IBM released a study that interviewed 1,500 Chief Marketing Officers (CMOs) worldwide. The study, titled From Stretched to Strengthened: Insights from the Global Chief Marketing Officer Study, is available for free after filling out a contact form.
Challenges in B2B Marketing
The CMOs that were surveyed by IBM stated that the top four challenges when it comes to marketing strategy in B2B industries include (in no particular order):
- Social Media
- Shifting consumer demographics
- The explosion of big data
- A proliferation of devices and channels
- Financial constraints
- Decreasing brand loyalty
- Growth market opportunities
The study also pointed out that many CMOs report that their companies are struggling with return on investment (ROI). IBM speculates that because the way companies measure specific metrics continues to evolve and change, B2B marketing executives will have to continue to develop better ways of providing hard numbers when it comes to their strategies. Currently 50% reported having insufficient reports when it comes to the data.
IBM’s Recommendations for Change
In the study, based on the results, IBM names a few specific next steps for CMOs that are struggling with the above areas. These included:
- Immerse yourself in the evidence: CMOs should focus on delivering value to customers based on what they want
- Tap the digital grapevine: Focus on individual experiences and feedback instead of focusing on the market as a whole.
- Deal with big data: More than 66% of those surveyed know they need to invest in new tools and strategies for dealing with big data. IBM recommends also preparing for dealing with its implications as well.
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