To achieve business-critical marketing goals, 98% of CMOs agree that having the right marketing ecosystem in place is essential, reveals a new in-depth research study from AAR and The Drum.
In an age of continuous disruption where businesses must innovate fast, marketing operations are arguably more important to success than ever before but keeping up with the pace of digital and technical change is proving to be a top challenge for 46% of CMOs.
As a result, nine in 10 CMOs are reviewing the people, partners, platforms and processes that make up their marketing ecosystem at least every six months to ensure they are working together optimally and setting the organization up for success, while 27% are reviewing them on a monthly basis.
These were among the top findings from an in-depth research study from AAR, which combined a survey of 100 CMOs and interviews with Christian Thrane, managing director of marketing at BT’s Consumer Division (BT, EE and Plusnet); Michelle St Jacques, chief marketing officer, Molson Coors; Steve Axe, chief marketing officer, Nomad Foods; and Keith Gulliver, head of brand and marketing, TSB.
It found that regardless of industry or sector, building the right marketing ecosystem is a constantly evolving journey and one that is different for each organization – but there are some common principles that allow us to build a framework. The result: The AAR Marketing Ecosystem Blueprint.
Key findings from the report:
37% of CMOs are concerned about their ability to measure success of change management programs
57% of CMOs are redesigning their marketing ecosystem to drive business growth
Over a third (40%) feel that digital skills and innovation are missing from their internal teams, and are looking to their external agency partners to fill those gaps
The in-housing vs out-housing debate: more than half (52%) of marketing is now delivered in-house, but CMOs are struggling to find the right model with 49% planning to outsource some of what they brought in-house again
Nine in 10 CMOs feel a lack of diverse talent is inhibiting a culture of creativity
Lack of budget (31%) is the greatest barrier to realizing the full potential and value of martech
Marketing processes are inhibiting effectiveness and consistent marketing, say 75% of CMOs
Only 12% of CMOs are fully confident in their ability to accurately measure success
The report offers best practice for marketers on how to develop the ever-evolving building blocks of their marketing ecosystems to ensure they are fostering creativity and innovation. Culture, environment and ways of working are all vital to ensure that what’s in the ecosystem performs to its full potential, but change is never finished. Whether it’s a change to people, agencies, marketing tech or the process, it needs to be viewed holistically to understand the impact one will have on another.
What then does the Marketing Ecosystem Blueprint look like and how can the CMO utilize these insights to create a holistic ecosystem that can enable genuine creativity and effective marketing?