CMOs Are Not as Prepared As they Thought
It seems CMOs are not as prepared as they had thought and the data explosion and rate of change is occurring faster than they can cope with it. That said, they nonetheless expect to introduce a number of digital marketing technologies over the next three to five years. Approximately 80 percent of the CMOs planned to implement one of more of the following targeted technologies:
- Advanced, predictive analytics (for deep customer insight)
- Mobile applications
- Customer relationship management
- Collaboration tools
- Content management
- Search engine optimization
- Reputation management
The IBM study also found that CMOs that collaborated closely with customers outperformed those that did not. Success will require a clear vision and strategy that provides customers real value. It is the customer value component that takes the above list of technologies and changes them from just IT statements to collaborative tools that converts customers to colleagues and builds a two-way dialog.
This has been the challenge most CMOs and IT executives have not been able to deliver on. Furthermore, the markets do not sit still, so enterprises must have agile processes and technology to keep pace with the ever-changing user desires and expectations.
A Call to Arms
The challenge is constructing a team consisting of a visionary that detects the market’s future pulse, a strategist that creates an effective strategy and implementers that deliver business solutions that has real value and is loved by its users. And to make the true test of company capabilities more difficult, it must be executed quickly and be agile enough to be modified over time to keep pace with the ongoing market changes.
One way for executives to see the future is to look beyond one’s own and into other industries. Surprisingly most do not but stay siloed in their own domains. However, each industry has tackled different components and there are many samples of good working solutions in other sectors that can be identified and incorporated within one’s organization.
In addition, there may be cloud solutions already existent that can be tailored to the company’s needs quite quickly as a pilot, interim or long-term solution. The Not-Invented-Here (NIH) syndrome is a killer and must be avoided at all costs.
CEOs and CMOs can transform their corporate destinies if they can properly harness the new information technologies, modify the corporate culture, and adopt the new processes that resonate with users. This will not be easy and there will be many failed initiatives as a result, which will discourage executives and slow adoption. However, business and IT executives should not expect a perfect batting average but should pilot a number of innovative offerings with the aim of hitting some singles and possibly a home run along with the strike outs.
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