CMOs three-pronged recession busting approach: Worldcom Confidence Index insights

The latest results from the Worldcom Confidence Index show that CMOs’ declining confidence in the economy may be driving a three-pronged approach to beat the looming global recession.

CMOs’ confidence in the economy saw the largest fall between June and July, down 0.46 per cent. However, other results from Worldcom’s global tracker point to how CMOs are planning to overcome the challenges of the looming global recession through a three-pronged approach.

Now, more than ever, leaders agree on the importance of:

1. Investing in brands

CMOs see their brands as value enhancers and the way to sustain value in a recession, which saw confidence in corporate brand reputation up 0.77 per cent.

2. Using technology – but not necessarily AI – to innovate and collaborate

While CMOs may be using the brand as the first line of defence, they also appear to be turning to technology to deliver marketing innovation. Our research shows that confidence in the use of technology to innovate saw the biggest increase month on month – rising 2.08 per cent.

However, confidence in Artificial Intelligence saw the second biggest fall – down 0.42 per cent. This could suggest CMOs have not yet worked out how to use AI to deliver the disruptive approach they need to succeed.

3. Improving the customer experience (CX) by improving the employee experience (EX)

Studies show that highly engaged employees are vital for delivering an exceptional customer experience and CMOs clearly see that sustaining success through the recession must start with employees and their wellbeing with a 0.20 per cent increase in confidence.

Watch our video to hear Phillips Group Managing Director, Stephanie Paul, summarise these findings.

Our insights

At Phillips Group, we think differently, strategically and deliver results. We are your partners to navigate the challenges ahead.

Read our insights on the following topics related to the Worldcom Confidence Index findings:

• Five phases of building a successful brand
• How AI will transform communications
• Unlocking the power of employees to drive success

About the Worldcom Confidence Index

Phillips Group is a founding partner of the world’s leading communication partnership – Worldcom Public Relations Group.

Through our ground-breaking, AI-powered Worldcom Confidence Index, you can see how the business priorities and sentiment of more than 100,000 C-Suite executives (CEO, CMO, etc) are changing across more than 40 countries, including Australia.