Over 1,700 Chief Marketing Officers shared their insights on the fundamental shifts transforming business and the world.
Face-to-face interviews with CMOs from large and midsized companies, across 19 Industries and 64 countries, revealed some new realities for all CMOs:
- The empowered customer is now in control of the business relationship
- Delivering customer value is paramount–and an organization's behavior is as important as the products and services it provides
- The pressure to be accountable is not just a symptom of hard times, but a permanent shift that requires new approaches, tools and skills
However, there was an overwhelming consensus that there are three key areas for improvement. CMOs must:
- Understand and deliver value to empowered customers
- Create lasting relationships with those customers
- Measure marketing's contribution in relevant, quantifiable terms.
Insights from the CMO Study
- Are you swimming, treading water or drowning?
There was another point of concensus - no matter the industry or company size, CMOs are facing many of the same challenges and most feel underprepared to manage them - Delivering value to empowered customers.
The majority of CMOs rely on traditional sources of information and relatively few are exploiting the full power of the digital grapevine - Foster lasting connections.
CMOs top priority is to enhance customer loyalty and encourage satisfied customers to advocate their brands. Most however use data primarily to segment and sell, not to generate awareness or stimulate interest. - Capture value, measure results.
Under increasing pressure to provide quantifiable evidence of how their marketing expenditure is helping the organization achieve its goals CMOs believe marketing return on investment (ROI) will become the most important measure of success over the next three to five years.
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