The results of our recent CMO of Tomorrow study suggest that while the most senior marketers and their management peers understand the primacy of financial metrics to measuring success, the message is not necessarily reaching down deeper into the organisation.
The report reveals that CMOs understand that great customer experiences translate directly to bottom line results. The CMO of Tomorrow builds teams that can deliver ROI and create KPIs that put the customer at the very centre of organisational thinking.
- Download the CMO of Tomorrow report produced by the Which-50 Intelligence Unit
Future CMOs will also collaborate and mediate at a leadership level to ensure the brand stays focused and the executive team buys into an ethos of customer centricity.
Not every CMO is there today. The research we conducted with our Direct Marketing Associations in India, New Zealand and Singapore and with Oracle Marketing Cloud shows significant differences between markets in relation to CMO skills and focus. In many markets, there are major shortcomings that need to be overcome to ensure CMOs are prepared for the future.
New from the Which-50 Digital Intelligence Unit : CMO of Tomorrow edition
CMO of Tomorrow Study Digital Intelligence Unit members ADMA and Oracle Marketing Cloud
Take the simple matter of goals and measurement. At a headline level the research suggests that marketers are measured and assessed against defined ROI and that this is consistent across the countries surveyed.
But dig behind the data and the picture is more nuanced.
CEOs and other senior leaders believe that marketers are assessed on revenue and ROI. However, the deeper you go down into the marketing department – to mid level and junior marketers – the less likely it is that ROI is actually being used as a measure. This disconnect is likely to lead to challenges in the future when the marketing team is not delivering to the CEO’s expectations.
Another issue that was highlighted by the research is the need for CMOs to gain management buy-in and peer engagement. This is because the CMO’s role is now moving beyond marketing and into customer experience – which is infinitely broader. In fact, the whole company needs to embrace customer experience to truly make that experience exceptional.
Marketers can’t deliver customer experience alone. Other departments – IT, Finance and Technology play a critical role in delivering outcomes. Therefore, CMOs must work collaboratively with other senior executives to deliver customer experience results. However, the research shows that management and peer-to-peer engagement remains a challenge for most CMOs.
It is clear that the CMO of Tomorrow is going to have quite a different role within organisations than in the past. It won’t simply be about how we understand marketing today. Instead, customer advocacy will be critical and the CMO will need authority across much broader parts of the business to deliver the best results.
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