The rise of the CMO
The role of a Chief Marketing Officer (CMO) is expanding at a rapid pace with massive proliferation of its core responsibilities. A Gartner research has revealed that CMOs are getting hands-on with a much broader mandate that includes digital commerce, consumer experience, innovation breakthroughs, sales, and even IT!
The most startling statistic emerging from the evolution of the CMO role is the growing share of CMO spends on technology. The CMO marketing technology expenditure is all set to surpass CIO tech spends! A recent Gartner CMO Spend Survey has revealed that marketing budgets are rising steadily and accounting for more than 12% of company revenue.
CMOs—custodians of the customer journey
Right from the initial brand exposure and consideration to the final purchase and retention stages, the customer journey today is hard to define in conventional terms. Instead of being a straight top-to-bottom funnel, it is now spread across multiple interaction channels and platforms.
What’s evident though is the occurrence of ‘breakpoints’ in the customer journey—while a customer traverses this complex funnel through both digital and offline channels and smart devices and human interfaces, a key challenge for brands is to enable a seamless experience across the customer journey. Each touchpoint has the potential to trigger a sale or disrupt an entire engagement!
The CMOs, as innate owners of the customer journey charter, are also expected to enable consistent and delightful experiences for the customer; crucially, from a revenue standpoint. The Forrester Customer Experience (CX) Index substantiates a direct correlation between CX and revenue growth!
Growth drivers of the marketing spotlight
One of the innate drivers of this growing influence of CMOs in the C-Suite is the massive amount of customer data that they’re sitting on—marketing is a perpetual generator of customer data, amassed through the many touchpoints in the customer journey.
And with new technology innovations such as big data analytics, machine learning, and artificial intelligence, it is now possible to derive valuable information out of consumer data—the new currency that’s primarily owned by the ‘Office of the CMO’, giving it immense power to drive the change agenda in and for the organization.
A key driver of this ‘power shift’ to the CMO is ‘Digital Disruption’, a phenomenon tied with the proverbial Fourth Industrial Revolution that has affected every cog in the traditional business wheel.
From tools, technologies, models, and processes to people and distribution channels—the need to deliver customer expectations faster and better than the competition has never been so profound!
The ‘digital’ revolution has commoditized the existing business scenarios and flattened the barriers to entry and play. And these fast emerging trends clearly underscore the pivotal role CMOs are set to play in the success story of businesses today.
Need of the hour: What’s the ‘Now’ for growth-focused businesses?
It’s evident that an effective marketing leadership is important to drive overall business growth in today’s digital milieu. Yet more imperative is the ability of organizations to make the best of the emergent CMO regime to harness three pivotal areas for business growth:
- Derive intelligence from data
- Implement the right multi-channel marketing strategies
- Cross-leverage organizational resources to drive business agenda
And, to this end, the Office of the CMO is certainly the right place to be in!
Cybage, with its versatile mix of people and technology enablers, can help shape your digital vision for success. From transforming your end consumers’ journey to implementing operational excellence—Cybage has the consulting capability, technology proficiency, and marketing service delivery expertise to fast-track your path to greater digital success.
Tap into our offerings designed for the Office of the CMO. We will be happy to host you!
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