Unlocking the Power of Collaboration and Data Security: 5 Key Insights for Business Success

Most marketers struggling with cross-functional collaboration

The majority of marketers are facing challenges with cross-functional collaboration. A study found that 84% of marketing leaders and employees are experiencing high levels of "collaboration drag" when working with other functions.

Collaboration drag refers to the situation where marketing teams are overwhelmed with numerous meetings, excessive feedback from colleagues, and unclear decision-making authority when collaborating across different functions.

Marketers who are facing collaboration challenges are also more likely to be dealing with high levels of stress. Research shows that marketing employees in this situation are 15 times more likely to feel burned out and nine times more likely to consider leaving the company within the next year.

Additionally, difficulties with collaboration can impact a company's commercial objectives. Organizations that are struggling with high levels of collaboration drag are 37% less likely to reach their revenue goals.

Marketing leaders can improve collaboration by investing in and developing their marketing talent, according to research by Gartner. By doing so, CMOs can reduce collaboration drag by 23%.

Almost half of data breaches in the marketing sector not reported in 72-hour period

In 2023, almost half (47.5%) of data breaches in the marketing sector were not reported within the crucial 72-hour window mandated by GDPR. Marketing ranks as the third worst sector in terms of timely reporting, trailing behind local government and general business. GDPR rules dictate that businesses must report a data breach within 72 hours. Failing to do so can lead to a hefty fine of up to £17.5m or 4% of global turnover, whichever amount is greater.

Only about 18% of data breaches in the marketing sector were reported within 24 hours. The majority, around 70%, of these breaches were cyber-related.

Basic personal identifiers were involved in nearly 87% of data breaches in the marketing sector.

Source: Hayes Connor

B2B brands making a promise to customers ‘more likely’ to grow market share

According to the LinkedIn B2B Institute and Warc, B2B brands that clearly promise something to their customers are almost three times more likely to see a growth in their market share compared to those that do not.

New research looked at 703 award entrants and winning B2B campaigns. It was found that 18% of them explicitly promised something to the customer, while 82% did not.

The study revealed that B2B brands that made a promise to the customer were more successful. They were 2.5 times more likely to improve brand health (48% with a promise compared to 19% without), 2.9 times more likely to increase market share (20% versus 7%), and 1.2 times more likely to expand market penetration (44% versus 36%).

This work continues the research from last year that looked into the advantages of making promises to customers in both B2C and B2B campaigns. An extended paper is set to be published in September.

According to the findings of last year's research, B2C brands that made promises were found to be 1.5 times more likely to improve brand health, 1.6 times more likely to increase market share, and 1.2 times more likely to expand market penetration.

Source: LinkedIn B2B Institute and Warc

Women’s sports viewership in the UK continues record-breaking streak

UK TV viewership of women’s sport continues to break records, with 20.9 million people watching three minutes or more of coverage in the first four months of 2024.

According to the most recent data from Women's Sport Trust and Futures Sport & Entertainment, the number of viewers has exceeded the previous high of 20.6 million seen in 2023.

The increase in viewership can be attributed to expanded coverage on various platforms, including paid-for broadcasters such as We and TNT Sports, as well as free channels like BBC One and ITV.

One third of the viewers watching women's sports, which is about 6.8 million people, are new to the scene. This increase in viewership is mainly due to more football and rugby matches being shown on free-to-view channels.

While football remains the most popular women's sport, rugby is also experiencing growth in viewership. For example, the Guinness Women's Six Nations title decider in April attracted 1.3 million viewers, peaking at 1.9 million on BBC One. The tournament set a new record, with 8.1 million people watching coverage for at least three minutes.

Source: Women’s Sport Trust and Futures Sport & Entertainment.

Average marketing budgets have fallen by 15%, data suggests

Marketing budgets have dropped to 7.7% of overall company revenue in 2024, according to research from Gartner’s Annual CMO spend survey.

This figure shows a 15% decrease from last year's numbers, when spending was 9.1% of total revenue, and a further decrease from 2022's 9.5%.

Spending as a percentage of revenue is still higher than in the period right after Covid, when it was 6.4%. However, it is much lower than the 11% reported in 2020 and the 10.5% reported before the pandemic in 2019.

Despite facing challenges, CMOs are feeling positive about the impact of AI on marketing during these difficult times. A majority (64%) of CMOs believe that generative AI offers a glimmer of hope, even though they may not have enough funds to carry out their 2024 strategies.

In other areas, the percentage of overall budgets allocated to paid media has increased to 27.9% in 2024, while spending on marketing technology, labor, and external agencies has decreased. This shift in investment strategies is not surprising as brands adapt to changing circumstances.

In terms of where paid media is being allocated, over half (57.1%) is going to digital channels, which is an increase from 54.9% in 2023. Other channels receiving allocations include search (13.6%), social media (12.2%), and digital display (10.7%). Event marketing (17.1%) has a higher share of spend in 2024 compared to sponsorship (16.4%) and TV (16%).

Source: Gartner

Editor's P/S:

The article presents a multifaceted view of the current landscape in marketing. While collaboration challenges persist, with marketers facing high levels of "collaboration drag," there are also encouraging signs of growth and innovation. B2B brands that make clear promises to customers are more likely to gain market share, and women's sports viewership continues to break records in the UK, indicating a shift towards greater inclusivity.

However, the decline in marketing budgets is a concerning trend that may hinder the ability of organizations to invest in new technologies and strategies. CMOs are optimistic about the potential of AI to alleviate some of these challenges, but it remains to be seen how they will navigate the current economic climate. The shift towards digital channels for paid media suggests that brands are adapting to evolving consumer behavior, but it is crucial to strike a balance between digital and traditional channels to maximize impact. Overall, the article highlights the complexities and opportunities facing marketers in today's dynamic and competitive landscape.