CMOs lack insight into margin and profit performance
Fifty-eight per cent of CMOs think better access to tools would improve insight into margin performance, according to a new Vendavo study.
The figure holds particular significance as the same poll found a staggering 97 per cent of CMOs believes more familiarity with financial data is critical to their future success.
While pressure mounts on c-suite marketers to increase margin, over a quarter (29 per cent) of CMOs admitted to not knowing where to start. Nearly half (46 per cent), on the other hand, plan to align themselves more closely with technology departments in a bid to boost profits.
The lack of insight into hard figures was made apparent by the way CMOs believe their sales teams agree on deal prices: 46 per cent believed the decision is made on ‘gut feeling’, while 61 per cent think salespeople rely on personal relationships.
Robert Irwin, VP, business consulting at Vendavo Europe, commented on the findings: “CMOs are increasingly being held accountable for shareholder value.
“To demonstrate a correlation between their marketing strategy and the financial health of the organisation they need access to the right tools and insights. Greater collaboration with the finance and sales teams is also required to align activities and inform pricing decisions.”