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CMOs are wielding more power in the boardroom, as CEOs increasingly call on them for strategic input. In fact, the CMO now comes second only to the CFO in terms of the influence he or she exerts on the CEO, according to a study by IBM.
Here are the three measures that CMOs think can strengthen their marketing strategy.
1. Use of advanced analytics for customer insight
Get the CIO on your side. Work with the CIO to build a secure and scalable cognitive analytics capability within your organization. Analytics is also the CIO’s number one priority now.
Invest in analytics to support the phases you plan to concentrate on, and don’t attempt to be all things to all people. Fuse for clues. Integrate obvious sources of information with intelligence from other sources, and build better customer understanding across the organization as a whole.
2. Design rewarding customer experiences
Start with the big picture. Have a clear vision, strategy and plan for what you’re trying to achieve. Design your activities around greater insight or understanding. Put value first.
Take particular account of the desires and behavior of digitally empowered customers and citizens. Update your customer journey map accordingly. Convert customers into colleagues. Create a two-way dialog: give the customer a voice in what your organization does and how it does it.
3. Effectively execute on the customer promise
Prioritize mobility. Put serious time and effort into ensuring the mobile experiences. Move to the future, fast. Gain a solid grounding in analytics (in particular) as well as other enabling technologies such as marketing automation, customer collaboration and relationship management tools. Connect the dots. Invest in integrated software to manage your relationships.
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