CMO and Marketing – the time is now
The role of the CMO has been much debated recently. One thing is certain – the CMO has never been more central to the organisation. Not only is the CMO responsible for setting the strategic agenda but increasingly is seen as being the main driver of business growth. Today’s CMO is much more ingrained in the business and revenue contribution, with all activities linking back to the business KPI’s.
Directly reaching the target customer is harder than ever, so it is imperative that when they are reached, a strong, compelling, and pertinent message is communicated. Success at this point will ultimately, earn time with them. The importance of targeting, prioritisation, selection of audiences and the capture of insights along the way to achieve this objective more and more falls to marketing. Deloitte reports that 72.2% of marketers reported that the importance of marketing within their organisations has increased over the past year.
Capture the insight
From a business growth perspective, marketing data analytics are important but are essentially more about performance and penetration. It’s the insights that are key to developing the customer profile. For the modern marketer, it’s not just about the observation – such as whether this person is interested, but what they are interested in? The capture of this interest is essential before passing the contact over. Also, the level of interest. Being able to define what stage in the decision-making process, alongside defining decision-making units, looking at the different roles, and the importance of how a contact is observed and then rolled up into an account view. The end result is having the knowledge of not only that this individual is very interested, but that the individual is important and interested. Viewing everything holistically with a bird’s eye view to capture these detailed insights is key.
Also important to be clear on is what is happening at the front end. And knowing about customer cohorts and groups – seeing who’s engaging, how they are engaging and where they are engaging. What channel they are engaging through? What have they told us? Who are they? What have they done? And what are we thinking in terms of the (inferred) connections we can make. What can we do for them? It’s about the layering of the data and what conclusions can be drawn versus all the individual data points.
The CMO’s success is measured not just on marketing performance and traditional metrics (clicks, impression, MQL’s, etc.) but also on the impact their function has had on the overall business KPI’s. Marketing are the custodians of what’s going on in the big wide world – and that has to be successfully translated by the CMO and manifested back into the organisation, to the business strategy, the sales strategy, prioritisation and targeting.
Forward thinking CMO’s should be looking at how they target a prioritised audience, as well as make measurable contributions to the pipeline and make sure that brand awareness is out. How do they ensure they’ve got the right criteria for selection on all the different activities, campaigns and initiatives as well making sure they are getting more and more specific on the insights captured? And exploring interest, whether that interest is implicit, explicit, or inferred so that when leads go through to sales, the team can be very specific, with prior insight when they reach out to the potential customer.
So, is it just more pressure in a pandemic world or an opportunity? While clearly, at times there will be more pressure, it’s what the industry has been working towards, and we believe that now is the marketer’s time. Without traditional face-to-face meetings, we must think and look for data and insights, which go so much deeper into truly understanding the customer. The power of marketing is stronger than ever, with the opportunity of impacting across the entire business, with the CMO leading from the front.
Contact WoolfHodson today at email@example.com if you would like to find out more on how we can help digitally transform your sales and marketing processes.