Oversight over insight

Oversight over insight

Given how the role of marketing has evolved in recent years to include, and emphasize, all things related to the customer, one might think the chief marketing officer is the executive best placed to lead insights for the organization. And yet, according to results from The CMO Survey, barely more than half of marketing leaders surveyed (57%) indicate the marketing function is primarily responsible for insights at their companies.

This may become a larger challenge as some brands continue to invest in integrated cross-channel experiences and are finding mixed success – especially in understanding how best to track and engage customers across their brand journey (only 40% have successfully done this according to The CMO Survey). However, the dynamics of what constitutes ownership does not need to be the internal struggle it may sound like. Activating the real value of customer data can come from CMOs partnering cross-functionally to better curate and collate the most meaningful data into customer insights other areas of the business can use to improve processes and the experiences it delivers to consumers.

In other words, instead of worrying about who owns customer insight management, CMOs could be better served to think of the marketing function as the insights steward for the organization. Rather than protecting customer data, think about how marketing can help democratize data access (and aid in the interpretation and storytelling of the data) across the enterprise so all functions can benefit.

This is all easy to say and far more difficult to do. But there are strategies CMOs might consider that can add value to the organization through insights:

• Lean on your strengths as a marketer to bring others along for the ride
  No other executive has the customer expertise the CMO has, and no other function can tell a story the way marketing can. Use these superpowers to digest, analyze, and interpret customer signals and then share it. Share it with everyone. Bring others in. Hold roundtables, attend meetings, set up lunch and learns. Provide the customer information that nobody else will, in a way that nobody else can.
• Encourage your team to build relationships with their cross-functional counterparts and truly understand the outcomes they’re looking to achieve
  Organizations can be enhanced when everyone is comfortable understanding, analyzing, and leveraging data for decision making at the same level. The value of these insights can be maximized more when that information is shared and gaps are identified. When organizations are built on business units, geography, or some other identifier, walls tend to come up between these areas and shadow organizations arise for workstreams like insights. Raze these walls by connecting stakeholders across the enterprise. Build a culture of collaboration, led by marketing, by understanding what other functions are working on – and how they measure success – to then apply the most relevant customer insight on their behalf.
• Take a broader view of insights by thinking outside the (organizational) box
  Generating insights from interactions a company has with its customers is important, but it is only part of the overarching insights equation. Just as consumers consider a multitude of attributes and competitors when making a purchase decision, so too might CMOs expand the way they approach insights. For example, if a company’s data is showing a decline in digital traffic that is contributing to lower revenue, it might conclude there is something wrong with its digital experience. However, a more holistic insight would review digital traffic across the industry, or that a key competitor recently ran a series of promotions. If that company’s market share is holding steady, the conclusion could be that it is maintaining its share of a shrinking pie due to other factors impacting the industry at-large. These insights can come to the surface when external data sources are built into the fabric of analysis.
• Enhance interpretation through a culture of curious inspection
  In the modern business world, there is always going to be more data an organization can acquire, which has made it table stakes to have a robust data strategy. However, it is critical that marketers not fall into the trap of seeking out more data for the sake of it. Where marketing can really add value is through interpreting this data in a way that leads to actionable insights for the organization. The good news is this is an area in which most marketers excel. According to The CMO Survey, 68% of respondents agree that marketing “offers a strong interpretation of customer insights important to growth.” But 68% is far from comprehensive, and interpretation can be something of a moving target given the ever-increasing pace of change. CMOs can represent and build a culture of customer advocacy, curiosity, and thorough inspection. CMOs could hire for these skills but, importantly, these skills can also be taught. Conduct trainings, bring in experts, talk to customers. Never stop being curious.

While the CMO is likely the executive best suited to lead customer insight management, every function can benefit from a better understanding of the customer and how they interact with a brand. For CMOs looking to maximize the impact of insights, focus on building coalitions, sharing information, spreading investment, and imparting knowledge. The result could be more relevant data, higher quality insights, greater efficiency and, ultimately, an improved customer experience.