The latest survey from Forrester SiriusDecisions reveals critical challenges and the plans that B2B marketers are working on globally.
Forrester SiriusDecisions’ latest global B2B CMO study shares insights on key challenges in terms of growth and CX. The report is based on a survey of 358 CMOs globally, of which one-third are from Asia-Pacific.
B2B Marketers in Asia-Pacific mentioned they struggle in terms of maturity and new product offerings. They also rate growth via new offerings as a higher priority as compared to their counterparts in other regions, including North America and Europe, the Middle East, and Africa (EMEA).
As per the survey, regional-based CMOs are pursuing a growth agenda by prioritizing new markets, such as industries or geographies, as their top growth lever. A significant challenge faced by marketers is to prove the business case of marketing in the c-suite and the more comprehensive organization. CMOs need to demonstrate the impact of marketing on the business for which they need measurement and reporting capabilities. Therefore, it is essential to continue to educate stakeholders to change the outdated perceptions of B2B marketing.
Offering insights about what regional CMOs think about finding a balance between a focus on CX or partner marketing capabilities, the study says they give higher importance on turning the marketing strategy into an annual marketing plan that focuses on executing well short-term. Meanwhile, North American and EMEA-based CMOs prioritize marketing strategies and focus more on improving CX.
Globally, CMOs are cementing their role as leaders of change and are delivering three significant transformational initiatives within their company, on average. Operational readiness, upskilling marketing talent, and improving team structures are the three main areas CMOs need to focus on, for finding success, found the report.
Marketing leaders need to be proactive in addressing organizational gaps as it will put them in a better position to compete and also attract talent. A data-driven and systematic approach by CMOs is essential to evaluate the effectiveness of their marketing organization. This is necessary to identify and prioritize critical gaps to improve business performance.
Building a purpose-driven brand is a priority for all CMOs across Asia-Pacific and North America found the report. Moreover, CMOs focus on continuing to shift from product-centric to customer-centric marketing, which correlates with their focus on improving customer experience and driving market expansion.
All CMOs agreed that to pursue their top three growth strategies successfully, they must operationalize and activate audience insights. Marketing and campaign plans must be adapted to meet the needs of new buyers or markets; opportunities must be prioritized to drive focused execution. They must be surfaced, tested, and validated to ensure they reﬂect what their target audiences care about.