A recent report by The Economist Intelligence Unit called “Visions in Marketing” highlights the innovations in Marketing, marketing strategy and the practical applications of those marketing strategies in forward-thinking companies
And the role of the CMO “will evolve in response to changes in their business models, the ability to access ever-growing markets and a more detailed understanding of the customer than ever before.”
Marketers of the future will be revenue drivers and will have greater influence across the business. They will define, not just what the company says in its marketing messages, but also what the company makes. And how well it delivers the type of customer experience that tomorrows’ customers expect.
You all know that I’m a big fan of customer-driven innovation. So this report hits home when it explains that the core of the marketing discipline, and the source of any power marketing can have in the organization, will be data and analytics about consumer preferences and the business results they drive.
Observations Driving New Visions In Marketing
- New channels are driving significant changes to the customer experience
- Customer insights can drive improvements in both products and services
- There is a huge gap in the ability for companies to measure the value of customer insights
- Technology trends are opening marketing to a more integrated role across the entire organization
Six Steps For Delivering On The New Vision In Marketing
The report defined 6 key steps to executing visions for the future of marketing…
- The proliferation of information channels is creating new opportunities and challenges for brands to present a unified experience. The report states that “social media remains in an experimental stage for most B2B companies.” In addition, the proliferation of video content and mobile platforms is straining brands ability to design and to deliver a consistent user experience on these real-time and highly visual mediums.
- A better customer experience drives higher customer lifetime value. Lifetime value is now a key metric of success for consumer and B2B brands as well. The report claims that “delivering a coherent customer experience is crucial.” And companies with complex product lines, delivered across multiple channels will seek to differentiate themselves based on customer experience. Delivering the right content to the right buyer at the right stage will become a crucial component of the improved customer experience. Data and customer insights are the key dependencies in this evolution.
- Customer insights and analytics drives better customer experiences, products, and profits. Marketing insights are quickly becoming a competitive factor for businesses and this role squarely fits in the marketing function. But for many organizations, this requires new skills, technology and processes that drive of cross-functional collaboration.
- Marketing metrics and reporting need to become more uniform and business outcome-driven. The report says “traditional measures of customer awareness, attraction and retention are still commonplace, but companies are tracking these more fluidly across channels along the customer lifecycle.” Showing ROI to the business will become more important as well, as marketing works outside the functional silos of the marketing organization.
- Marketing skills need to expand to become more analytical and financial. Senior marketing leaders need to have the knowledge and experience to lead teams of analytically-minded and financially-driven marketers who will reach outside of the traditional marketing toolset.
- Technology is driving significant changes in the marketing function. Tools are not perfect, requiring strong leadership from CMOs. The report states that “CMOs must earn greater relevance in the boardroom with more cross-functional understanding and the development of closer relationships with other members of the C-suite.”
You can download the entire Visions in Marketing report (registration required).