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Tech Heads – The Sleepless CMO

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We spoke to 400 B2B decision-makers and 100 CMOs about digital marketing and purchasing...this is what we found out

Our annual Tech Heads survey of 100 marketing directors and 400 business buyers reveals that B2B CMOs are six times more likely to lose sleep than gain it in 2016, in comparison to previous years.

Why the sleepless nights? 92% of ‘Sleepless CMOs’ say competition has increased pressure to hit targets, and 90% say they are having to be more creative to compete. Meanwhile buyers think everyone is saying the same thing, in the same way, and are therefore taking longer to make buying decisions.

Download the Tech Heads 'Sleepless CMO' report http://brandtosales.weareoctopusgroup.net/tech-heads-2016

Published in: Marketing
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Tech Heads – The Sleepless CMO

  1. 1. ‹#› THE SLEEPLESS CMO May 2016
  2. 2. ‹#›‹#› The Sleepless CMO 2 Welcome House rules “Relax”! @WeAreOctopusGrp #SleeplessCMO Home House Reception Password: homehousewifi
  3. 3. ‹#› The Sleepless CMO Agenda 1.30PM Introduction: Jon Lonsdale, CEO, Octopus Group 1.35PM The Sleepless CMO research overview: Billy Hamilton Stent, Director, Octopus Group 2.00PM Panel Q&A 2.30PM Drinks, more canapes and chat 3
  4. 4. ‹#› The Sleepless CMO HOW CANASEESAWHELP YOUSLEEPATNIGHT?
  5. 5. ‹#›‹#› 100 B2B Marketing Directors and CMOs, with responsibility for marketing budget allocation, completed an interview in March 2016 Research overview 400 key decision makers, responsible for choosing and purchasing products and services for their companies, completed a survey during March 2016 The Sleepless CMO 5
  6. 6. ‹#› WHAT KEEPS AWAKEATNIGHT? The Sleepless CMO US
  7. 7. ‹#›‹#› 46% 26% 28% 2015IN2015THISQUESTION GOTUSTHINKING… The Sleepless CMO People have less time, but decisions are taking longer. What keeps us awake at night? 7 We take longer Less time No change How do you feel decision-making time in your organisation has changed over the last 18 months when it comes to buying products and services?
  8. 8. ‹#› The Sleepless CMO Competitive changes and choice are driving delays in decision-making…. FACTORSTHAT MAKEDECISION- MAKINGMORE COMPLEX 41% 43% 45% Greater choice of suppliers in the market More sources of content to research / digest / consider Greater choice of services / products offered by suppliers Which of the following factors, if any, are adding time and complexity to the decision-making process? 8 Base: Total (400) What keeps us awake at night?
  9. 9. ‹#› WHAT KEEPS AWAKEATNIGHT? The Sleepless CMO THEM
  10. 10. ‹#›‹#› Have you slept more or less over the last 12 months? 35% 59% 6% You are six times more likely to lose sleep than gain sleep as a UK B2B CMO What keeps them awake at night? 10 Less No difference More The Sleepless CMO
  11. 11. ‹#› ¤ …Because of increasing competition in the market ¤ Competitive pressure from the global players has increased the competition in the market ¤ Working late building new website, integrating more dynamic content and numerous other things… ¤ I have been working constantly day in, day out to find the right amalgam of data and creativity The Sleepless CMO What keeps you awake at night? 11 Open comment responses from CMOs that stated they were sleeping less in 2016 What keeps them awake at night?
  12. 12. ‹#› COMPETITIVEPRESSURESASADRIVEROFCHANGE 92% 30% 90% Competition in their market has increased the pressure for their company to achieve its commercial objectives This pressure has increased significantly They’re having to become more creative and innovative to compete with other suppliers in the market SAYSAY SAY The Sleepless CMO 12 Base: Total (100) What keeps them awake at night?
  13. 13. ‹#› TOP3COMMERCIALCHALLENGESIN2016 51% Keeping pace with marketing innovation Bringing new products and services to market Changes in the competitive landscape The Sleepless CMO 57%58% 13 Base: Total (100) What keeps them awake at night?
  14. 14. ‹#› WHY DOESCHOICE SLOWDOWNSALES? The Sleepless CMO
  15. 15. ‹#›‹#› DECISION-MAKINGPRIOR TODIRECTCONTACT 88% of buyers say they shortlist or even decide on a vendor before making contact with that vendor at least half the time Why does choice slow down sales? 47% 41% 9% 2016 n Most of the time (at least 75% of occasions) n Sometimes (about half of the time) n Occasionally (about a quarter of the time) n Never Base: Total (400) The Sleepless CMO Mostly Sometimes 15
