Turbulence for the CMO – Chartering a Path for the Seamless Customer Experience
Here are some highlights from the Accenture Interactive CMO insights survey of 2012.
1. The Pressure is on for CMOs
Research has revealed that out of 10 CMOs, about 4 feel unprepared. It has also been discovered that about 40% of CMOs are declining market shares. Over 60% of CMOs agree that the expectations of the consumers with respect to experience has high relevance and impacts on marketing strategy.
2. The ROI Disconnects
It is practically impossible for CMOs to succeed if they cannot measure the important strategies to use with clients. This is reflected in that out of 5 CMOs, 1 is below average level in terms of quantifying return on investment, but about 30% of CMOs claim they are leaders in building a long and lasting relationship.
3. The Digital Disconnect
It has been observed that at the very moment that is it needed to be strong, digital orientation is weak. Approximately 65% of CMOs acknowledge the important of a company to focus on digital technologies. Only 7% of these companies are ahead of the pack. The importance of creating channels from digital packs is acknowledged by 68% of the sampled population and 13% of this group says their performance is satisfactory.
4. Channels and Partners Proliferate
The relevance and significance of the top 5 marketing channels have increased by at least 10 points since 2011. For companies with high growth, they use marketing services providers and special agencies to a large extent as compared to other companies. The market organization is also affected by the external partners as 56% of external partners do not assist in market transformation. 64% of external partners are weak with respect to executing deliveries.
4 Ways to Improve Marketing Performance
About 70% of CMOs say the marketing scenario will be changed by the fundamentals in the next five years. Here are some ways to improve the market performance:
1. Change the marketing operating model – Over 50% of high end companies rely heavily on organizational transformation with respect to achieving their marketing goals.
2. Develop new skills internally – About a quarter of CMOs dedicate a significant amount of the workforce up to 60% to digital marketing and analytics.
3. Get the right set of partners – Be on the hunt for partners that can assist with execution, delivery, and overall transformation of the organization.
4. Drive digital orientation throughout the enterprise – It has been discovered that when CMOs work across organization, about 16% of them face performance barriers.