Many CMOs (CMOs) do not take full advantage of the influence of social media on marketing, and all marketing functions do not fully recognize its impact. We are faced with a world in which transparency brought about by technology and technology is changing the market situation. Customers can quickly and easily communicate with the entire “influencer network†and friends, family, experts, or other reviewers can help them make decisions instantly. The popularity of mobile devices allows customers to make purchases or cancel purchases with just one button. All this will affect all aspects of the brand, and will give the power of shaping the brand more to the customer.
To learn more about the challenges faced by CMOs and how to deal with them, the Economist Intelligence Unit, together with the IBM Institute for Business Value, surveyed nearly 300 senior marketing executives.
Surveys by innovators and recipients indicate that CMOs have not responded positively to marketing in the next three to five years. For example, while most CMOs say they will use more data-driven tools, techniques, and analytics, 58% of respondents admit that their challenge is the lack of corresponding employee skills and technology (48%). Only a small percentage of CMOs believe that they need analytical skills (33%) or social media expertise (16%).
In fact, the full results of this research show that there may be a huge gap between innovators and recipients:
Innovators: This small group of CMOs will support a fully integrated marketing approach that uses cross-functional relationships and insight marketing to create the value of customer expectations and respond positively to brands and their value propositions. These CMOs will do their utmost to promote the traditional "4P" integrated marketing concept. Recognizing that channels such as social media have direct or indirect impact on many marketing decisions, these CMOs will actively track and evaluate data from digital channels to help them make 4P decisions. At the same time, they also recognize the need to promote the consistency of internal and external brand information.
Recipients: There are a large number of such CMOs and they are not leading the way in adapting and utilizing new marketing technologies. Despite a comprehensive understanding of new marketing techniques, they may have to work hard to solve problems at the implementation level. Due to lack of data, insight or other resources owned by innovators, it is difficult for recipients to actively formulate fully integrated marketing methods. Recipients may tend to (or be forced to) narrow their influence - focusing on promotions and products. In addition, if the recipients are less responsible for the price and location, they will find it difficult to effectively carry out integrated marketing activities.
In the face of a rapidly changing market, will CMOs retreat to their most advantageous areas or reshape themselves? How do they integrate and use all the advantages to implement a valuable marketing strategy?
Marketing or promotion?
The survey pointed out: At present, promotion is the area where the marketing function has the greatest influence; followed by the product, because promotion and product are the two most likely to be controlled in marketing. In contrast, a small percentage of respondents assume some or all of their responsibility for prices or locations, and a significant proportion of CMOs have almost no responsibility for prices or locations.
Some respondents stated that this imbalance of interest means that the 4P framework itself is outdated in the digital era. There is no doubt that in the digital environment, the 4P framework has become quite complicated. Take the iPad as an example: Its applications can influence or enhance existing products and services. Even the application itself is a product and service. iPad is also a sales channel, a promotional channel, and may even influence pricing strategies. However, it is somewhat oversimplified to say that 4P is outdated, because the basic requirement of responding to market demand in a unified and integrated manner still exists.
What will happen if marketing shifts more towards sales? Does the limited focus of marketing disrupt its value to the business? If the CMO loses certain responsibilities, who will take over these responsibilities?
Proficient or ignored?
CMO fully understands the great changes in customer initiative and the speed of market changes, but holds different opinions on the importance of certain trends.
The research obtained the following surprising results: Only 1/4 of CMOs regard social media as an influential driver in the next 3-5 years, and only 1/4 of CMOs believe that “the increase in channel and device selection†is very important. important. In addition, the level of readiness for companies with influential tools is uncertain: Only 50% of respondents who chose social media as a key driver said that they are prepared; in the selection of "increased channel and device choices. Of the respondents, only 38% believe they are ready.
This shows that many CMOs are still pondering how much trust and commitment should be given to each trend. In fact, more data shows that CMOs do not have a unified view of the risks and opportunities for social media or data sharing, and these seem to be key issues for business and marketing activities in the digital age.
The question is: If CMOs are uncertain about the priorities of certain trends, how long will they be able to determine later? How should they verify their assessment? What are the advantages or costs of delay?
Execution or just talking?
Even if CMOs can positively determine the priorities of the market trends they will respond to, they still need to formulate and implement effective countermeasures. For this reason, CMOs need to continuously interact with other functional departments within the company.
Research shows that CMOs maintain cooperative relationships with many functional departments. Most of the CMOs surveyed (63%) stated that sales are one of the three departments they deal with most often. The next most commonly mentioned relationship is the relationship with the CEO. Surprisingly, customer service ranks only third (34%), while business operations rank higher (28%). Only 24% (in the future this figure drops to 20%) respondents said that finance is one of the three departments they are currently dealing with most. It should be noted that respondents who see social media as a pure opportunity are more likely to work with the operations and finance departments - these functions are an integral part of the price and location elements in 4P.
