How CMOs Are Gearing Up for a Data Explosion
The emergence of big data and other technology disruptions is putting pressure on chief marketing officers (CMOs) to rethink their strategic direction, according to a recent survey from IBM's Institute for Business Value. The accompanying report, "Redefining Markets: Insights from the Global C-Suite Study - The CMO Perspective," indicates that only a minority of CMOs feel prepared to deal with the current data explosion. They also realize that technologies such as the cloud, mobility, social media and the Internet of things (IoT) have just begun to make an impact, and their potential is enormous. In response, CMOs are striving to boost the digital literacy of their team members. In addition, they'll seek tech solutions that help them better map the consumer journey and otherwise enhance interactions with customers. It's the best way, they've concluded, to compete in a rapidly evolving global marketplace. "CMOs know they need to prepare for a future in which disruption is pervasive: a future in which technological advances are increasingly blurring the distinctions between different industries, [as] new competitors are emerging from left field and value resides in the entire arc of customer engagement," according to the report. CMOs must "use data-driven decision making to deliver customer experiences that are personalized, relevant and timely—on a large scale." The report draws comparisons between CMOs who are considered digital "torchbearers" and those who are considered "market followers," and we've included some of those here. More than 720 global CMOs took part in the research.