As CMOs enter a new year of opportunities and challenges, they must prioritize their strategies to ensure success. Customer experience (CX) is the top priority for many business professionals, as customers are increasingly concerned about data privacy. CMOs must keep their teams at the cutting edge of technology, while also reducing budget waste and demonstrating their value as strategic revenue partners. To do this, they must prioritize cross-functional alignment, operational efficiency, and data-driven insights.
Additionally, they must create stronger data privacy policies and stricter security regulations to build customer trust. By taking these steps, CMOs can ensure success in 2023.
CX is the Top PriorityNearly all of the 1900 business professionals surveyed recently have identified CX as their top priority. This is unsurprising given that customers are increasingly concerned about data privacy. 80% of consumers state that they are willing to leave a brand if their data is used without their knowledge, and 72% of US shoppers would be less likely to buy from a brand again if they consider that the brand is not responsible with their data.
Reduce Budget WasteWith nearly 30% of major advertisers cutting their advertising budgets, CMOs must reduce budget waste across all campaigns. To do this, they must set clear priorities that help them measure performance at every stage of the marketing funnel. Additionally, they must prioritize growth from the bottom of the funnel to ensure success.
Prioritize Cross-Functional AlignmentAs board expectations about the ability of marketing to demonstrate its value increase, CMOs become integrators.
Therefore, while workforce transformation remains a priority, the ability to execute it without affecting the employee experience can be a challenge for CMOs looking to align their teams with modern business requirements.
Data-Driven InsightsCMOs must prioritize the incorporation of information and experienced professionals who know how to ask the right questions about data and discover information that drives growth. By taking advantage of customer privacy concerns and encouraging healthy data practices, CMOs can establish themselves as stewards of personal information. Reignite Passion for MarketingCMOs must also find ways to reignite their passion for marketing.
Creating stronger data privacy policies and creating stricter security regulations can help CMOs build customer trust. By taking these steps, CMOs can ensure success in 2023.