The data shows that CMOs may not be fully prepared for effective action, and many people are not even sure what they really need. For example, compared to the number of people who value innovative thinking (47%) and leadership (41%), the proportion of people who think they need data analysis (33%) or social media expertise (16%) is particularly low. Although cost is a concern for marketing organizations when using technology, only 29% of respondents said that financial constraints have challenged the impact of new management trends. In addition, ROI (Return on Investment) responsibilities do not appear to be the top priority for many respondents.
There seems to be a disconnect between what CMOs have and what they need. So, if CMO's cross-functional relationship is limited to sales departments and CEOs, can they gather all the insights when making informed decisions? If measuring ROI is not a priority, how do they prioritize implementation, resources, and budgeting? Or their plan is just "do more for everything" to determine what works?
Marketing or external communication?
If the purpose of marketing is to fully realize its potential as a key enterprise sector, the role of employees and other relevant stakeholders in brand positioning cannot be ignored. Especially in the current transparent and interconnected world, customers can learn more about corporate information than ever before. If they do not approve of the behavior of the company or its employees, they also have the means to respond immediately. Therefore, "corporate personality" is becoming an increasingly important part of the brand.
Corporate personality refers to the basic principles followed by the daily behaviors of the company. It is an integral part of corporate values ​​and brand promises. For many CMOs, it brings more challenges and opportunities because employees are positioned as a brand communication channel. Of course, it also requires the marketing department to cultivate brand information internally while promoting brand information externally.
Although corporate personality is increasingly important for marketing strategies, only 45% of respondents stated that they will be responsible for or promote the development of corporate personality in the next 3-5 years. For large companies, this ratio has increased to 63%. The overall survey results show that for CMOs with innovative eagerness to have key strategies that they are eager to have and formulate, other CMOs seem to be willing to play an informed or influential role.
In the digital age, customers are quick and eager to communicate and conduct transactions in new ways. Many CMOs have quickly and even delightedly responded to the opportunities presented by the digital age. Although CMOs recognize the influence of market drivers such as customer initiative, they seem to be unclear about the importance, opportunities, and risks of each trend.
One thing is clear: CMOs must assess as accurately as possible the risks and opportunities presented by market drivers. For some CMOs, this means acquiring new resources and capabilities and may mean reshaping marketing functions. The biggest risk is that good decisions cannot be made quickly, and other CMOs have already made decisions, started executions and tried repeatedly.
To learn more about the challenges faced by CMOs and how to deal with them, the Economist Intelligence Unit, together with the IBM Institute for Business Value, surveyed nearly 300 senior marketing executives.
Surveys by innovators and recipients indicate that CMOs have not responded positively to marketing in the next three to five years. For example, while most CMOs say they will use more data-driven tools, techniques, and analytics, 58% of respondents admit that their challenge is the lack of corresponding employee skills and technology (48%). Only a small percentage of CMOs believe that they need analytical skills (33%) or social media expertise (16%).
In fact, the full results of this research show that there may be a huge gap between innovators and recipients:
Innovators: This small group of CMOs will support a fully integrated marketing approach that uses cross-functional relationships and insight marketing to create the value of customer expectations and respond positively to brands and their value propositions. These CMOs will do their utmost to promote the traditional "4P" integrated marketing concept. Recognizing that channels such as social media have direct or indirect impact on many marketing decisions, these CMOs will actively track and evaluate data from digital channels to help them make 4P decisions. At the same time, they also recognize the need to promote the consistency of internal and external brand information.
Recipients: There are a large number of such CMOs and they are not leading the way in adapting and utilizing new marketing technologies. Despite a comprehensive understanding of new marketing techniques, they may have to work hard to solve problems at the implementation level. Due to lack of data, insight or other resources owned by innovators, it is difficult for recipients to actively formulate fully integrated marketing methods. Recipients may tend to (or be forced to) narrow their influence - focusing on promotions and products. In addition, if the recipients are less responsible for the price and location, they will find it difficult to effectively carry out integrated marketing activities.
In the face of a rapidly changing market, will CMOs retreat to their most advantageous areas or reshape themselves? How do they integrate and use all the advantages to implement a valuable marketing strategy?
Marketing or promotion?
The survey pointed out: At present, promotion is the area where the marketing function has the greatest influence; followed by the product, because promotion and product are the two most likely to be controlled in marketing. In contrast, a small percentage of respondents assume some or all of their responsibility for prices or locations, and a significant proportion of CMOs have almost no responsibility for prices or locations.
