The role of the chief marketing officer has dramatically changed in the last decade. The rise of mobile, social and cloud technologies have forced the CMO role and the marketing function in general to evolve as the wide adoption of these trends increasingly empowers customers.
And as the following articles show, CMOs are now expected to listen to customers. With the availability of various customer intelligence tools such as insight communities, there simply isn't an excuse not to listen - with the resulting customer perspectives helping to a wide array of marketing strategies & tactics.
So, what does is take to be an effective, modern-day CMO? Here are 4 perspectives on what is required from this the role today.
1. CMOs embrace long-term customer relationships.
Traditionally, CMOs have focused on driving sales growth and creating mass-media campaigns that move customers to purchase. However, in the age of content marketing and social networks, the new marketing landscape as a whole centers mainly on relationships.
Therefore, the approach to marketing to audiences must shift from short-term sales and revenue to a long-term relationship and loyalty-building approach. Customers who have a relationship with your brand are likely to remain loyal and to influence others for years to come, thus making the effort worth it. - Jose Sanchez, CMO.com
Today's CMO needs to shift thinking to a "long-term relationship and loyalty-building approach - @joesanchezr. (CLICK TO TWEET)
2. They look for big insights, not big data.
To show how good marketing can be using data, [Unilever CMO Keith] Weed showed the case video for the 2013-launched "All Things Hair" - a partnership with Google to predict hair trends three months before they take off and producing a YouTube channel dedicated to hair tips.
"This is a really cool application of big data. We talk about big data, but it's actually big insights," he said. But it was only possible because Unilever was working with one partner, Google and one media channel, YouTube. - David Brown, Marketing Magazine
"We talk about big data, but it's actually big insights." - @keithweed (CLICK TO TWEET)
3. They take an entrepreneurial approach.
The modern CMO is a data scientist, a social media whiz and has only one thing in mind - customers. In today's customer-centric world, CMOs have more power to drive the success of a business than ever before. That's why this new CMO is also visionary, a goal-setter and a forward thinker. In many ways, the modern day CMO is like an entrepreneur and as a former entrepreneur, I believe that the best CMOs either come from an entrepreneurial background or have that mindset going into the CMO role. - Tyler Douglas of Vision Critical, FORBES
The best CMOs come from an entrepreneurial background or have that mindset going into the role - @TylerDouglas (CLICK TO TWEET)
4. They use customer insight as guide and measure ROI on marketing spend.
The trends are fairly clear and for us are very similar to many other large, consumer-facing businesses. There is a noticeable shift from the traditional high-spend category, which is TV, and in particular toward what we'd broadly call "digital," whether that's through mobile or through Internet. It's a measured switch, so it's not hugely dramatic but it has been the trend now for a number of years. Part of how we decide how we allocate our media is we have fairly sophisticated ways of measuring our return on marketing spend, which helps us best analyze the most effective way and medium in which to spend our marketing dollars. We're guided by consumer data and it helps give us the confidence to invest where the consumer is going. - McDonald's Global Chief Brand Officer Steve Easterbrook speaking to the Wall Street Journal
To decide on media mix, @McDonaldsCorp measures "return on marketing spend" and uses customer data to guide strategy. (CLICK TO TWEET)
How do you see the CMO role evolving in the future? Share your perspective below or tweet us at @VisionCritical.