CMOs need to be constantly innovating, while delivering new data-driven experiences
By MYBRANDBOOK
Maya Culas
Head of Marketing, Hitachi Vantara, India & SAARC
The evolving role of CMOs
According to McKinsey, data-driven organizations are 23 times more likely to win customers, six times more likely to keep customers and 19 times more likely to be profitable. Data informs what is needed to get ahead of market shifts or customer preferences. The Marketing organization aims to create better customer experiences over multiple interaction channels.
Gartner talks about total experience. Marketing influences all four aspects of total experience: customer experience, employee experience, user experience and multi experience. Placing data at the center of the organization significantly improves decision-making, improves operational efficiency, democratizes insight, and accelerates the performance of digital initiatives. From being able to track a lead that comes into the marketing system and follow it to closure, enables CMOs as marketers to personalize the customer journey at various stages of the buying cycle.
Contribution towards strategic business discussions
Marketing is recognised as a key function contributing to revenue and not just a cost center as was popularly believed earlier. Data-driven organizations leverage data in everything they do. With the adoption of digital tools to analyze and measure marketing campaigns, performance metrics are the primary indicator of success or failure in conversations with the key C-suite stakeholders. It’s all in the Data.
Real-Time Marketing to Drive Sustainable Growth
Marketing is already being executed in real-time. CMOs meet customers at events, understand their digital behaviour and engage with a prospect, all real-time. Even during the last two years when we moved from in-person engagements in hotel conference rooms to virtual events, we never lost the real-time connect.
There is personalization happening at every stage, that every customer feels like they are an audience of one. The opportunities are enormous. As marketing leaders, we need to be constantly innovating, while delivering new data-driven experiences and outcomes for the customers.
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