Earlier this month, CMO Club and Salesforce ExactTarget Marketing Cloud released a report that identifies 5 key priorities for CMOs, Bridging the Digital Divide: How CMOs Can Rise to Meet Five Expanding Expectations. Findings were based on a survey of 228 global marketing leaders, conducted by Deloitte.
What story does the report tell? In short, the marketing department’s roles and responsibilities are rapidly evolving, and top metrics for CMOs now focus on proven revenue growth.
Below is a summary of a few of key findings. Fill in the blank to compare your own organization:
“Today’s CMO must …”
Enable topline revenue growth.
53% of CMOs surveyed felt increased pressure to enable revenue growth, which is noted as the biggest change to responsibilities over the past few years.
Own the customer experience.
As marketing gains greater ownership of digital communication channels—social, mobile and web—teams must recognize the need to collaborate across the organization. The customer experience does not exist in a silo, and neither should an organization’s communications. If marketing wants to own the customer experience, it will require collaboration across the organization—marketing, customer service, sales and product development teams.
38% of CMOs surveyed name an increased role in customer service as an opportunity for growth and a current challenge, but 23% don’t feel prepared to take on an increased role across customer service.
Dig into data-based insights.
Are marketing campaigns working? CMOs must be able to clearly identify results of activities, and more importantly put those insights into action—revamping activities based on performance. According to the report, 61% of CMOs say data acquisition is their top internal marketing priority for 2014, yet 52% CMOs report needing team members with analytics expertise.
Operate in real time.
59% of CMOs named “flexible and agile marketing processes” as a top internal marketing priority, with greater focus on delivering more real-time, personalized, one-on-one customer facing communications (via personalization and marketing automation). Currently, only 16% surveyed frequently use web personalization.
Master the metrics that matter.
As we’ve said on the Marketing Score blog, for marketing to own its seat at the executive table, it must speak in terms of metrics that matter to the entire C-suite. 53% of CMOs surveyed said ROI was their top metric (what exactly defines ROI, however, is up for debate). The report’s next leading metrics include engagement rate in terms of opens or clicks (42%); conversion rate (39%); marketing qualified leads (36%); and so on.
For details, download the full report, or check out the highlights in the presentation below: