CMOs who have grown accustomed to generous budgets face new challenges in the new decade. Following a long span of year-over-year increases, designated dollars for marketing initiatives are down. This comes at a time of dire need for more, not fewer, resources, as marketing executives are tasked with advancing digital technology innovation, or MarTech, within their organizations. They know they must lead digital transformation and boost efficiency, but they lack a plan and the talent to make it happen.
This frustration of feeling between a rock and a hard place impacts relationships with CEOs and CFOs, creates stress among poorly skilled, overworked and disengaged team members, while leading to reckless technology investments that no one can rally around.
From no-win to win-win
To right the ship, savvy CMOs are adopting marketing operations capabilities and prioritizing stakeholder alignment ─ specifically with Finance, Legal and Compliance, and Sales ─ as key components of their 2020 marketing strategy. Leveraging marketing operations and automation of manual functions such as strategy and planning, budgeting, campaign management, content development and performance reporting, reduces costs by up 20%. Furthermore, automating project and traffic management of such activities simplifies user experience by reducing manual effort as much as 300%.
For these reasons, CMOs are returning to marketing operations capabilities and workflow automation to cut traditional marketing costs and redirect their budgets to MarTech enablement, growth and desired business outcomes. Learn more about digitally transforming your business operations at https://capabilitysource.com/.