The role of the chief marketing officer (CMO) has evolved significantly in recent years. Changes have allowed CMOs to break free from the marketing silo, relieve pressure to demonstrate marketing’s value, and take on additional responsibilities across the organization.
Today, CMOs are expected to do more with fewer resources. This means that they require assistance with technology, automation, and digital transformation. Read on to discover where CMOs should focus their efforts.
The Digital Transformation
A global pandemic, rapid digital transformation, and rising customer expectations are all posing challenges to businesses. Budgets have tightened, and customer priorities have shifted. This has led marketing spending to fall by 30% for the new year, while sales are expected to rise. As a result, a CMO will have to do more with less resources.
CMOs will need to maximize their efforts by leveraging technology and data such as artificial intelligence, automation, and Customer Data Platforms. A successful CMO prioritizes customers and cultivates a customer-centric culture that drives the business’s strategic operations. Because big data and technology are vital for better customer understanding, the CMO should be at the helm of digital transformation. Customers are constantly on the lookout for technological advancements and digital solutions, so the CMO must be quick on their feet.
Growth in Digital Sales
Marketing’s role in accelerating digital sales has grown significantly in recent years. Customer sales and service must be rethought by CMOs. In order to foster seamless cross-departmental collaboration, CMOs must position themselves as indispensable sales assets.
Businesses that recognize the value of seamless cross-functional collaboration have already invested in new targeting, automation, and lead nurturing capabilities. These new digital tactics are having a significant impact on business revenue and growth.
Voice control has proven to be a lifesaver for many people who are juggling appointments, tasks, and information. Through its multitasking abilities, audio is already outpacing social media, as evidenced by rising audiobook sales, and voice control on every mobile device. Its activation should be a major marketing focus for CMOs in the coming years, given the increasing use of audio by users and the fact that CMOs must keep their customers in mind.
Updating Consumer Data
The primary responsibility of a CMO is to develop policies and procedures for managing and accessing customer data through data analysis. Customer data must be effectively managed in order for marketers to have an accurate and dynamic view of each customer. As a result, customer data platforms allow CMOs to collect and consolidate data from disparate sources into a single database.
Customer data platforms can be used by CMOs to store and self-serve customer data and insights. This aspect of the customer data technology landscape should be familiar to all businesses.
Enhancing Computerized Systems
To remain competitive, CMOs must be able to quickly integrate new technologies such as automation. They should also be able to communicate to their teams how automation can help them implement cost-effective and efficient automated processes.
The Culture of the Organization
A company’s culture determines and motivates its potential success. Thus, CMOs must instill in their teams a shared culture that transcends geographical and social boundaries.
A strong company culture reinforces the brand, especially in terms of employee and customer perceptions. The CMO, in collaboration with other company leaders, should be able to communicate clear guidelines, shared values, and the company’s purpose to the entire team. Through this, employees will want to emulate and follow those who were successful in putting the initial strategy into action.
In the era of consumerism, marketing technology is indispensable to the role of the Chief Marketing Officer. CMOs should be able to implement intelligent marketing technologies, execute campaigns, and synchronize efforts across channels. By hiring the right CMO, organizations can ensure that their business initiatives are elevated, rather than stifled, by marketing.
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