The marketing team’s role within a company, particularly that of the CMO, has evolved drastically over the last year. Being able to market in its most traditional sense is no longer the key: businesses expect marketers to become digital and technology leaders.
The marketing department now consists of technology builders, who have to create new channels (websites, mobile apps, Facebook apps, etc), implement new tracking systems (marketing automation, CRMs, mobile analytics) and integrate these into their customers’ experiences. More importantly, they have to quantify each step of the marketing funnel.
Taking the Marketing Tech Plunge
As Gartner Research frequently points out “Technology is the heart of Marketing, and CMOs will outspend their company’s CIO by 2017.” This new responsibility requires approaching the job in a completely different manner -- the success of their business depends on it. To start on their role as technology builders, CMOs have to:
- Find the right technology provider who’s nimble
- Ensure they can easily fire the technology provider just as they could their ad agency
- Build in performance goals for the technology provider
- Rely on the CIO to drive the technology purchasing decision
- Make key decisions by extensively kicking the tires of these technologies. (Note: To this day, it still surprises how many technology providers do not have sandboxes or a demo product for CMOs to properly evaluate their products.)
Marketing will have to quarterback the technology acquisition and licensing process for their companies. To accomplish this, they will need to:
- Sync up with the company’s business goals
- Prioritize and identify the critical few projects
- Facilitate projects and communications between marketing and IT
- Prioritize funding for marketing technologies
- Select, evaluate and choose technology providers
- Define success for these providers (hold them accountable)
- Design and implement technology, keeping digital business models in mind
- Plan ongoing reviews of the technology provider and set goals
- Push the technology provider for continuous improvements to the technology
But IBM’s CMO study (registration required) found many barriers to adopting technology:
None of these points take into account the capability technology provides to improve the overall customer experience or extract actionable data. Marketers need to carefully consider how implementing a new marketing system impacts people visiting their site. This needs to be carefully examined by capturing VOC (Voice of the Customer) and looking closely at data.
Another area that surprises me is how few focus on lifetime value or retention. As eMarketer shows below, there tends to be a focus on one time activities (campaign tracking) and brand analysis (which does focus on customers behaviors and competitive intelligence).
Understanding of customers data fuels marketing organizations. Since marketing is now a key for major technology buyers, CMOs need to know how to evaluate, implement and leverage new systems. Technology impacts all parts of marketing.
To get marketing departments ready for this change CMOs will have to: