Sprinklr (NYSE: CXM) ), the unified customer experience management (Unified-CXM) platform for modern enterprises, today announced a new research report in partnership with the CMO Council, āOutsmart Adversity: Weathering Economic Headwinds and Emerging Poised for Growthā. The report finds that 2 in 3 marketing leaders lack confidence in their ability to achieve goals in the face of economic adversity and uncertainty. Nearly 8 in 10 express concerns around lack of investment or budget cuts. Challenges with executing data-driven marketing strategies contribute to this lack of confidence.
āMarketers will have to build alliances with finance and IT to protect budgets and MarTech investments, and theyāll need to identify and shore up capabilities to build their confidence,ā said Donovan Neale-May, executive director of the CMO Council. āThese capabilities include gathering real-time insights that reveal how audiences really feel about your marketing on multiple channels, and then easily distributing this knowledge throughout the organization.āĀ Ā
The report surveyed over 450 global marketing leaders to reveal key findings about how marketers feel about economic adversity, and how they can achieve revenue goals.
Key findings include:
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78% of marketers donāt strongly feel that they can convince the CFO to invest in marketing and not cut the budget.
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Facing budget challenges, a majority (68%) strongly agree that itās imperative for CMOs and CIOs to collaborate this year to develop a competitive advantage with customer experience.
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However, even among highly confident marketers surveyed, only 32% are very satisfied with their ability to leverage data/analytics. Among less confident marketers, this falls to 10%.
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Internal collaboration and maximizing ROI across marketing channels will be key to success. In the next 12 months, most marketers plan to create omnichannel customer experiences to help them emerge from economic uncertainty.
āIn uncertain times, marketers face even more pressure to protect budgets and programs by demonstrating clear ROI,ā said Arun Pattabhiraman, Chief Marketing Officer, Sprinklr. āAs our research with the CMO Council shows, marketers must embrace the opportunity to enhance the way they gather data, identify actionable consumer insights, and strengthen their engagement strategy across channels.āĀ
Download āOutsmart Adversity: Weathering Economic Headwinds and Emerging Poised for Growthā at: https://www.cmocouncil.org/thought-leadership/reports/outsmart-adversity