Some respondents stated that this imbalance of interest means that the 4P framework itself is outdated in the digital era. There is no doubt that in the digital environment, the 4P framework has become quite complicated. Take the iPad as an example: Its applications can influence or enhance existing products and services. Even the application itself is a product and service. iPad is also a sales channel, a promotional channel, and may even influence pricing strategies. However, it is somewhat oversimplified to say that 4P is outdated, because the basic requirement of responding to market demand in a unified and integrated manner still exists.
What will happen if marketing shifts more towards sales? Does the limited focus of marketing disrupt its value to the business? If the CMO loses certain responsibilities, who will take over these responsibilities?
Proficient or ignored?
CMO fully understands the great changes in customer initiative and the speed of market changes, but holds different opinions on the importance of certain trends.
The research obtained the following surprising results: Only 1/4 of CMOs regard social media as an influential driver in the next 3-5 years, and only 1/4 of CMOs believe that “the increase in channel and device selection†is very important. important. In addition, the level of readiness for companies with influential tools is uncertain: Only 50% of respondents who chose social media as a key driver said that they are prepared; in the selection of "increased channel and device choices. Of the respondents, only 38% believe they are ready.
This shows that many CMOs are still pondering how much trust and commitment should be given to each trend. In fact, more data shows that CMOs do not have a unified view of the risks and opportunities for social media or data sharing, and these seem to be key issues for business and marketing activities in the digital age.
The question is: If CMOs are uncertain about the priorities of certain trends, how long will they be able to determine later? How should they verify their assessment? What are the advantages or costs of delay?
Execution or just talking?
Even if CMOs can positively determine the priorities of the market trends they will respond to, they still need to formulate and implement effective countermeasures. For this reason, CMOs need to continuously interact with other functional departments within the company.
Research shows that CMOs maintain cooperative relationships with many functional departments. Most of the CMOs surveyed (63%) stated that sales are one of the three departments they deal with most often. The next most commonly mentioned relationship is the relationship with the CEO. Surprisingly, customer service ranks only third (34%), while business operations rank higher (28%). Only 24% (in the future this figure drops to 20%) respondents said that finance is one of the three departments they are currently dealing with most. It should be noted that respondents who see social media as a pure opportunity are more likely to work with the operations and finance departments - these functions are an integral part of the price and location elements in 4P.
The data shows that CMOs may not be fully prepared for effective action, and many people are not even sure what they really need. For example, compared to the number of people who value innovative thinking (47%) and leadership (41%), the proportion of people who think they need data analysis (33%) or social media expertise (16%) is particularly low. Although cost is a concern for marketing organizations when using technology, only 29% of respondents said that financial constraints have challenged the impact of new management trends. In addition, ROI (Return on Investment) responsibilities do not appear to be the top priority for many respondents.
There seems to be a disconnect between what CMOs have and what they need. So, if CMO's cross-functional relationship is limited to sales departments and CEOs, can they gather all the insights when making informed decisions? If measuring ROI is not a priority, how do they prioritize implementation, resources, and budgeting? Or their plan is just "do more for everything" to determine what works?
Marketing or external communication?
If the purpose of marketing is to fully realize its potential as a key enterprise sector, the role of employees and other relevant stakeholders in brand positioning cannot be ignored. Especially in the current transparent and interconnected world, customers can learn more about corporate information than ever before. If they do not approve of the behavior of the company or its employees, they also have the means to respond immediately. Therefore, "corporate personality" is becoming an increasingly important part of the brand.
Corporate personality refers to the basic principles followed by the daily behaviors of the company. It is an integral part of corporate values ​​and brand promises. For many CMOs, it brings more challenges and opportunities because employees are positioned as a brand communication channel. Of course, it also requires the marketing department to cultivate brand information internally while promoting brand information externally.
Although corporate personality is increasingly important for marketing strategies, only 45% of respondents stated that they will be responsible for or promote the development of corporate personality in the next 3-5 years. For large companies, this ratio has increased to 63%. The overall survey results show that for CMOs with innovative eagerness to have key strategies that they are eager to have and formulate, other CMOs seem to be willing to play an informed or influential role.
In the digital age, customers are quick and eager to communicate and conduct transactions in new ways. Many CMOs have quickly and even delightedly responded to the opportunities presented by the digital age. Although CMOs recognize the influence of market drivers such as customer initiative, they seem to be unclear about the importance, opportunities, and risks of each trend.
One thing is clear: CMOs must assess as accurately as possible the risks and opportunities presented by market drivers. For some CMOs, this means acquiring new resources and capabilities and may mean reshaping marketing functions. The biggest risk is that good decisions cannot be made quickly, and other CMOs have already made decisions, started executions and tried repeatedly.
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