“Chief Marketing Officers have one of the riskiest roles in the C-suite, with most staying in office only 4.1 years on average.” – a study done by Korn Ferry Institute suggests.
Diminishing budgets and higher performance expectations are compelling the visionary CMO to transform their organizations into high-value marketing engines that deliver an extraordinary brand experience at every stage of the customer journey.
A study done by TCS reveals interesting insights into how more than 500 enterprise CMOs in North America and Europe are creating impactful brand experiences for their audiences using digital technologies. With personalization that delivers customized, relevant messages for multichannel marketing campaigns for now and in the future they are leading the way for many other CMOs.
Personalizing the Entire Brand Experience
The key differentiator between the top CMOs and the ones who are struggling is the focus on creating a “personalized brand experience” for consumers. The report highlights what leaders do differently from their followers. Following are the main differentiators:
- The channels they use (both digital and non-digital), and the innovative ways they use those channels.
- The customer data they collect, and how they use it to personalize communications.
- The proficiency with analytics technologies used to identify prospects and personalize communications.
- The level of automation for key aspects of marketing, how much of that technology is in the cloud, and plans for the future.
- How adept are they at personalizing and up-leveling a dynamic brand experience
The Big Reveal: Hidden Marketing Opportunities for CMOs
Only 19% of B2B marketers create content across every stage of the brand experience. Most Marketers limit their focus to spreading awareness. Also, most modern marketers state that their organizations are, and should be involved, in the entire brand experience.
The study results reveal that most CMOs act very differently. In fact, all 516 of the CMOs surveyed are involved in their companies’ efforts to generate awareness of their company’s brand, products, and services among potential customers—but this participation drops considerably in the subsequent stages.
When “Personalising the entire brand experience” is the goal and something that makes you win, marketers cannot afford to be involved just at the “awareness” stage. They must get deeply involved in creating strategies to enhance the brand experience for their consumers.
What Leaders Do Differently
According to interviews with leading CMOs, not creating content across the entire brand experience is a missed opportunity. They contend that marketing must be embedded across all four stages for it to succeed, particularly now that consumers with legions of social media followers can have a big impact on a brand’s image. At these top-performing companies, more functions are falling under the marketing umbrella.
Marketing Can Lead the Way to Better Business Performance.
“Our marketing team handles pricing, product positioning, collateral production (internal and external), and training and learning…We also have a big influence on new product development.” — a senior marketing executive at a large travel management service company said.
68% of the respondents believe that by 2020 digital personalization of communications will be more important for attracting new customers than for keeping and cross-selling to existing customers.
Digital Channels Dominate awareness campaigns.
The study results show that a higher percentage of companies are using four primary digital channels (their company websites, digital media ads, online video sites, and email marketing) to generate initial awareness with target customers than are using non-digital channels (including broadcast and print media ads). But, consumer companies still heavily rely on traditional channels such as print and broadcast media advertising.
In the rapidly changing world, personalizing the entire brand experience is the most important priority for top CMOs.
The TCS 2019 Chief Marketing Officer Study – https://sites.tcs.com/bts/wp-content/uploads/TCS_2019_CMO_Study-STAGE_1.pdf
Korn Ferry Institute study of the 1,000 largest U.S. companies by revenue, conducted in late 2016. – https://www.kornferry. com/press/age-and-tenure-in-the-c-suite-korn-ferry-institute-study-reveals-trends-by-title-and-industry