The role of the CMO is changing. CMOs need to be analytical and creative. They need to speak the language of the business. And, they need to collaborate well with CIOs, CEOs and CFOs to drive the organization’s strategic growth. Collaboration will only become more important as advances in technology put a focus on marketing analytics.
This week, I’ve collected several articles about how the role of the CMO is changing — and what CMOs need to know about it.
How the Role of the CMO is Changing (But Not the Way You Think). BizJournals: “No doubt, the required capabilities for this new position still include a highly tuned commercial instinct, creativity and analytical acumen. The marketing talent that got you where you are is still important. Deeply understanding customers remains important, but the expertise and consumer knowledge of the new CMO will have to come from far more than commissioned customer research. That means a collaborative mindset with other functions that also face customers might just be the most important capability of all. The CMO doesn’t have to be a know-it-all superstar of customer insights.”
Are CMOs Poised to Take Over Technology Purchasing? Huffington Post: “Whether they are ready or not, technology is fast becoming an inextricable part of the CMO’s functions, and they need to participate in making tech decisions in order to determine the ROI for purchases. Moreover, it is practically impossible to manage the wide range of customer touch points across all channels throughout the customer’s purchase journey, extract customer behavior from data-based insights, send effective marketing messages, and finally measure the ROI of all of these actions without technology.”
The Chief Marketer of 2016. CMO: “As the CMO Council, Gartner and IDC report, budgets are on the rise for CMOs, affording CMOs in 2016 a scenario in which they are able to access the correct marketing tools and technologies to deploy effective data-driven marketing strategies and tactics. For instance: Data will be used to illuminate, not overwhelm. The use of customized data dashboards will become one of the CMO’s most valuable marketing tools. The dashboard provides only the most relevant data that simplifies, visualizes and focuses the CMO’s attention.”
The Evolving Influence of Today’s CMO. Forbes: “‘I find that many believe that being a CMO is about advertising,’ says Jeff Jones, CMO at Target. ‘The CMO title is one of the most misused titles in business because there are many people being called CMO who are mainly responsible for marketing communications. CMOs should be strategic drivers of growth and able to partner with business leaders, CFOs and CEOs. You need to be able to connect consumer insights with strategy to create plans that can ultimately translate to business growth. And you can’t do it with just advertising alone.’”
Is the CMO Becoming the Chief Collaboration Officer? Biznology: “Today marketers are getting more and more involved with other departments like service, sales, product, and IT to ensure a consistent experience at every possible touch point with the customer. The result is that marketers are becoming the Chief Collaboration Officers of the company. And this is proving to be a good thing. B2B organizations with tightly aligned sales and marketing operations achieved 24 percent faster 3-year revenue growth, and 27 percent faster 3-year profit growth. In companies where the CMO and CIO work well together, the enterprise is 76% more likely to outperform in terms of revenues and profitability.”