In a worldwide survey of CEOs, IBM found that an increasing number were turning to their CMOs for strategic input. The digital era will be a customer-centric one, and the CMO will be in a crucial position as marketing takes a bigger role in retaining customers, generating revenue, and managing brand perception while doing so. The increasing amounts of data about customers and prospects entrusted to the marketing team in the digital era puts them in a strong position when it comes to understanding how the business is performing. As businesses and consumers embrace technology, here's why we think the CMO's role in connecting customers to the brand is even more pivotal than ever before.
High Levels Of Digital Marketing Transparency
The advances in marketing technology - coinciding with the proliferation of digital channels - mean that the work of the marketing team is now much easier to track the performance of. There are many clear ways of identifying how much ROI a campaign is generating, and which ones are not delivering. This means that the impact on profit and loss is far more clearly defined, giving CMOs a greater authority to lead the company in how it connects with its audience.
The Marketers Have The Data
As a result of the aforementioned boom in transparency, and capturing how well digital marketing efforts perform, the CMO now has a wealth of audience information at their fingertips. They now have a more informed and reliable picture of the customer than ever before, all based on the real-life actions of genuine customers. This research can influence wider areas of business, and give vital feedback across multiple departments.
End-To-End Customer Relationships
The growth of eCommerce, customer interactions via social media (pre and post purchase), and cross-channel campaigns integrating traditional and digital channels together, gives the CMO an element of responsibility for interactions with customers throughout the entire buying cycle. They are also increasingly involved in customers after purchase via experiences, where a digital element is often a key aspect in ensuring the relationship continues even further. The marketing team’s activity throughout this indefinite period can make a major difference to how much the customer spends on the brand, and how much organic interest is generated from those customers.
With the prevalence of integrated software to manage the relationship with both potential and existing customers, people expect brands to remember previous interactions. The CMO arguably presides over the majority of them in some way, while also being in charge of the messaging which must be consistently delivered across all channels. Brands who aren’t able to keep up with the customer’s expectations of digital communication may find themselves losing out to ones who can provide a more reactive, consistent experience.
For a deeper look at how brands can live up to (and exceed) customer’s communication expectations, visit here.
The brands who will perform best in the digital era will be the ones who can adapt and respond in the best manner to their customers. They won’t be dictating their messages in one-way communication channels, but weaving them into a constantly evolving digital landscape. How do you think the CMO can best serve their customers in the digital age?