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
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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
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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
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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. ‹#›
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?
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
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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. ‹#›
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
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Base: Total (100)
What keeps them awake at night?
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
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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. ‹#›
Why does choice slow down sales?
The Sleepless CMO
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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. ‹#›
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
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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?
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n Technology /
Digital knowledge
n Creative
thinking
n Commercial /
Financial awareness
Base: Total (100)
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. ‹#›
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
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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
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01.
The Sleepless CMO
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The Sleepless CMO
How can a seesaw help you sleep at night?
Competitive
Challenge
Planning
digitaloperations
Innovation
Creativity
ROI
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LEVERSTOTACKLETHECOMPETITIVECHALLENGE
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