September 1, 2022
According To The Latest Worldcom Confidence Index, CMOs Concentrate On Brand Reputation, Employee Relations and Customer Service, To Power Through Economic Concerns
The Worldcom Public Relations Group, of which The Pollack Group is a longtime agency partner, recently unveiled its latest Worldcom Confidence Index (WCI), offering unparalleled insight into global leaders’ sentiments and confidence around economy, technology and workplace trends.
Below are some of the key takeaways drawn by AI from the conversations taking place with global CMOs.
Increased Concerns About The Global Economy
In light of the worsening global financial conditions, with higher inflation levels and current economic downturns in the US and Europe, WCI reports that CMOs around the world are increasingly concerned about retaining value during a predicted recession. The June and July WCI results show that the economy saw the sharpest decrease in CMOs’ confidence, while global trade agreements and tariffs were the 3rd-most concerning area. These apprehensions are based on the reduced household purchasing power in the US, tighter monetary policies, and tensions resulted from the Ukraine war.
CMOs Value Building Better Brands Amid The Recession
Amid the fears of a potential global economic recession, WCI found that CMOs are steadfast in maintaining the health of their companies in a comprehensive way. Corporate image and brand reputation, employee wellbeing and mental health, as well as customer satisfaction, saw the 2nd, 3rd, and 4th-most increase, respectively, in confidence levels from C-level executives.
Technology Confidence High, Save For AI
The latest WCI data shows that CMOs are showing a stronger confidence (+2.08%) in the use of technology to innovate. Interestingly, their confidence in Artificial Intelligence (AI) saw the second biggest fall in confidence within the same time period.
These seemingly contradicting numbers revealed how challenging it will be for businesses to incorporate cutting-edge technologies into their existing systems. For example, to fully leverage the power of AI, companies need to properly collect, organize, and store a large amount of data. This integration can mean a significant investment as well as changes in day-to-day operations. The WCI trends indicate that, before adopting any new technology, especially an emerging area like AI, global leaders must obtain a better understanding of their actual needs as well as the potential ROI related to the integration.
To learn more about the Worldcom Confidence Index, visit here.
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