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Challenges & Opportunities for CMOs

The Challenge — and Opportunity — with Forecasting

This forecasting theme was very clearly surfaced in our 2020 B2B growth marketing report, based on a survey of 500 CMOs. In that survey, taken a few months after the start of the COVID-19 pandemic, CMOs listed resource allocation (23%), budgets (18%), and planning (12%) as their biggest challenges. As we move into 2021, we anticipate the issue to persist, and as a result, that strategic, agile planning will become a critical skill for marketers, as the lack of stable year-over-year numbers will increase pressure for CMOs to move to more sophisticated modeling methods. In the context of today’s environment, marketers can no longer afford to rely on historical data to make sound decisions — they need to pivot and capitalize on day-to-day insights and real-time data modeling to breakthrough and lead.

And at a time when budgets are tight and resources are thin — whether running marketing programs in-house or through agency partnership — CMOs have options beyond hiring full-time employees to build proprietary forecasting models. In 2021, agencies will be increasingly called upon to either provide standalone forecasting or integrate forecasting models into campaigns already underway. Agencies also have the advantage of a breadth of data that gives CMOs insight into the full competitive and macro landscapes, not…

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