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CMOs will be more cautious in 2021 with growth strategies, Gartner finds - MarketingDive

CMOs will be more cautious in 2021 with growth strategies, Gartner finds - MarketingDive | The Marteq Alert |
  • Chief marketing officers will be more cautious this year, with 73% saying they will rely on existing customers for growth rather than developing new markets, consulting firm Gartner found in a survey. The study also found that 39% of CMOs plan to boost sales of existing products to current customers, per an announcement emailed to Marketing Dive.
  • Only about a third (34%) of CMOs plan to introduce new products to existing customers, continuing a low-risk strategy that was warranted during the uncertainties of last year. However, this approach also promises a low return and contradicts CMO goals to "reinvent and rescale key strategies" they had developed during that period of upheaval, according to Gartner.
  • The firm recommends that CMOs try to remain agile during what is likely to be another challenging year and suggests they can do so by being selective in reinventing or rescaling initiatives from last year like virtual conferences and direct-to-consumer sales. Gartner surveyed 381 marketers from September to October, with 70% reporting that digital business initiatives accelerated during the pandemic while 51% plan to prioritize new digital experiences in 2021 and 48% named new digital sales or service channels as a top priority for the months ahead.
CYDigital/'s insight:

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Infosys - CMO and C-Suite: The DNA of Partnership

Infosys - CMO and C-Suite: The DNA of Partnership | The Marteq Alert |

Key findings:

  • A push for stakeholder capitalism: The drive to include stakeholder capitalism is clearly coming from the top as 83% of surveyed senior executives strongly agree that CMO-CIO collaboration can play a pivotal role in mapping and aligning business needs with stakeholder demands.
  • Evolving CX (customer experience) to HX (human experience): Although 51% of IT respondents believed the CMO role would be replaced altogether, this is not the twilight of the CMO — the role instead will evolve beyond CX to delivering HX.
  • Understanding collaboration and culture: IT demonstrated a higher rating in grasping the significance of collaboration between the departments to drive digital transformation across the enterprise (62% IT vs. 46% Marketing). IT and Marketing in tandem can plan and model the future, creating a culture that fosters collaboration in any situation, remote or in-person.
  • Weight on the ESG scale: CMOs must work with CIOs and the wider C-Suite to deliver on ESG (Environmental, Social, and Governance) and stakeholder capitalism strategy. CMOs are in a unique position to ensure the human experience is at the center of everything a company does. They are also well-placed to communicate the company’s social purpose to stakeholders
  • Collaboration for profitability: Nearly 44% of top-tier companies expect a collaborative CMO-CIO relationship to boost profitability by 5% or more. In comparison, only 20% of lowest-tier and 15% of middle-tier companies share these expectations.
  • Challenges in the shifting operating environment: Compared to IT, Marketing respondents identified agility (69% vs. 46%) and CX to HX evolution (58% vs. 35%) more critical.
CYDigital/'s insight:

The full report is available when you click-through. But 51% of IT respondents believe the CMO role will fade away? Nope.


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Forrester: CMOs will need to reinvent roles as pandemic's impact endures - Marketing Dive

Forrester: CMOs will need to reinvent roles as pandemic's impact endures - Marketing Dive | The Marteq Alert |
  • Chief marketing officers next year will need to reinvent their roles at U.S. companies to make the consumer experience central to their operations, expanding beyond the management of advertising and promotional activities, Forrester Research said in a report emailed to Marketing Dive.
  • Economic challenges going into 2021 will expose the deficiencies of some marketing technology, systems and processes that were able to survive under stronger growth. CMOs can expect a year of reduced media budgets, fewer internal resources and less support from advertising partners like agencies and ad tech companies, according to Forrester.
  • To survive the tumultuous times ahead, CMOs will need to foster diversity and inclusion among their teams to reflect changes in the marketplace, upend their business models to prioritize consumer experiences and focus on retaining their most valuable customers. In addition, CMOs will need to be more engaged with their employees and show leadership by getting things done rather than delegating key priorities. This reinvention will help to create new opportunities for businesses coping with the disruptions of the pandemic.
CYDigital/'s insight:

The key: building the relationship with existing consumers. It's where the focus needs to be over the next 12-18 months.


See how extended zero-party data is your greatest marketing resource...and you can tap into it right now!: #martech #marketing

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Marketing to the CFO - LinkedIn

Marketing to the CFO - LinkedIn | The Marteq Alert |
The finance team is arguably marketing’s most important stakeholder within the business. Smart marketers see the need for close alignment between marketing and finance, and they know that masterful communication isn’t just an external requirement.

In this report led by the IPA’s Fran Cassidy, we explore the approach of high-achieving CMOs and CFOs. Learn how to change the relationship with insights on the finance mindset based on shared language and trusted relationships within the business.
CYDigital/'s insight:

Tons of great info in this white paper.


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