This week's CMO Perspectives focuses on the concept of customer centricity. If at one time branding was the new black, now customer centricity is all the rage among today's thought leaders. Traditional outbound marketing concepts are old hat, according to the authors, and are rapidly being replaced by enormous receptivity achieved through the precision tools of big data and analytics.
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Analytics Is a CMO's Best Friend
Being a CMO is a very tough job. CMOs have the shortest job tenure in the C-suite, at about two to three years, according to Gartner Research Director, Gareth Herschel.
Analytics can help a CMO with three aspects of their work: improving measurement, improving performance, and business innovation. Branding is no longer sufficient. CMOs need to offer awesome customer experiences. One of the most exciting applications of analytics is that it offers serendipitous insights: "Customers who are “X” are likely to purchase “Y” and this can lead the company on the path to innovation.
The Myth of the Customer-Centric CMO
This article, by Kevin Claveria of Vision Critical, creates a taxonomy of the three kinds of CMOs. There are the Traditionalists (37% of those surveyed), the Social Strategists (33 %) and the Digital Pacesetters (30 %).
Only the third category, the Digital Pacesetters, can be truly described as customer-centric, and they accomplish this through four habits.
1. They create value for customers at every step of the customer journey.
2. They collaborate with customers.
3. They connect the dots. Top CMOs look at the entire customer experience instead of focusing on just one channel.
4. They use their increasing influence to advocate for the customer in the boardroom.
Marketing's Age of Relevance: How to Read and React to Customer Signals
The author of this article starts out by saying that two traditional marketing concepts – the funnel and the calendar – are dead.
The funnel – the classic linear progression in which customers narrow their buying options as they advance from product awareness to purchase – is becoming a lot less relevant because customers are engaging in a much more interactive and dynamic decision journey.
The author claims that calendars are outdated, because today we have much more precise tools to identify and personalize what the customer is interested in at a specific point in time.
Bridging the CMO and CIO Gap
It's become almost a cliché of the business world: the disconnect between CMOs and CIOs. There's been improvement recently. The article reports that this year, in a survey by Accenture, 83 % of IT executives say they need to align and interact with marketing and only 69 % of their marketing counterparts feel the same way.
"Historically, there has been a huge disconnect between CMOs and CIOs, but what will bring them together is rallying around the customer and putting customer centric thinking at the core of the business," says Glen Hartman, global managing director of Digital Transformation for Accenture Interactive. We recommend this article to learn more about how to bring these two departments together.
We hope you enjoyed our picks and bookmarked a few articles for future reference. Please don’t forget to share the buzz with other CX professionals.
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