The digital age has made marketers very dependent on data and technology in order to perform functions such as tracking and targeting customers across channels and personalizing their journey. But, while the majority of companies plan to invest in their martech stack this coming year, new research from The CMO Survey has found respondents believing that having the right talent is more critical than having the right technology or the right data.
The survey reveals that 30.8% share of senior marketers believe that having the right talent is the most important factor for driving future organic growth. This compares favorably to a considerably smaller share of marketers who say that having the right technology (8.3%) or the right data (4.5%) are the most important elements to organic growth.
Unfortunately, finding the right talent has proven to be a challenge for some time now. Early in 2018, the IAB found that the largest share of businesses were only somewhat confident that the people in their organization had the right skills and expertise to derive value from their data-driven efforts. The concern persists in present-day, with a recent CMO Club survey finding that there is still a critical skills gap in areas such as data science, analytics and user experience.
Stakeholder alignment is equally important as talent for senior marketers, with 30.8% share also saying that having stakeholders aligned is the most important factor for driving organic revenue growth. This alignment can take many forms, but in the context of organic growth it’s worth noting that CMOs and management haven’t always been in sync when it comes to marketing’s goals and expectations.
Nonetheless, CMOs are putting more emphasis on alignment than they have in the past. Two years ago, only 20.8% of respondents felt that having all stakeholders aligned was most important to growth.
The full report can be downloaded here.
About the Data: Findings are based on a survey of 401 CMOs from around the world, primarily from the Technology (29%), Healthcare (16%) and Food and Beverage (14%) industries.