How Today Digital Marketing Organization on Turning Point for Big Changes
How Today Digital Marketing Organization on Turning Point Changes
The explosive growth of digital
marketing is driving a significant organizational transformation in which chief
marketing officers (CMOs) can redefine and elevate their role as never before. Today’s
CMOs now have a broadest of tools to impact and optimize customer experiences
and ultimately drive revenue for their company And thanks to recent advances in
closed-loop marketing, CMOs can measure and demonstrate the effectiveness of
their digital marketing efforts in terms of customer acquisition, customer
retention, and revenue growth. His level of measurement is transforming the
role of the CMO within organizations, paving the way for“21st-century CMOs”
whose tenure is on the rise as they become an indispensable asset to companies.
In fact, according to a 2010
Spencer Stuart survey, the average CMO tenure has risen nearly 50% in the past
two years, from 23.2 months to over 34 months. Today’s 21st-century CMOs are
pursuing digital marketing across a large number of channels simultaneously.
As they do, they leverage the
capabilities inherent in next-generation web content management (WCM) platforms
to strike a balance between two conflicting goals: to spread branding and
messaging as widely as possible, and to maintain control over their content as
they deliver branding and experiences appropriate teach unique channel.
His paper highlights the advances
in closed-loop marketing that enable measurement and optimization of digital
marketing efforts. It also describes the challenges that CMOs face when
pursuing digital marketing strategies and how next-generation WCM solutions
help CMOs overcome those challenges.
Demonstrating CMOs top-line
contribution
As recently as 2008, the average
CMO tenure was less than two years, due in large part to the inability of Cost
clearly identify and articulate marketing’s role and to prove its value to the
organization (from Brand week ), “CMOs Are Staying in Jobs Longer,” June 25,
2010). This shortcoming has helped fuel the popular belief that marketing is
not as critical to business operations as sales, engineering, or finance. In
fact, the results of recent Forrester Research survey, “Corporate Marketing:
Does It Matter?”, reveal that fewer than 50% of marketers view themselves as
responsible for increasing top-line growth or increasing profitability.
But recent advances in
closed-loop marketing are enabling CMOs to significantly raise the level of
understanding regarding the origin and quality of sales leads developed by
marketing, providing organizations with quantifiable business results that can
either indemnify or indict a CMO. The following capabilities provide MOs with a
wealth of data for measuring digital marketing results—everything needed to
engage a prospect and move them through the sales funnel:
• Multichannel campaign
management
• Campaign and email analytics,
such as opens, bounces, click-through
• Multivariate testing
• Landing page optimization
• Email marketing and analytics with
results in hand, CMOs have begun to step into the spotlight., As more and more organizations recognize the
growing impact of CMO performance on their bottom line, CMOs are seeing their
performance evaluations aligned more tightly to revenue.
Digital marketing: Addressing and re-addressing customers
Digital marketing essentially
transforms marketing from a transaction-based monologue to an interactive
conversation with customers and prospects taking place on any digital media, be
it a smartphone, table device, kiosk, computer, or television. If done in an
integrated and methodical manner, digital marketing can help marketers grow
their pipelines with more of today’s savvy digital channel customers who seek
to be engaged, rather than merely sold to, by vendors.
Addressing and re-addressing the customer is key to success.
For digital marketing efforts to succeed, cozened
to focus on the manner in which they address their customers across the
differing online channels. Not all channels are the same. For example,
customers using tablet devices might be drawn to an interactive, game-styled
promotion while computer-centered customers seek in-depth educational
materials.
The challenge for CMOs is to maintain consistent branding and
messaging while delivering channel-appropriate experiences that engage each
distinct audience. Having the right tools and processes in place to control and
improve the user experience in each channel is essential. In essence, a
multichannel engagement system—or next-generation WCM—is required to fulfill
the digital marketing goals of 21st-century CMOs.
CMOs that do not embrace the
benefits of interactive and closed-loop marketing will struggle to compete with
their peers and can expect short tenures. Jeff Bell, vice president of global
marketing at Microsoft’s Interactive Entertainment Business, foresaw this trend
years ago. According to Bell, “The shorter tenure is in part reflection of the
change from failing traditional-marketing approaches to less-defined and more dynamic
approaches. Clearly the skill set of CMOs is changing from ‘TV, TV and more TV’
to interactive media.”
But even the savviest CMOs face
tremendous challenges when implementing digital marketing programs. Firsthand
foremost, they are charged with numerous responsibilities that detract from
digital marketing efforts, namely the critical activities listed in the
following table.
Marketing must usually manage the applications and external
vendors that support these activities, which means overseeing a disparate set
of systems and vendors to get the job done. The list can be quite daunting, and
includes everything from marketing automation and business intelligence
software to providers of customer data and event-triggered marketing.