The excerpt below is part two from the Economist Intelligence Unit report, Voice of the customer: Whose job is it, anyway?
Traditional marketing is obsolete, and many senior leadership teams have yet to come to grips with what the new model should look like. Our survey shows differences between CMOs and the rest of the C-suite over the priorities of the marketing function, its contribution to the business, and its ability to measure return on marketing (ROMI) investments. The C-suite priorities for the CMO — increase revenue, find new customers and improve the organization’s reputation — are formidable. Yet despite this accountability, the CMO’s role is viewed as strategic in only 61% of organizations and the CMO plays a leading role in formulating marketing strategy in just 53%.
We also see just how broad the CMO’s role has become. The CMO’s job description is as fluid as the marketing landscape he or she navigates. The CMO still oversees traditional marketing functions such as advertising, brand marketing, product marketing and communications. However, the current top areas for marketing investments — customer relationship management, brand advertising, collaboration tools and customer analytics — will morph significantly over the next three years where the focus is primarily on understanding and interacting with the customer. This shift offers a clear indication of the rising importance of the voice of the customer.
But the rise of digital marketing channels — online, social and mobile — and a new customer sovereignty, fuelled by increased access to information about their choices, has added new layers of complexity on top of these traditional activities.
More to come in part 3, or you can check out the full report on the EIU website.