecting the data and which answers it should provide you with: What are your core business questions? Subsequently, more questions will naturally arise, and you will be clearer in what to look for and finally collect. When the right data is gathered, the next step is to organise it before translating it into concrete actions. This is where Customer Journey Mapping comes in handy, which you can read more about in the full report.
Download the full report for free – and get more insights into the key challenges that the CMOs are facing 2018. This study, conducted by Sunrise and UserTribe, investigates current top-of-mind-topics for CMOs in small and mid-sized B2B and B2C companies with marketing departments of 3-20 employees. NB: The report is written in Danish.
If you want to know more, feel free to stop by for a cup of coffee at Hillerødgade 30B, DK-2200 Copenhagen or contact CCO & CO-OWNER Mikkel Heideby on +45 20 25 30 05 or firstname.lastname@example.org