Is the Chief Growth Officer the new CMO?
Disruption is the new normal in almost every industry. In a recent survey by KPMG, 74% of CEOs stated that their organizations are actively disrupting the sector in which they operate, and 65% see disruption as an opportunity rather than a threat.
And more than any other executive, the CMO has been tasked with pursuing disruptive growth. In 50% of surveyed organizations, the CMO was identified as the executive most responsible for driving disruptive growth.
It is becoming clear that CMOs are expanding their responsibility outside of traditional marketing and beginning to focus more on driving growth for their organizations – they have become the new Chief Growth Officers for their organizations.
4 Signs that the CMO is the new Chief Growth Officer
Sign #1: The marketplace has changed
The conversation regarding whether the role of the CMO has changed wouldn’t even exist if it wasn’t for the dramatic alteration in the marketplace. Gone are the days where organizations and companies initiated the customer experience. The tables have turned.
With the dawn of the self-serve digital age, the consumer is in the driver’s seat. According to SiriusDecisions, approximately 67% of a buyer’s journey happens online before he/she ever contacts a company. And it’s not just the B2C consumer. B2B purchasers are beginning their buying experience this way too.
Source: eMarketer https://www.emarketer.com/Article/B2B-End-User-Buyers-Human-Too/1011423
To remain competitive as a result of this paradigm shift organizations must have an in-depth understanding of their customers like never before. And on whose shoulders does the responsibility for this task squarely sit--the Chief Marketing Officer.
Sign #2: Data, data and more data
In an effort to fine tune their customer experience by understanding as much as possible about their customers and their customers’ journeys, organizations are gathering reams of data like never before. Aggregating this data and making sense of it falls into the wheelhouse of the Chief Marketing Officer and his/her team.
Of course, harvesting all this data is only beneficial if it is mined for actionable insights. It is for this reason that many CMOs are collaborating with the CIOs in their companies to develop the infrastructure necessary to uncover these insights. Five years ago, research company Gartner predicted that by 2017 CMOs would be spending more on technology than CIOs. In an updated report, Gartner confirmed that this prediction has more or less come true.
Sign #3: Need for customer expertise
For those companies that have bought into the need to transform their organizations into a customer experience driven enterprise the expertise of the CMO will be required like never before. In fact, the role of the CMO will be redefined.
The CMO knows the customer like no other executive does. As a result, they will become the keeper of the customer experience; the voice of the customer during corporate decision-making meetings.
Without a doubt the CMO of customer-experience-focused companies will become highly influential in setting the customer strategy and vision. They will also be relied upon to play a lead role in mapping out how the experience will flow through the lifecycle of the customer journey at all touchpoints throughout the organization.
Sign #4: The pressure is on
One might think that the whole notion of companies transforming to a customer-experience-focused organization has been spearheaded by strong-willed CMOs, but it’s not just CMOs who believe a customer focus will have a substantial impact on the bottom line. In a recent study conducted by Marketo, 67% of business owners surveyed believe that by 2020 marketing will be a revenue generator for their organizations.
Are you up for the task?
If you’re a CMO you’re probably asking yourself, “Am I the type of CMO who will take on the challenges and responsibilities that will come with leading my organization through a customer experience transformation?”
To help you decide, review the following to determine whether you are a traditionalist, modernist or futurist CMO:
• Traditionalist CMO
The focus is largely on traditional marketing tactics such as brand management, public relations and content creation. The CEO relies on the traditionalist CMO to deliver brand awareness and customer acquisition.
• Modernist CMO
Focus on both the tactical and strategic objectives of the business and have a great voice in developing programs for existing customers as well as new customer acquisition. The CEO relies on the modernist CMO to deliver a personalized online and mobile experience.
• Futurist CMO
Focused on strategy and growth initiatives and believes that having a comprehensive customer experience strategy is key to delivering revenue growth for the business. The CEO relies on the futurist CMO for leading and driving strategic decision making across the business functions, driving customer experience, creating customer advocacy and delivering revenue.
Source: Whitepaper “The World of Marketing Has Changed. Has the CMO?” Quadient website resources.
Delve deeper in what will be required by the futurist CMO
Download a complimentary copy of the white paper “The World of Marketing Has Changed. Has the CMO?” by clicking here: https://de.quadient.com/resources/world-marketing-has-changed-has-cmo