• by Tanya Gazdik , March 18, 2014

Chief Marketing Officers believe advanced analytics will play a significant role in helping them reach their goals, but feel underprepared to capitalize on the data explosion and social media, according to an IBM study.

The top marketers also see a significant business opportunity in mobile applications over the next three to five years.

The study -- “Stepping up to the challenge: How CMOs can start to close the aspirational gap,” released earlier this week -- is based on face-to-face interviews with more than 500 CMOs around the world, exploring their views on navigating the always changing digital economy.

Conducted by IBM’s Institute for Business Value, the study reveals that 94% of CMOs believe advanced analytics will play a significant role in helping them reach their goals. However, an increased number of CMOs say their organizations are underprepared to capitalize on the data explosion -- 82% compared to 71% three years before. 

“After speaking with CMOs around the world, it became evident that more companies across all industries are striving to integrate their physical and digital presence in order to provide a more integrated, seamless customer experience,” said John Kennedy, vice president, marketing, global business services, IBM, in a release 

Much like they feel underprepared to capitalize on data, 66% of CMOs feel underprepared for the growth of social media, which is evolving at a pace faster than many can cope with. The study also found that CMOs today are less concerned with both monitoring their brand via social media and trying to monetize social media. 

In addition, 94% of marketing leaders believe that mobile applications will play a significant role in helping them reach their goals over the next three to five years, which is up from 80% three years before. The study found that Digital Pacesetters in particular are well along the path of executing a mobile strategy, with 58% able to conduct business regardless of location or device.

The study also measured the influence of CMOs within their organization, concluding that their level of strategic involvement is increasing.

According to the study, 63% of CEOs involve the CMO in formulating the organization’s overall business strategy, second only to the CFO (72%). The study underscores the need for CMOs to collaborate more closely with the rest of the C-suite in making strategic decisions that are supported by data and analytics.

Chief Marketing Officers believe advanced analytics will play a significant role in helping them reach their goals, but feel underprepared to capitalize on the data explosion and social media, according to an IBM study.

Other key findings: CMOs’ influence on a strategic level is increasing within their companies. CMOs also see a significant business opportunity in mobile applications over the next three to five years.

The study, “Stepping up to the challenge: How CMOs can start to close the aspirational gap,” released earlier this week, is based on face-to-face interviews with more than 500 CMOs around the world, exploring their views on navigating the always changing digital economy.

Conducted by IBM’s Institute for Business Value (IBV), the study reveals that 94% of CMOs believe advanced analytics will play a significant role in helping them reach their goals. However, an increased number of CMOs say their organizations are underprepared to capitalize on the data explosion -- 82% compared to 71% three years before. 

“After speaking with CMOs around the world, it became evident that more companies across all industries are striving to integrate their physical and digital presence in order to provide a more integrated, seamless customer experience,” said John Kennedy, vice president, marketing, global business services, IBM, in a release 

Much like they feel underprepared to capitalize on data, 66% of CMOs feel underprepared for the growth of social media, which is evolving at a pace faster than many can cope with. The study also found that CMOs today are less concerned with both monitoring their brand via social media and trying to monetize social media. 

In addition, 94% of marketing leaders believe that mobile applications will play a significant role in helping them reach their goals over the next three to five years, which is up from 80% three years before. The study found that Digital Pacesetters in particular are well along the path of executing a mobile strategy, with 58% able to conduct business regardless of location or device.

The study also measured the influence of CMOs within their organization, concluding that their level of strategic involvement is increasing.

According to the study, 63% of CEOs involve the CMO in formulating the organization’s overall business strategy -- second only to the CFO (72%). The study underscores the need for CMOs to collaborate more closely with the rest of the C-suite in making strategic decisions that are supported by data and analytics.