The FINANCIAL — High-performing CMOs are integrating internal and external data to garner deep insights that, in turn, provide them with a much deeper understanding of their customers, according to a new IBM study.
94 percent of CMOs believe advanced analytics will play a significant role in helping them reach their goals. However, an increased number of CMOs say their organizations are underprepared to capitalize on the data explosion – 82 percent compared to 71 percent three years before, according to the study.
“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. "In response, we launched the new IBM Interactive Experience to help CMOs and other C-suite leaders design and build rich, data-enabled experiences for their customers and stakeholders,” he added.
The study identifies three types of CMOs: Traditionalists (37 percent), Social Strategists (33 percent) and Digital Pacesetters (30 percent). Digital Pacesetters are more likely to be financial outperformers and are characterized by their preparedness for the dramatic growth of data, social and mobile channels; integration of physical and digital sales and service channels; and regular use of advanced analytics to extract insights from customer data.
The new study also measured the influence of CMOs within their organization, concluding that their level of strategic involvement is increasing. 63 percent of CEOs involve the CMO in formulating the organization’s overall business strategy, second only to the CFO (72 percent), according to the study. The study underscores the need for CMOs to collaborate more closely with the rest of the C-suite in making strategic decisions that are supported by data and analytics.
The study also found that when a CMO has a close working relationship with the CIO, the enterprise is more likely to perform better overall. High-performing CMOs were reported to have a stronger working relationship with CIOs than those identified as financial underperformers, according to IBM.
Much like they feel underprepared to capitalize on data, 66 percent of CMOs feel underprepared for the growth of social media, which is evolving at a pace faster than many can cope with. The study also found that CMOs today are less concerned with both monitoring their brand via social media and trying to monetize social media.
In addition, 94 percent of marketing leaders believe that mobile applications will play a significant role in helping them reach their goals over the next three to five years, which is up from 80 percent three years before. The study found that Digital Pacesetters in particular are well along the path of executing a mobile strategy, with 58 percent able to conduct business regardless of location or device.
IBM's Global Business Services consulting organization was recently named as N1 among the top 24 consulting firms in the world based on the quality and impact of its thought leadership material published by the IBV, according to Source for Consulting’s new White Space report.