BrandMaker, a provider of Marketing Operations and Marketing Resource Management solutions, announced the final in a series of findings of its independent research study on experiences and attitudes of top marketing executives around marketing operations. The research revealed that marketing executives who plan to increase their spending in marketing operations the most in 2021 want to improve financial management and budgeting.
Real-time visibility and control of data is a top challenge
The research explored the challenges surrounding financial management for marketing plans and initiatives, including the ease of integrating information from across the organisation into meaningful insights to aid decision making. Almost all (91 per cent) marketing leaders say they encounter challenges presenting data to their executive team, with nearly two-thirds (65 per cent) of CMOs reporting that they struggle to simplify operational data into meaningful insights.
Other data-related challenges cited include:
– Struggling to aggregate large amounts of data into ROI proof points (47 per cent)
– Too many data sources to easily make sense of it (41 per cent)
– Only a few (11 per cent) reports that they don’t trust their data
BrandMaker research found that CMOs frequently faced issues while bringing together budget and campaign performance data, making it challenging to react to market opportunities quickly. 94 per cent of marketing organisations face barriers including:
– Inadequate technology to support marketing ops and new workflows (39 per cent)
– Lack of access to real-time budgets (34 per cent)
– The inability to integrate and correlate information into meaningful insights (33 per cent)
Also Read: The Grand CMO, CIO Alliance
Plans to increase marketing ops spending to improve financial management
According to the research study, 99 per cent of marketing executives want to see their marketing operations improve. Even after surviving a long year where customer spending was uneven, and marketing budgets were frequently constrained, marketing executives are eager to invest in marketing ops solutions this year. Most (89 per cent) have plans to spend more in 2021. This number includes more than a third (34 per cent) of CMOs who characterise their increased investment as substantial.
The greater the marketing investment, the more critical it is to get the most value possible. Marketing executives who are increasing their spending the most in 2021 are to invest in financial management (63 per cent), integration of existing martech (55 per cent), and content (47 per cent).
Mirko Holzer, CEO of BrandMaker said, “Analysing financial and performance data to understand if the team is delivering on their goals becomes a time-consuming manual process. It is almost impossible to analyse information manually to deliver real-time optimisation for reacting to different market situations. By providing a single, integrated SaaS platform to manage, simplify, optimise, and automate the entire marketing value chain, BrandMaker brings financial rigour to help marketing unlock its true value within the company.