Written by Kyle Lacy, contributor for the ExactTarget Blog:
No two CMOs are alike in how they drive innovation and growth. I’ve seen fellow CMOs disrupt, solve problems, and dismantle silos in a number of ways, all with the end goal of answering the changing consumer demands and increased technology needs that shape our digital landscape.
But among all the opportunities, plenty of gaps still exist between the status quo in marketing and how much more could be done. With so many changes coming at breakneck speed, we wanted to know what CMOs really think about the state of their own C-suite role, the industry, and how digital marketing has changed everything (and still is).
In new research by Deloitte and ExactTarget Marketing Cloud, we drilled their responses down to five expanding expectations within this digital divide—five areas where we believe that the most agile and customer-obsessed CMOs will rise to meet the challenge, but where the stakes are considerably high if they don’t.
Expectation 1: Take On Topline Growth. Fifty-three percent of CMOs we surveyed felt an increased pressure to enable revenue growth—making this the biggest change to their teams’ responsibilities over the past few years, as shown in this chart.
Expectation 2: Own the Customer Experience. CMOs now own the largest share of the customer journey—including customer service, although nearly a quarter of our surveyed CMOs feel underprepared to manage major customer service touch points. Real-time social media responses and helpful digital content must merge into marketers’ strategies.
Expectation 3: Dig In to Data-Based Insights. Fifty-two percent of CMOs indicated a greater need for personnel with data and analytics expertise, while finding this talent is the number-one area where CMOs felt underprepared. But hiring is only step one. It’s time to turn data-having into data-doing, if marketing teams want to truly personalize and optimize.
Expectation 4: Operate in Real Time. For customers, it’s a real-time world. They get the content they want, whenever they want, on whatever devices are convenient. But many marketing teams still operate under old-school campaign calendars and don’t keep pace in real-time.
As shown in the following chart, web personalization and marketing automation were the top two areas where surveyed CMOs planned to focus more efforts organizationally, showing that it’s high time to shrink the lag between customer action and brand response.
Expectation 5: Master the Metrics that Matter. Of course, CMOs know that they need to prove how their technology, personnel, and budget investments drive revenue. Proof requires metrics, and 53% of surveyed CMOs said ROI was that metric. But does everyone within the organization agree on what ROI truly means, or how it’s calculated? The CMO must do some soul-searching on how to prove the team’s value to C-suite colleagues.
Direct links to revenue growth, customer service ownership, strong data programs, real-time communications, and rock-solid metrics are no longer just nice for CMOs to have—they’re expected. Dive into more findings on the world of the #NewCMO (and marketing as a whole) in Bridging the Digital Divide: How CMOs Can Rise to Meet 5 Expanding Expectations.