  16. 16. ‹#› 25% 26% 41% 40% 47% 40% 33% 27% 18% 2% 1% 1% Deciding – validating final decision as to which supplier to use Shortlisting – choosing potential suppliers to tender Scoping – initial research into products and services Why does choice slow down sales? EFFECTSOF INCREASED MARKET COMPETITION To what extent does a more competitive supplier market change the time spent on the following areas of the buying process? The Sleepless CMO 16 n Significantly increases (over 20%) n Somewhat increases (by up to 20%) n Makes no difference n Decreases time spent Base: Total (400)
  17. 17. ‹#› Why does choice slow down sales? The Sleepless CMO 17 Base: Total (400) CHALLENGESOF SUPPLIER COMPETITION Top three challenges for buyers in selecting and onboarding suppliers in a more competitive market 37% 39% 48% Market becomes too ‘noisy’ / overwhelming Harder to distinguish between supplier propositions Buying process becomes more time- consuming
  18. 18. ‹#› INSUMMARY Dramatic changes in competitive landscape are a key driver for CMO pressure. Convergence of “services” and expanded portfolios of offerings are creating new competitive threats – each competitor creating more content, using more tech, burning more time…. Why does choice slow down sales? The Sleepless CMO 18
  19. 19. ‹#› More, more, more… Why does choice slow down sales? The Sleepless CMO 19
  20. 20. ‹#› WHAT TYPEOFCMO AREYOU? The Sleepless CMO
  21. 21. ‹#›‹#› MOSTINFLUENTIALANDSTRONGEST AREAINHELPINGDRIVESALES What type of CMO are you? 37% 38% 25% PERSONALLYSTRONGEST Which area do you feel is personally the strongest area of knowledge for you? The Sleepless CMO 21 n Technology / Digital knowledge n Creative thinking n Commercial / Financial awareness Base: Total (100)
  22. 22. ‹#› 52% 44% 4% 43% 52% 5% 16% 76% 8% COMMERCIALCMO CREATIVECMO TECHCMO What type of CMO are you? Have you slept more or less over the last 12 months? / Personally strongest area in CMO skillset WHOGETSTHEMOSTSLEEP? 22 Base: Total (100) The Sleepless CMO n No differencen Lessn More
  23. 23. ‹#›‹#› “I feel more stressed in my job than I did 12 months ago” What type of CMO are you? The Sleepless CMO “We are having to become more creative and innovative in order to compete” 68% 50% 46% Commercial CMO Creative CMO Tech CMO 52% 37% 38% Commercial CMO Creative CMO Tech CMO 23 Base: Total (100)
  24. 24. ‹#› INSUMMARY Your marketing skillset significantly influences how you view the road ahead. But how do these areas of marketing influence the marketing function overall? Why does choice slow down sales? The Sleepless CMO 24
  25. 25. ‹#› THEBIGGESTGAPS INMARKETING PERFORMANCE The Sleepless CMO 25
  26. 26. ‹#›‹#› CMOEXPECTATIONGAPS Gap analysis between factors identified as being extremely critical and levels of high satisfaction with performance for marketing 62% IMPORTANCE 40% SATISFACTION PERFORMANCEGAP 22% CREATINGBUSINESSCASE FORMARKETINGPERFORMANCE 26 01. The Sleepless CMO
  27. 27. ‹#› INNOVATION/DIFFERENT WAYSOFTHINKING PERFORMANCEGAP 17% 44% IMPORTANCE 27% SATISFACTION 02. 27 The biggest gaps in marketing performance? DIGITALOPERATIONS/ PLANNING 49% IMPORTANCE 24% SATISFACTION PERFORMANCEGAP 25% 03. The Sleepless CMO
  28. 28. ‹#› HOW CANASEESAWHELP YOUSLEEPATNIGHT? You need levers! The Sleepless CMO
  29. 29. ‹#› The Sleepless CMO How can a seesaw help you sleep at night? Competitive Challenge Planning digitaloperations Innovation Creativity ROI 29 LEVERSTOTACKLETHECOMPETITIVECHALLENGE
  30. 30. ‹#›‹#› CMOs lose sleep over competitive pressures that drive ‘more, more, more!’ CONCLUSION Lack of differentiation and market convergence confuses customers and delays decision making 30 The solutions lie in marketing levers that offer exponential value The Sleepless CMO
  31. 31. ‹#› The Sleepless CMO Conclusion SIMPLESTEPSTODREAMLAND LOOKAT YOURSELF LOOKAT YOURBUSINESS IDENTIFY YOURLEVER PRIORITISE THATCHANGE SLEEP BETTER 01. 02. 03. 04. 05. 31
  32. 32. ‹#› The Sleepless CMO JoelHarrison Editor-in-Chief, B2B Marketing PaulGibson Regional VP EMEA, Demandbase TimHughes Social Selling Pioneer 32
  33. 33. ‹#› About us The Sleepless CMO 33
  34. 34. ‹#› THE SLEEPLESS CMO Thank you

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