Budget Remains an Obstacle for Marketers Looking to Achieve Primary Goals
Most marketers are confident that they will reach their primary goals this year, but new research shows that their budget is still holding them back from exceeding expectations. Furthermore, many marketers remain unconfident in their ability to meet the needs of their customers.
The CMO Council recently published a report titled, “Reshaping Global Engagement Operations,” and statistics showed that the majority of marketers (43 percent) are “fairly confident” that they will reach their strategic goals for this year with their organization’s current capabilities. However, most respondents (59 percent) stated that budget limitations are still holding them back.
This was followed by senior leadership shifting priorities and goals (30 percent) and inconsistent alignment and collaboration across teams (29 percent).
That being said, most marketers (73 percent) claimed that they are only “partially” able to meet the needs of the modern customer.
The Growing Need for Adequate Data
When it comes to meeting the demands of customers, previous research suggests that poor data may be the primary reason for marketers’ struggle.
Experian published the “2019 Global Data Management Research: Taking Control in the Digital Age” report, and statistics indicated that poor data is holding back approximately 30 percent of marketers from delivering an excellent customer experience. About 30 percent also claim that legacy systems or a lack of new technology is also causing issues.
Nearly 98 percent of companies utilize data to improve the customer experience.