The average tenure of a Fortune Global 500 CMO has been compared to the lifespan of a fruit fly. Why is the position so precarious?
In a recent article for Chief Marketer, Wilson Raj, SAS Global Customer Intelligence Director, tackles this question and offers a solution: Evolve. Become a new breed of CMO – one who recognizes big data as the fundamental consequence of our new market landscape, and takes advantage of it with high-performance analytics.
Raj makes a strong case that CMOs who adopt an integrated marketing management strategy with big data can make a substantial impact in these four key areas:
1. Customer experience
In the past, marketers analyzed customer feedback with minimal consideration of operational and financial data. Big data offers rich insight unachievable by examining customer feedback data alone.
For instance, CMOs can use operational data in call centers (e.g., wait times or time to resolution) to improve the customer experience across channels. Operational data can also reveal training opportunities to enable front line staff to deliver better service.
2. Customer engagement
To engage your customers successfully, you must know who they are, where they are, what they want and when they want it – across all channels.
This is a huge challenge for marketers, but with big data analytics CMOs can exert tremendous influence on customer engagement. They can find out what needs to change to achieve positive customer engagements, and, better still, what customers want.
3. Customer retention and loyalty
Big data lets marketers augment existing customer touch points and anticipate new ones to keep valuable customers loyal in a brand-fickle world. Further, big data analytics can help CMOs allocate resources to drive revenue through successful loyalty initiatives.
4. Marketing optimization/performance
As marketers shift budgets from traditional to digital marketing channels (email, social media, search engine optimization, display advertising and mobile), CMOs need to know the optimal marketing spend across multiple channels. With big data, CMOs can continuously optimize marketing programs through testing, measurement and analysis. With a test-and-learn approach, CMOs can deliver on the key determinant of longevity: return on investment.
The bottom line: CMOs who capitalize on big data will reap big rewards, both personally and professionally.