Challenges faced by a Modern CMO

    Challenges-faced-by-a-Modern-CMO
    Challenges-faced-by-a-Modern-CMO

    The challenges of a modern CMO have become complex, and it is crucial to overcome all the pre-sales challenges to scale the business exponentially.

    As the demands of the market, customers, and employees are constantly evolving has made it challenging for marketing teams to keep track of these evolving needs and make necessary changes in the workflows. Even if they are able to track the changes and design innovative solutions to meet the demands, it can be difficult to translate these ideas into getting desired results. There are many hurdles, like lack of talent, a robust MarTech stack, or finances to have efficient marketing flows. CMOs should consider designing and implementing effective marketing operations to overcome all the challenges and ensure business continuity.

    Following are some challenges of a modern CMO:

    Expedited digital transformation

    The entire globe embracing a digital-first approach has revolutionized the way the human and business landscape. Organizations need to have a work culture that helps them to adapt to change seamlessly. Businesses that are not able to embrace change effectively do not have a competitive advantage. Many CMOs find it difficult to track the evolving changes in the market and implement an effective response plan to have minimum impact. Moreover, one of the most significant challenges that CMOs have to overcome is to reduce the turnaround times, overcome bottlenecks, implement automation, and ensure seamless integration of the MarTech stack. Business leaders need to ensure that they ingrain the best work culture and MarTech stack to manage change seamlessly.

    Also Read: Strategies to ensure MarTech stack success

    Gathering and evaluating data in real-time to get actionable insights

    Organizations today generate a huge volume of data through various sources, which has actionable insights to improve business performance. As there are increasing volume, variety, and velocity of data gathered from multiple sources, it has made it difficult for CMOs to get a holistic vision and make strategic changes from the huge volume of unstructured data. Marketing teams need to have robust data collection and analytics tools to gather data and gain actionable insights in real-time to enhance the product, services, and customer experience effectively.

    Also Read: Strategies to Identify the Right MarTech stack

    Respecting customers’ right to privacy

    As the world is headed towards a cookie less future, CMOs have to find new ways to shift their focus from third-party data to collecting first-party data. According to a recent report by Deloitte titled “The CMO Survey,” nearly 17.7% of marketers say that will decrease the use of third-party data in the next two years.

    As the access to third-party data is becoming restricted, marketers are struggling to identify new channels that generate first-party data. Many organizations find it difficult to strike a balance between maintaining customers’ right to privacy and offering personalization in their interactions.

    Seamless integration of the MarTech stack

    Another significant challenge of a Modern CMO is to explore, evaluate and select the best marketing tools that fit their business needs. Choosing the best technological trends and implementing them can be a tedious task for the CMOs; even if it helps the organization accomplish its business goals but might not seamlessly integrate with the other tools in the marketing technology stack. CMO should consider exploring all the solutions available in the market and choose the right MarTech partners that integrate well with the current IT infrastructure that enables them to overcome all the technology-related challenges.

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