CMOs: Data and Martech Key To Driving Revenue and Increasing Margin
According to a recent report, The CMO Shift to Gaining Business Lift from the CMO Council and Deloitte, "the CMO of today has denounced the traditional role of mere brand ambassador, instead opting to actively assert their role as business driver, change agent and customer experience champion."
Before I get to the top two methods CMOs identified for driving revenue and increasing margin, here's some other key findings from the research, which consisted of a global survey of CMOs and senior marketing leaders.
- Now, more than ever, CMOs believe they are the business-drivers of the organization and that senior leadership has high expectations for them to own growth strategies and revenue generation.
- The best of intentions to advance the growth agenda are often being sidetracked by a legacy of brand-centric strategies and campaign-focused actions, calling into question the realities of the CMO truly becoming the primary growth driver.
- The CMO has the opportunity, if not the requirement, to become the primary driver and orchestrator of the customer experience. However, CMOs are bogged down in operational and functional tasks, like budget meetings and approval cycles, leaving less time to collaborate with the C-suite and advance the digital transformation needed to meet the expectations of tomorrow’s customer.
- Tremendous opportunities await CMOs in 2017 as they more fully embrace the roles, actions and strategies that drive substantive growth for the entire organization. From influencing strategic planning and business development to advancing customer-centric shifts across the enterprise, CMOs are ready to become corporate change agents, driving the development of next-generation products, services and business models that fundamentally shift the business and lift the bottom line.
Data and Martech
The chart below clearly shows you where CMOs priorities are when it comes to driving revenue and improving margin. CMOs realize that to be successful it's all about data- the right data and using it the right way via the right marketing technology.
Not sure about the use of "intrusive ads" checking in 3rd in the priority list but that's another story for another time.
As I have written before (and will do so again) marketing leaders must create a data-driven marketing culture and organize the required people, processes and systems. They need to eliminate data silos and create a single source of truth – a 360-degree view of customers to reliably and efficiently target the right message, to the right person at the right time.
According to research from Deloitte Digital 76% of consumers say they interact online with brands or products before arriving at the store, and are therefore making digitally-influenced decisions much earlier in the shopping process. So it is vitally important for CMOs and marketing leaders to use a marketing technology platform that provides the ability to link online digital marketing efforts to offline purchases to give them the true ROI on dollars spent.
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