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From Mad Men to Math Men
Michael Friedberg 2700058NC4 firstname.lastname@example.org | | Tags:  collaboration
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Behind this catchy title is a stark reality for many chief marketing officers (CMOs), because while leadership and creativity are no doubt important skills, they may not be enough to deliver real value to the organisation.
According to the 2011 IBM global CMO Study, finance skills, social media expertise and technology dexterity were considered the least important attributes needed by a CMO to ensure personal success within the next 3-5 years.
From a local perspective, Australians and New Zealanders placed slightly more importance on the financial skills with New Zealanders actually feeling a little more prepared for financial constraints.
New Zealand’s greater focus on financial preparedness stems from the effects of the GFC, which had a much greater impact on our economy than our Australian counterparts. As a result, New Zealand CMOs had to become very adept at doing more with less and were held accountable for every dollar they spent.
So does this mean New Zealand CMOs are ahead of the curve?
Not necessarily. While our CMOs may possess better than average financial acumen, we still haven’t fully embraced social media. Social media, or social business, is not just about facebook and twitter, it’s about driving new channels and revenue streams, engaging your audience on an individual level and leveraging these technologies to gain and measure true insights.
Today’s empowered customers can choose to do business in a number of different ways, so if marketing can’t guide investment decisions into the devices and channels being adopted by the target audience, then who will?
One of New Zealand’s banks indicated that their biggest branch was now online and accessible from a number of devices, which demonstrates how quickly the banking industry has adopted new technologies within the last 10 years.
Who has driven and helped bring about this change in strategy to stay competitive? I would strongly argue that the CMO would have been right there, analysing data, drawing out insights, testing the technology and listening to the customer.
Whether we like it or not, being technically savvy and having social media expertise is crucial to the success of the CMO. This is your opportunity to gain new skills, bring new value to your business and give your organisation a competitive edge.
‘To read more of Michael’s insights, click here to visit his personal blog.‘
To access the Global Midmarket CMO study, click here.