CMOs across all industries are expected to stay up-to-date on trends that tie into the customer experience. With that in mind, we put together a list of insightful articles with CMOs in mind. In this week’s installment, we placed focus on topics such as customer retention, collaboration between departments, and digital transformations.
These articles offer a great deal of knowledge for everyone to pick up on. Please share this collection with other CMOs, executives, or any decision-maker who would benefit from the contents.
Let us know your thoughts by commenting below, or reach out on Twitter: @NICE_Enterprise.
How a CEO Sets Up The CMO For Success [mckinseyonmarketingandsales.com]
In this article, Erwin van Laethem, the CEO of Dutch energy company Essent explains how marketing helped lead a commercial transformation thanks to what he did to set his CMO up to succeed.
Cross-functional collaboration between different departments served as the key to success. Everyone holds a piece of the puzzle, and the main task is to create an environment to connect the pieces. He also emphasizes the important for the CEO and CMO to have mutual respect for one another. Once they are able to communicate a shared vision, it will be much easier to mobilize the whole organization toward a common purpose.
88% Of Organizations Are Undergoing A ‘Digital Transformation’ [SearchEngineJournal.com]
88% of organizations surveyed by Brian Solis of Altimeter Group reported to be in the middle of a digital transformation. But what is a digital transformation?
It typically means something different to each company. According to the Altimeter Group, “digital transformation” refers to “the realignment of, or new investment in technology and business models to more effectively engage digital customers at every touchpoint in the customer experience lifecycle.” The most successful companies placed focus on social media, followed by mobile and search. Benefits of digital transformation include a lift in engagement, increased customer satisfaction, increased lead gen/sales, greater conversions, and higher traffic.
Customer Retention: Increase Your Profits By 95% [conversioner.com]
Companies are beginning to realize that in average, it costs 5 times more to acquire new customers than it does to keep current ones. But before jumping into customer retention campaigns, it’s important to measure and understand the customer lifetime value. This helps define a set of goals before acting on them.
The customer retention process is not a one-shot-deal. It’s an ongoing process that’s meant to bring back unsatisfied customers, increase new clients, and increase sales.
Connecting With Your Customer [linkis.com]
This articles features a video interview with Ted Rubin. Ted is globally recognized as the most followed CMO on Twitter, and is the author of the international bestseller, Return on Relationship.
In the interview, Ted discusses his belief that the key to continued success for any brand is identifying with the customer. He emphasized the importance of listening to what customers have to say on social media, and adjusting messages accordingly to make it more relevant to customers. He claims that “...brand loyalty declines due to lack of relevance… a direct result of not listening.” Companies are expected to understand their customers while staying true to core beliefs.
Are You The One Executive Out Of Ten Who Isn’t Clueless? [forbes.com]
According to The Economist’s Intelligence Unit, executives claim to like data-driven approaches. However, only one out of ten would do what the data suggests if it happens to contradict his or her opinions - an example of what psychologists call “confirmation bias.” These executives are wired to embrace new information that agrees with their beliefs, and rejects anything that contradicts them. 87% of those executives said they would re-analyze such data, or try to get more data that would support their case. 3% admitted to completely ignore the contradictory data.
The moral of this article is that intuition is a very useful tool, but it shouldn’t be used to reject data that doesn’t support it. It would be best for CMOs and executives to base their decisions on actual data.
CMOs understand the need to be on top of industry-related content, and they do so by following industry blogs and CMO-influencers across social media. This collection is meant to serve as an additional reference for CMOs to gain insight from. We hope you found inspiration in this week’s edition of CMO Perspectives. Please comment below, or tweet us if you would like next week’s edition to cover any other industry-related topic of interest.