Nearly 24% of CMOs in the United States have been “significantly affected” by the pandemic, reveals the latest study by Dentsu.
The waves of the global pandemic continue to be felt across the marketing sector in the United States. As a result, marketers are under pressure to implement an optimized spending strategy while focusing on retaining consumers and expanding engagement.
Certainly, CMOs are worried since new launches come to a halt and budget cuts remain a serious concern. A recent study by Dentsu highlighted how companies had been affected by COVID-19. Thus, more brands are switching to advanced technology to stay afloat.
The company survey of more than 200 CMOs in its “CMO Survey 2020 Americas” and the statistics, indicated nearly 24% of CMOs have been “significantly affected” by the pandemic. And globally, about 25% of CMOs were affected, and another 7% revealed that they have an existential threat.
Particularly in the US, marketers have been struggling as brands attempt to focus on short-term performance and overall growth. Moreover, budget allocations have been affected due to the uncertainty, and CMOs are focusing on investing in the tech stack. But companies in the US have had less impact compared to other countries. By tracking data in local geographies that experienced various levels of Impact in marketing
As mentioned in the report, “US COVID response strategies mirror global responses. The top strategy employed is to understand changing consumer behavior and reflect that understanding in adapting marketing messaging. While India, China & Italy are prioritizing expanding e-commerce capabilities (=investment), the US tends to look to price optimization next.”
Currently, the prepared CMOs are in the mindset of spinning the existing challenges into opportunities. Brands are championing agile innovation to stay ahead of their peers, and thus, CMOs plans to reimagine customer experience and embrace elevated roles. The study further highlights:
- Never hesitate if it is about innovation – Prepared CMOs are the leaders who embrace an innovative outlook, characterized by accepting change, the talent to think great, and speed of thought as well as action.
- To focus on progress, instead of perfection – Understanding consumer behavior is more essential than ever, yet it has never been more challenging. Instead of waiting to gain a ‘perfect’ understanding, the prepared CMOs are striking stability with the consumer research while adapting business operations.
- Investing more in employees – Organized CMOs are more likely to take care of their workers, and such business fundamentals will make long-term sustainability of agility and innovative functionalities almost certain.
- The secret of business collaborations – Even in the pre-COVID era, leading CMOs were deliberately building relationships with other executives in the C-suite to solve problems. At present, such a trend is hyper-charged since marketing leaders are becoming disruptive innovators.
Clearly, it is the time for disruptive innovators to shine as leaders who feel ready to navigate this crisis. This way, brands can view the role of marketing as creating a paramount customer experience and meeting challenges with new product offerings and disruptive innovation.