Lindsay Stein
Mar 29, 2019

Study: Small percentage of CMOs are driving transformation

Accenture's survey includes insights from nearly 1,000 CMOs and more than 500 CEOs.

Study: Small percentage of CMOs are driving transformation

Only 17% of marketing leaders are pushing for transformational change at high levels within their companies, according to new research from Accenture.

The report, "Way Beyond Marketing—The Rise of The Hyper-Relevant CMO," includes insights from nearly 1,000 CMOs and more than 500 CEOS.

One key takeaway from the survey is that customer experience is critical for brands. The 17% of marketing leaders driving change are helping to generate 11% higher shareholder returns than their competitors by focusing on relevant customer experiences.

Accenture surveyed 17 industry groups in 12 countries for the report, including Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Singapore, Spain, the U.K. and the U.S.

Another key insight from the research revealed that more than three out of four (76%) of CMOs believe that consumers have higher expectations today of a brand’s purpose. Additionally, 70% of CEOs say that companies that take a stand for a bigger purpose achieve greater commercial success.

Nearly one-third (31%) of CEOs also said they expect CMOs to drive growth by creating new products, services and experiences based on customer data and insights.

More than 75% of CMOs in the study said that past formulas are no competition for the new disruptors in the market that deliver relevant customer experiences. Accenture believes that brands can combat this by creating "Living Businesses," which continuouously adpat at the necessary speed and scale to achieve customer relevance and sustainted growth.

"While the digital revolution has more than delivered in bringing companies closer to their customers, many large incumbents have struggled to capitalize on the growth opportunity. To truly become a ‘living business’ where companies are able to anticipate and respond to fast-changing consumer needs, they need to design experiences steeped with empathy for customers and enable cross-functional agility with a focus on helping customers achieve their goals," said Glen Hartman, head of Accenture Interactive, North America, in a statement.

Campaign US

Related Articles

Just Published

10 hours ago

Why streaming services should consider product ...

The managing director at Hylink makes a case for a more traditional tactic of product placement over ad-based marketing.

10 hours ago

Women to Watch 2022: Carbo Yu, Sinclair

Leading the APAC growth strategy for PR agency Sinclair, Yu's determination and business prowess have helped her to achieve year-on-year revenue growth.

10 hours ago

'Legacy brands must constantly innovate to stay ...

The 112-year-old French beauty giant has bounced back to pre-pandemic level sales while the SAPMENA region will be the key 'growth engine' for its future, according to its consumer products division general manager.

10 hours ago

How should marketers approach the Qatar World Cup?

With rising global inflation and economic uncertainty, Campaign explores the opportunities and challenges facing brands as one of the busiest times of the year collides with a major sporting event.