Marketers today face increasing pressure after an unprecedented wave of disruption. From changing customer needs to managing new ways of working, an explosion of new technologies to manage, smaller budgets and higher demands; it’s easy for marketers to lose focus and get lost in a jumble of priorities coming from all directions. For marketers to thrive in this new environment, they need to focus on what really matters, discard what doesn’t, and rewire the rest.
Nearly 70% of top 1,000 marketing executives say the past year has completely exhausted their employees, according to research by Accenture. Yet a small group of them have been energized by a new focus to serve changing customer motivations.
In a new three-part video series, Michele McGrath, chief account officer, and Nina Holdaway, managing director, at Accenture UKI, discuss the three distinct groups of marketers identified in the study: survivors, die-hards and the prosperous. Everyone faces their own unique challenges, so it’s essential that marketers know which group they belong to at any given time.
Watch Part 1 of “The Great Marketing Declutter: Do You Survive, Strive, or Thrive?” above.
One in five CMOs (17%) are survivors – struggling, burnt out, and feeling out of step with changing consumer needs and wants.
Activists, on the other hand, make up the majority (66%) – they have good intentions and want to make an impact, but don’t quite have all the tools and knowledge they need to do so. They have the will, but not the way.
The Thrivers (17%) on the other hand, outperform the competition by far. They are all excited and have grasped this new reality. They are rethinking the role of marketing by getting closer to their customers, communicating and delivering in a very different way, changing the way they work and putting purpose at the heart of their business.
With this greater sense of purpose, successful people embrace positive change. More than half (59%) say their marketing organization is stronger today than it was in 2020, despite all the disruption caused by the pandemic. The key to this is decluttering the marketing function to focus on what really matters. By eliminating non-essentials, organizations with a successful CMO outperform their peers 1.4 times in revenue and profitability.
For many marketing organizations, the question is where to start. Over the next two videos, Accenture’s McGrath and Holdaway talk with Ellie Norman, former Chief Marketing Officer, Formula 1 and Dan Sherwood, Chief Marketing Officer, Santander, about how they are pushing their teams to think differently about marketing and take the lead on customer experience. , in order to flourish.
Do you like what you saw? Stay tuned for part two and part three of “The Great Marketing Declutter” video series in the weeks to come.