The Chief Marketing Officer cannot avoid broader responsibility as the digital customer experience bursts traditional boundaries. IDC predicts that by 2020, marketing organizations will be radically reshaped. The core fabric of marketing execution will be ripped up and rewoven by data and marketing technology.
What actions will you take in 2014 to gain the most from this future opportunity? Here are the IDC CMO Advisory Service views on the long-term industry trends and new themes that may be on the horizon that will most impact the role of the CMO.
To hear more, listen to a replay
of our December 17th webinar.
- Prediction 1 – The CMO role becomes “open for definition” as today’s CMO job description becomes considerably more complex and critical.
- Prediction 2 – Innovative CMO and CIO pairs will throw out the rule book when it comes to IT’s support of Marketing
- Prediction 3 – By 2020, the Marketing function in leading companies will be radically reshaped into three organizational “systems” – content, channels, and consumption (data)
- Prediction 4 – The best marketers will understand that “Content Marketing” does not equal “Thought Leadership”
- Prediction 5 – Multi-channel coverage becomes an opportunity and a challenge area, as CMOs integrate media silos
- Prediction 6 – 80% of customer data will be wasted due to immature enterprise data “value chains”
- Prediction 7 – By the end of 2014, 60% of CMOs will have formal recruiting process for people with data skills
- Prediction 8 – Only 20% of marketers will receive formal training on analytics and customer data management
- Prediction 9 – Fragmented marketing IT point products and low adoption rate will inhibit companies’ ability to win customers
- Prediction 10 – Digital marketing investment will exceed 50% of total program budget by 2016
Most marketing organizations are organized around a set of silos based on specialized program functions within branding or demand generation. The skills, tools, and relationships needed to manage advertising, events, email, website, social, video production, technical writing, etc. are very different. The pressure and complexity involved in each area can easily turn them into organizational islands. They may each have their own databases, audiences, and reporting structures. They may be further fragmented when replicated across business units and geographies. While specialization is necessary and will only increase, the fragmentation and separation that typically accompany it can break down the customer experience, introduce inefficiencies and redundancies, and slow down the whole marketing operation.
The challenge is how to make strong sustainable connections between specialists so that new competencies can be acquired without the negative side effects. Data management and analytics have emerged as two key skills common to every marketing activity. These topics are ideal for bringing marketers together to share how each of their areas produces and consumes data and the models and tools they use to gain meaningful insights. IDC recommends marketing organizations conduct regular analytics knowledge jams to share competencies, resources, and insights. To cross train them on the many other functions that affect customer creation. Key objectives include:
- Provide visibility into how data is produced and consumed in other areas
- Improve data capture, quality, and usability
- Socialize important analytic models
- Provide a more holistic perspective on the customer experience
- Raise the overall data and analytics IQ of the marketing team
In each session, representatives from different groups share 15 minute presentations of what they are working on and how they use data and analytics. This will help combat the fragmentation brought on by specialization, reduce inefficiencies and redundancies, and make marketing more responsive.