CMOs Yet To Capitalize On Data, Social

by CXOtoday News Desk    Mar 21, 2014

customerdigital

Even though a majority of CMOs worldwide believe that analytics will play a significant role in helping them to achieve business goals, a whopping 82% still feel underprepared to capitalize on the data explosion, say a recent IBM study. The research also revealed 66% CMOs felt unprepared to deal with the growth of social media, and not concerned to monetize their brand on social. However most of them believe apps would play a significant role in helping them reach their goals in the coming years, which is an 80% increase from last year.

The study that surveyed over 500 CMOs from 56 countries and 19 industries globally and revealed that high-performing CMOs were integrating internal and external data for deeper insights to help them understand their customers.

Read: CFO, CMO or CIO: Who is really taking IT decisions?

Types of CMOs

The study identified three types of CMOs including traditionalists (37%), social strategists (33%) and digital pacesetters (30%). It concluded that the digital pacesetters were more likely to be financial outperformers and were prepared for the dramatic growth of data, social and mobile channels.

The digital pacesetters were also more likely to be integrating their physical and digital sales and service channels and were the most likely to be regularly using advanced analytics to extract insights from customer data. They were found to be the strongest at executing a mobile strategy, with 58% able to conduct business regardless of location or device.

CMOs influence on the rise

Despite some of these odds, one positive finding of the survey was CMOs level of strategic involvement within their organisation has increased, with nearly two thirds of CEOs have begun to involve their CMO in the overall business strategy, with their influence coming second only to the CFO.

On an interesting note, the study results suggested that when CMOs have closer working relationships with the CIO, they are likely to perform better, as it helps them understand data and the digital environment in a better light.

Read: Can the CMO and CIO become best buddies?

“After speaking with CMOs around the world, it became evident that more companies across all industries are striving to integrate their physical and digital presence in order to provide a more integrated, seamless customer experience,” said John Kennedy, vice president, marketing, global business services, IBM.