Six findings from a global study about the new challenges and pressures on Chief Marketing Officers.
IBM just published its latest global study on Chief Marketing Officers and the findings make for interesting reading.
This is clearly a discipline that is under a lot of pressure and trying to cope with a ton of challenges that are being thrown its way.
Here are some of the study’s most important learnings.
1. CMO’s are challenged on a number of fronts
The biggest issue is the explosion of data mentioned by 71%, followed by social media, channel fragmentation, shifting demographics and only fifth of the list, financial constraints. Years after the first argument about ROI, the debate rages on and despite the proliferation of data, we seem no closer to proving the effect of marketing.
2. Understanding their consumers is a top priority
CMOs see this as a priority, but are mainly using traditional market research techniques to help. Only a minority are mining their data or looking at alternative sources like social media, reviews and other internet sources. They seem committed to CRM, social and mobile media moving forward, but are challenged to prove its value and ROI .
3. Building Relationships is an opportunity
CMOs understand the important role that social media can play to move customers closer to purchase, but the report suggests they are missing the opportunity to develop engaged relationships with their existing buyers. The focus is too much on the sell and not on building loyalty.
4. Internal Marketing
CMOs believe they are doing a reasonable job marketing their organizations to the outside world, but recognize they are having a tougher time getting their own employee base on board.
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