A recent report by the CMO Council uncovered something startling. Of the 300 surveyed chief marketing officers (CMOs), the majority lack confidence in their ability to deliver results. Other key report findings revealed:
- 70% don’t feel confident their current sales and
marketing model is effective across digital channels
- 61% said fragmented technology is holding back cross-departmental
- 60% said the sales and marketing departments don’t
co-own customer strategy and data
Why are so many top marketing professionals feeling insecure?
What’s the real issue behind this and how can teams address it?
The Challenge of Delivering Results
Many CMOs struggle to prove the ROI of their marketing
efforts. This can be especially challenging in industries where the sales cycle
is long or the product or service being sold is complex. Additionally, CMOs
often face pressure to produce immediate results, which can be difficult to
achieve with marketing campaigns that require time and resources to develop.
Gathering clear insights into which leads are contributing
to revenue generation can also be difficult. The CMO Council survey reveals
that a major contributor to that issue lies in data ownership and control.
The Data Problem
Less than half of the marketers surveyed in the study said
they have co-ownership of data with sales. Worse, 25% say the data is kept in
completely different silos between the two departments.
This fractured data relationship makes collaboration between
these teams a huge problem. Marketing can’t understand what sales is
encountering in their daily work and sales is uncertain about how well their goals
Self-reliant digital buyers expect certain purchasing paths
to be open to them, so marketing and sales must find a way to actually be
effective in reaching those buyers.
Luckily, over half (53%) of marketers in the survey
indicated they are prioritizing the integration of data across customer
journeys in the coming year, demonstrating their readiness to make significant
progress towards this goal.
De-Fragmenting the Data
Sales is reporting on revenue and pipeline, marketing is reporting
on leads, but neither side is sharing that information. That creates a lack of
clarity on which leads are generating revenue and what’s happening throughout
each stage of the funnel. To de-fragment the data, teams must do several
- Invest in technology that facilitates data
sharing. A CRM (customer relationship management) platform is the most common
software for achieving this because it provides a centralized location for teams
to track all customer and prospect data. For example, sales can save email
conversations to the CRM to give context to the status of each relationship.
Marketers can pull-in digital touchpoints across the website to interpret
behaviors and track interactions with those contacts. Together, the two
factions are able to contribute to a comprehensive data experience.
- Share more than just dashboards. Shared
dashboards and KPI reports across the funnel will align the strategy and hold sales
and marketing accountable for the roles they play. However, it’s crucial to
extend communication beyond those dashboards and into real-world conversations.
The teams must come together and have weekly discussions that bring that data
- Cross-functional data ownership is a must.
Co-ownership of the data and the sales and marketing strategies will help wary
marketers feel more confident in their contributions. Shared metrics will empower
them to pull meaningful insights about the work they’re doing and communicate
clearly and consistently based on real-time feedback.
Marketers are struggling with imposter syndrome through no
fault of their own. It’s not because they are incapable; they are simply feeling
left out of the conversation. For sales and marketing to understand one another
and share a vision, data must be co-owned and metrics must be communicated and discussed