Today we are digitally connected, socially networked, and better informed. Customers live “in the moment,” interacting with friends and sharing their views with hundreds of thousands of fellow customers. They are changing the rules of engagement, and through that, becoming more empowered to make or break brands overnight. This data explosion inside and outside the organization plus channel and device proliferation, creates turbulence that impacts every CMO. This leads to a ripple effect, necessitating that marketing departments become more technology-enabled and make the right investments in IT.
The data explosion is both a challenge and an opportunity. For every CMO at every company, the customer is crucial and the customer relationship matters most. It’s a daunting task to manage big data, as well as analyze, interpret, and draw insights to frame meaningful decisions. The complexities multiply as the empowerment of the consumer rises. Therefore, this shift in the marketing landscape requires greater collaboration between the CMO and CIO.
Creating synergies: Customer insight, intimacy and engagement
For every CMO, customer insight, intimacy, and engagement are at the top of the agenda. CMOs must understand the empowered consumers – who they are, what they do, and how they do it:
- Who these customers are (by age, location, income, and other variables);
- What they want (in terms of how they consume information and make decisions);
- How they would like to interact.
Today it’s not just about understanding the consumer’s preferences; it’s also about engaging consumers 1:1 across every channel and device. Consumers know brands, not channels – which means the purchase path is not linear, and new touch points are emerging everywhere. This leads to an increasingly complex buying journey, and consumers expect each interaction to be relevant, engaging, innovative, convenient, and reliable.
That’s why CMOs need to unlock the secrets of big data, using not just traditional data sources, but also new ones. Successful marketing organizations will distill that data into actionable information and formulate the right strategy. Query your data and harvest it, and you’ll get new insights that translate into competitive advantage.
Fifty-nine percent of customers (according to American Express Global Customer Barometer) say they are willing to try a new brand to get better customer service. So successful companies will proactively identify prospects, engage them early in their customer journey, consistently meet their expectations along the way, and earn their loyalty and trust through exemplary service. In turn, those companies will find that those prospects become more than just customers; they will become active promoters.
To capture, synthesize, catalog, analyze, and predict big data requires a technology platform with the right analytical tools for the types of personas that exist in the marketing organization. The CMO must make technology investments and implementation decisions, which may be unfamiliar territory for many CMOs. More than ever, the CMO and CIO must collaborate so that the CIO and his/her team maintain the data platform, and the CMO and his/her marketing organization leverage a variety of analytical tools to address the triple agenda of customer insight, intimacy, and engagement.
Learn more about:
Collaboration between the CMO and CIO – Learn how you can manage Big Data to run simple and create innovative solutions.
Running your business in real time – Learn how you can accelerate knowledge to provide simple insight into every business question, and every business process.
Want more customer strategies that work in today’s hyper-connected world? See How to Deliver a Coordinated Customer Experience across Every Channel.