Assembling high-performing marketing teams is a complex and ever-changing process, particularly as the reliance on digital tools continues to grow. Marketing leaders must prioritize the necessary skillsets and technology investments to ensure their teams are set up for success. However, marketers face challenges when it comes to deriving value from their analytics.
Keen recently surveyed full-time marketers at mid-market or enterprise companies. In this blog, we will highlight the findings from senior leadership team members of the 600+ respondents about some of their challenges and how technology and AI are impacting the performance of their marketing team.
According to recent data, 50% of marketers say their departments have had difficulty securing budget for 2024 initiatives. Additionally, 43% struggled to tie marketing spend to revenue in 2023, and 38% admit to spending too much money on the wrong campaigns.
Insights from senior leaders on AI and marketing performance
To address these measurement pitfalls, it is important to understand the specific skills that leaders are looking for, the tools that marketers rely on for marketing performance measurement, and the role of artificial intelligence (AI) in marketing. Senior leaders were found to be 50% more likely than middle management to admit spending too much money on the wrong tools in 2023. They were also 47% more likely to express a desire for more data on precise allocation of spend. Moreover, senior leaders reported a 45% increase in revenue from the investment in AI marketing measurement tools.
Data also reveals that senior leaders in positions of authority are 18% more likely to successfully improve data analytics capabilities by upskilling existing team members. Additionally, departments that allocate budget for continuing education are 20% more likely to report increased job satisfaction.
The critical role of CMOs in team success and culture
Chief Marketing Officers (CMOs) play a vital role in ensuring the success of marketing teams, particularly in fostering a healthy work culture. When CMOs actively promote and support work-life balance, job satisfaction is positively impacted for 87% of respondents, and productivity increases for 83%. A majority (80%) of marketers agree that CMO-sponsored leadership development programs positively influence the success of data-driven initiatives.
Challenges in modern marketing team assembly
However, marketers face challenges in gaining buy-in from the entire C-Suite, especially when introducing new tools into their tech stack. Almost half (49%) find it difficult to effectively communicate the value of marketing investments to their company’s CFO and/or finance team. Therefore, CMOs need to provide additional support to help marketers secure support from other executives.
In conclusion, assembling high-performing marketing teams requires constant adaptation to evolving skillsets, technological advancements, and measurement challenges. Leaders must prioritize necessary skills and investments, while CMOs play a critical role in fostering a healthy work culture and gaining buy-in from the C-Suite.
Download the “Mastering Measurement: The CMO’s Guide to Building High-Performing Marketing Teams in 2024″ eBook of complete survey findings here.
