IBM recently published Redefining Markets: The CMO Point of View, which you can access freely at ibm.biz/cmostudy. It is one of the largest studies of its kind, surveying 723 CMOs globally.
For me, this study really highlights the fact that marketers are at the vanguard of creative disruption. The overall 2016 Global C-suite Study showed that new technologies are disrupting the status quo across industries and geographies. No enterprise is immune to this disruption, and the CMO is the role best suited in the C-suite to capitalizing on the new opportunities that are emerging. What is really interesting is that in the study, only 6 percent of the responding CMOs were found to be from “Torchbearer” enterprises. Torchbearer is defined as those organizations that are leading in financial return and innovation.
CMOs of Torchbearer organizations are 31 percent more likely to focus on presenting an authentic, consistent face to customers by unifying marketing, sales and customer support. They are also 26 percent more likely to focus on mapping the customer’s journey across the enterprise. This is really crucial as just creating this map is challenging in some organizations.
- Embrace creative destruction. Torchbearers are more likely to use open (24 percent) and platform (43 percent) type business models, and 69 percent plan to expand partner networks to effectively access innovation.
- Enrich the customer experience. CMOs overwhelmingly regard creating better customer experience as their top priority (63 percent). Torchbearers are 26 percent more likely to focus on customer journey mapping, a striking 75 percent more likely to blend events and experiential marketing and 32 percent more likely to focus on customer collaboration and co-creation.
- Inject data-driven insights into every marketing decision. The study found that CMOs have made great strides in their approach to data since the 2013 study. In fact, 60 percent of CMOs are preparing to bring in more data-driven insights into marketing campaigns in 3-5 years. Torchbearers are 74 percent more likely to feel prepared to deal with the data explosion.
How are you dealing with the new age of creative destruction in your enterprises? I would love to hear about your experiences, and I encourage you to find out more from the study at ibm.biz/cmostudy and take the free assessment to benchmark your own approach.
Read more posts about the C-Suite on the CAI blog