The impact of COVID-19 continues to be felt across the marketing industry, and new research is shedding light on just how many companies have been affected by the pandemic.
Dentsu recently published the results of its 2020 CMO Survey, and statistics showed that 24% of CMOs based in the U.S. were “significantly affected” by the pandemic. Globally, approximately 25% of CMOs were affected, and 7% are facing an existential threat. In the U.S., in particular, marketers have been struggling as they attempt to focus on growth and short-term performance. Budgets have also been impacted by the pandemic, but there has been less of an affect on U.S. companies compared to other countries.
Over the next six to 12 months, most CMOs in the U.S. (43%) expect their top challenge to be understanding what customer behavior is temporary versus what is permanent. This is followed by declining customer spending (41%), and aligning with new customer sentiment (35%).
In terms of preparedness, most CMOs in the U.S. (52%) consider themselves to be “unprepared” for the next six to 12 months.
Using Data and Analytics to Overcome Marketing Challenges
When it comes to moving past the obstacles of the near future, previous research suggests that data and analytics may become key to survival.
Forrester and Google conducted “The Future of Analytics” report, and data indicated that overall, most marketers (17%) intend to make improving upon their use of data and analytics a top priority over the next year.
This is followed by acquiring more customers (14%), increasing customer lifetime value (11%) and improving marketing alignment with other departments (11%). Overall, most marketers (43%) believe that their current digital analytics technology has helped them improve upon the customer experience.