The chief manufacturing officers (CMOs) at manufacturing companies are unable to address market needs with a satisfying customer experience, according to a report from The Economist Intelligence Unit, sponsored by analytics vendor SAS.
The answer, according to SAS, lies in analytics. "Establishing appropriate metrics to track the return on marketing investments (ROMI) is critical for manufacturing CMOs," said Stephen DeBrincat, SAS director of Manufacturing Solutions.
"For example, manufacturers spend more on advertising than any other industry. Yet they can't report what this spending is getting them," said DeBrincat.
However, market leaders are increasingly using analytics to better understand and optimise their marketing spending, he noted.
"Our manufacturing customers use technologies like social media analytics and text analytics to better understand product usage and customer satisfaction. Analytics also helps reveal innovative ideas for product and service development," said DeBrincat.
The survey, Outside looking in: the CMO struggles to get in sync with the C-suite, had 389 respondents who are executives from across the globe.
Fifty-eight percent of manufacturing CMOs say they're good at delivering customer insights that drive business, but only 43 percent of other C-level execs concur. Another 28 percent say CMOs are not good at it.
Seventy-eight percent of manufacturing CMOs profess a clear understanding of their customers' needs, but just 47 percent of their executive peers agree.
Sixty-three percent of manufacturing CMOs claim their companies use mobile technology to effectively connect with customers; only 33 percent of peers say the same, while 33 percent actively disagree that mobility use is effective.
Among executives surveyed, 18 percent of CMOs claim to be "excellent" at establishing a clear business case for new marketing investments; another 38 percent say they are good at it. But only a third of C-suite responders say CMOs are good at this, and 28 percent say CMOs are lacking in this area.
55 percent of surveyed CMOs - but only 30 percent of other executives - say the performance of their company's marketing investments was ahead of peers in the past year.
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