The marketing department is widely perceived as a cost center in most businesses. The views of marketers are frequently overlooked in boardroom discussions with the Head of Sales trying to dictate the terms of marketing strategy.
The company and the rest of senior management typically expect the marketing team to deliver short-term results. When the CMO fails to deliver the numbers, it has an impact on other team leaders. As a result, the CMO is often forced to listen to the Sales Director. It eventually leads to the marketing head taking orders from the sales team.
After years of being constantly questioned about the accountability of marketing budgets, resources, and performance, there is some good news. The role of the CMO is evolving in ways like never before. CMOs have been providing value to the entire process for the past few years, and as a result, have achieved impressive success. It is past time for the CEO to pay more attention to the CMO’s recommendations.
Data exposure should be increased
Expected ROI is one of those mysteries that CEOs are constantly trying to solve. However, the situation has improved as CMO’s involvement with the data has proven to be effective. To analyze previous marketing results, the CMO works closely with the data. To a considerable extent, analytics eliminate the guesswork in the attribution of actual sales. They can clearly assist the CMO in justifying the investment and demanding a budget allocation without being ambiguous.
Data on industry benchmarks
CEOs can now measure the marketing team’s success thanks to data published by numerous agencies and marketing research organizations. Gone are the days when cost-per-lead and cost-per-sale goals were set without thorough consideration. The benchmark information isn’t limited to leads and sales. CMOs now have access to industry-standard data on engagement, millennial online behavior, and the customer experience before and after purchase.
Technologies that are game-changers
Digital marketing has undergone a paradigm shift as a result of new-age technologies. Tracking technologies, in particular, have become important markers for assessing the achievement of company goals.
With omnichannel abilities, the marketing team is growing closer to consumers and prospects on a real-time basis. Changes are occurring on the both technological and strategic levels. If the current trend continues, the CIO team may find itself serving as a support team to the CMO team. With extraordinary technological advancements, the CMO is in a better position to envisage the organization’s future.
In-depth knowledge of customer behavior
Bringing on new customers isn’t the only that problem today’s marketers face; retaining customers is also at the top of their priority list. Customer experience has gained prominence in digital marketing as a result of social media.
The CMOs are the only ones that have a complete visibility into the customer journey. Since their job is to s listen and monitor the consumer, they have an incredible advantage in visualizing the complex customer journey. Behavioral targeting has virtually reached its peak precision. The CMO collaborates with several data sources to ensure a smooth customer journey.
Increasing the number of prospects
The on-going pressure to generate B2B inquiries and B2C sales prompted the CMO to experiment with new technology. Marketers can now predict revenue pipelines, forecast sales, and define channels for upselling and cross-selling services using new technology. As the linear behavior of selecting a vendor is progressively dwindling, brand recall is critical. Marketing teams can provide valuable insight into new business goals. Marketers can provide highly relevant content to prospects at every touch-point.
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