CMOs see several loopholes that need to be addressed in terms of managing revenue growth. At the same time, they need to be enhancing the customer experience, balancing the process from data gathering to action and insight, navigating real-time automation, and feeling confident in assessing ROI.
CMOs are undergoing a swift transition. In addition to being skilled marketers, CMOs are increasingly expected to serve as the organization’s customer advocates by bridging functional gaps to foster customer engagement. To deliver the consistent, personalized experience that today’s tech-savvy customers need, the CMO’s role is to drive the breakdown of silos that separate web, call centers, mobile, and in-store platforms.
The CMO is at the core of demonstrating marketing ROI, inventing digital interactions, and releasing new technologies that offer enterprise-wide consumer transparency.
The CMO is a spearhead for actionable customer insights via analytics.
Take on Topline Growth
Over the past few years, a shift has occurred in the responsibilities of the CMOs as now the pressure is on revenue growth. Regardless of the strong expectation that the CMO will generate revenue, many CMOs are struggling with conversion paths that they don’t totally control. Despite marketing’s commitment to large numbers, the customer buying process is fragmented across product, sales, and service. So, before committing to a revenue target, CMOs should check with the rest of the C-suite to make sure there is a clear conversion route. CMOs are expected to have top-notch expertise in topline revenue growth through full ownership of customer experience from initial brand awareness via customer service. Real-time customer feedback enhancements have empowered to acquire pragmatic and honest feedback about product design.
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Own the Customer Experience
Numerous customer-brand communication channels, including social media, email, mobile messaging, and web channels, offer customer support. A crucial component of the digital consumer experience is quick, friendly customer care, which is increasingly included in online marketing efforts. Since CMOs control the majority of the customer journey, from brand awareness to service, they must collaborate with conventional product and service teams to provide the best experience possible in the channels and timeframes that are most important to the customer. Ineffective customer service hinders the efficacy of marketing efforts as well as revenue growth. Adding credibility to the argument that one of the most crucial profitability levers for CMOs is the capacity to comprehend, automate, and streamline customer service control. Digital marketing efforts are also hampered by poor customer service because a bad encounter can rapidly turn into a widely shared tweet or a terrible online review. In addition to aiding and serving, the CMO’s duties now include working with other departments to put the needs of the client first.
Digging Data-based Insights
Finding and attracting expert skills in data and analytics is the top area where CMOs feel least qualified. The true process of converting data-having into data-doing can start with the hiring of top-tier analytics professionals. In order to support long-term personalization and optimization initiatives built on a strong data foundation, CMOs must increasingly invest in tools that can support them. The two most important aspects of digital marketing on which CMOs need to concentrate their efforts are web customization, and marketing automation.
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The technologies that enable CMOs’ real-time customer-facing initiatives, such as web personalization and marketing automation, should receive increased funding if they are to get the most out of the data and analytics professionals. The time between a customer action and a properly timed and targeted brand reaction is being shortened by real-time digital marketing strategies that recognize customer behavior and respond. Real-time initiatives have replaced segment-centric batch-and-blast marketing, offering customers exactly what they want, when they want it, and where they want it—while still honoring their preferences as a distinct individual—not a persona.
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