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Leading in a customer-centric world
The role of Chief Marketing Officers in the omnichannel era
Chief Marketing Officers (CMOs) may not be present at all leadership tables, but in a customer-centric omnichannel world, their role is becoming critical to success.
This article looks at how CMOs can bring customer insight into the Boardroom, and how the new-era CMO is making a strategic contribution to the bottom line.
Marketing has always had its eyes on the consumer but now whole businesses have this focus. Today’s consumer holds power – and Irish businesses are responding. Companies across sectors – in particular utilities, retail, and financial services – have developed omnichannel capabilities to service consumers, when, where and how they like. Irish businesses have followed this trend, increasing investment in omnichannel services in order to meet the needs of consumers looking to interact through Smart Phone, Tablet or Webchat – these channels have moved from being innovative towards a ‘license to operate’ necessity.
This shift centres attention on the rising role of Chief Marketing Officer (CMO). Customer data from omnichannel is at the CMO’s fingertips, providing an opportunity for the CMO to create or enable revenue growth. The new CMO is, as always, business savvy and creative, but is now also adept at obtaining customer insights from customer data, and using this to deliver against the bottom line.
Customer operations also now need CMO insight: not just for the CMO to improve marketing operations management, but to influence the way in which consumers are served across an integrated customer-centric organisation. The brand and customer experience is not a supporting business function – it is the business function.
Three key management challenges face CMOs:
- Solving the talent equation – finding the right mix of “new-marketers”, and attracting and retaining talent, is a perennial problem for new specialisms.
- Mastering the science of analytics – understanding, and using, data analytics will be key to a CMO’s success
- Ensuring a positive customer experience – shaping corporate strategy and operational activity, to ensure the customer experience is embedded in the business.
And as for how to face these challenges? Read on in the article for five tips to ensure that Chief Marketing Officers (CMOs), and their companies, are ready to win.
Deloitte Canada, a part of the Deloitte global network of firms, have provided this insight from their consumer business experience and a recent survey of CMOs conducted by the Deloitte Canada firm.