Two in three CEOs don’t believe that their current marketing leads have the leadership skills or business acumen required for the role, according to a new report from Accenture.
The findings are based on a survey of nearly 1,000 CMOs and more than 500 CEOs at the world’s largest organisations and contained in the report — Way Beyond Marketing — The Rise of The Hyper-Relevant CMO.
Nearly one-third (31 per cent) of the CEOs surveyed expect CMOs to drive growth using customer data and insights to create new products, services and experiences.
And the majority (90 per cent) of both CEOs and CMOs agree that the chief marketing function will change fundamentally over the next three years.
The report identified a cohort of marketing leaders who are ahead of the curve, the top 17 per cent of CMO respondents who are driving transformational change at the highest levels of their organisations.
According to Accenture, investing in a portfolio of companies with leading CMOs would, on average, have outperformed a portfolio of other companies (with the same allocation across industries) by up to 11 per cent in 2017-2018.
The value is created by overhauling their organisation to put the customer at the centre and deliver hyper-relevant customer experiences, the report argues.
These CMOs don’t necessarily have larger budgets, but their projects are more holistic and transformational, “helping them respond quickly to changing customer needs by rewiring their organisations to enable better integration and collaboration and deliver superior customer experiences.”
“These marketing leaders are finding creative ways to reinvent the customer experience, which is setting them apart from competitors,” said John Zealley, who leads Accenture’s customer insight and growth practice.
“They are challenging the status quo of traditional organisational structures, taking the reins of innovation and disruptive growth and unlocking value through new C-suite collaborations.”
The study found that innovative CMOs (the top 17 per cent) actively partner with others in the C-suite to create customer-obsessed organisational cultures.
“CMOs need to lead an effective, joined-up customer experience at all touch points, at pace and at scale, to drive growth,” said Mhairi McEwan, managing director and marketing practice lead, customer insight and growth, Accenture.
“In essence, there are four key actions they must take: using advanced customer insight and analytics to shape the future; building the marketing and sales capabilities of their people and organisation; leveraging partnerships to create innovative new products, services and solutions; and delivering cost-effective technological activation of personalized and scalable marketing programs.”