A recent report released by Gartner in 2022 suggests that Marketing data and analytics (D&A) and marketing technology (MarTech) are one of the top three capability gaps identified by CMOs.
Approximately 61% of the CMOs say that they lack the in-house talent to deliver their strategy, which is a significant challenge in their marketing operations. CMOs working in siloes with their IT and data analytics teams will create gaps in developing the next-generation digital capabilities. These gaps fail in delivering omni channel journey orchestration and personalization required to deliver a top-notch customer experience (CX) and achieve customer acquisition and retention goals.
Here are a few ways that CMOs should consider developing cross-functional partnerships with CIOs, CTOs, and CDOs to design data-driven B2B marketing strategies:
Developing a Data-Driven and Customer-Centric Enterprise
The B2B buyers today are overwhelmed with marketing campaigns, which increases the challenge for the B2B marketers to stand apart from their competitors. Marketing teams that design and execute marketing campaigns that are built on rich and relevant data help them to stand apart from the marketing clutter. CMOs should consider deeply understanding the customer requirements and segmentation by working cohesively with IT and data leaders. Many enterprises do not have a clear alignment between CMOs, CIOs, and CDOs because they still consider marketing as a cost center and utilize data leaders as gatekeepers instead of enablers.
The surge in digital transformation, self-service data, and analytics, and demand for multichannel customer experience is forcing the C-suite to break down old barriers.
Creating cohesion between marketing, IT, and data business leaders enable organizations to develop strategic, data-driven, customer-centric enterprise. CMOs should consider understanding both internal and external governance policies and the need to secure personally identifiable information (PII). It is one of the most effective ways to establish trust with CDOs and CIOs to identify the right stage for an impactful conversation on data sharing and availability to fuel marketing efforts. Moreover, the
CMOs can also work closely with the IT and data leaders to extend MarTech tool selection and implementation to set effective strategies to ensure data usage and lineage that align with the business goals.
Analyze data in real-time and grow loyalty
Businesses of all industries are forced to customize their campaigns to meet the changing customer demands and effectively react to competitive pressures. Buyers today expect the brands to know their personal preferences during service interactions. According to a report by McKinsey titled “Next in Personalization 2021,” nearly 71% of consumers expect organizations to offer customized interactions, and approximately 76% get irate when that doesn’t happen. Marketing teams find it challenging to get necessary actionable insights at market speed to respond in real-time to have a positive impact on the bottom line. CMOs should consider coherently partnering with data leaders to develop robust data analytics data that offer vital insights into data in real-time to make strategic changes to their B2B marketing strategies.
Data-driven marketing campaigns to develop brand loyalty
The marketplace is becoming increasingly competitive, and customer behavior has tremendously evolved has, resulted in a cluttered market. The B2B marketers need to determine what the buyers want and should have relevant, actionable insights into what is actually happening throughout the entire buying journey. CMOs should consider working closely with the CIOs and the CDOs to centralize right from customer acquisition to retention. Marketing campaigns that are built on incomplete or old data will not deliver the desired results. By closely working with CDOs and CIOs, CMOs can enhance their marketing campaigns with data-driven insights to suffice and exceed ever-changing customer expectations.
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