Manufacturing CMOs struggle to offer right products to customers
CMOs must understand customer better; convince organizations to create engaging customer experience
Chief marketing officers at manufacturing companies have an image problem. According to a report from The Economist Intelligence Unit, sponsored by business analytics leader SAS, manufacturing CMOs are seen as unable to address customer needs with a satisfying customer experience. According to experts, analytics may help manufacturing CMOs close the perception gap.
"Establishing appropriate metrics to track the return on marketing investments (ROMI) is critical for manufacturing CMOs," said Stephen DeBrincat, SAS Director of Manufacturing Solutions. "For example, manufacturers spend more on advertising than any other industry. Yet they can't report what this spending is getting them. We see market leaders increasingly using analytics to better understand and optimize their marketing spend. Our manufacturing customers use technologies like social media analytics and text analytics to better understand product usage and customer satisfaction. Analytics also helps reveal innovative ideas for product and service development."
Two new white papers, Few Manufacturing CMOs are a Compelling Voice of the Customer and Manufacturing CMOs struggle with ROMI Metrics , companions to the original EIU report, Outside Looking In: The CMO struggles to get in sync with the C-suite , are available for download now.
- 58 percent of manufacturing CMOs say they're good at delivering customer insights that drive business, but only 43 percent of other C-level execs concur. Another 28 percent say CMOs are not good at it.
- 78 percent of manufacturing CMOs profess a clear understanding of their customers' needs, but just 47 percent of their executive peers agree.
- 63 percent of manufacturing CMOs claim their companies use mobile technology to effectively connect with customers; only 33 percent of peers say the same, while 33 percent actively disagree that mobility use is effective.
- Among executives surveyed, 18 percent of CMOs claim to be "excellent" at establishing a clear business case for new marketing investments; another 38 percent said they are good at it. But, only a third of C-suite responders say CMOs are good at this, and 28 percent say CMOs are lacking in this area.
- 55 percent of surveyed CMOs – but only 30 percent of other executives – say the performance of their company's marketing investments was ahead of peers in the past year.