11 Tips for the CMO of Tomorrow The C-Suite becomes digital, the CMOs must align
Digital business is carving out a bigger and bigger place in the C-Level management.
A quick glance at the backgrounds and titles occupying your own companys C-Level probably proves this. But if you need further confirmation, check out Korn Ferrys Top 15 for 2015: The most in-demand C-level positions for the year ahead.
Korn Ferry, the largest executive search firm in the world, lists Chief Innovation Officer, Chief Cyber Security Officer and Chief Digital Officer among the top five most in-demand positions. Chief Information Officer (CIO) and Chief Technology Officer (CTO) appear as well.
In other words, data and technology are going to be all of our bosses before long. Chief Marketing Officer is still firmly entrenched in the modern C-Suite. Its just that the position itself is evolving. Fast. And as the C-Suite becomes more digital, so, too, must the CMO.
Lets take a look at 11 tips that will enable the modern-day CMO to stay relevant in the rapidly evolving C-Suite.
1. Get Digital. Now.
Any CMO in the future will understand that marketing campaigns need to utilise digital channels and be underpinned by digital optimisation techniques. But it is hard to overstate the scope of the shift to digital. Gartner, for instance, projects that by 2018, digital business will require half as many business process workers and 500% more key digital business jobs, compared to traditional models. It will be impossible for a CMO to stay afloat without riding the high digital wave.
2. Let ROI Rule
Numbered are the days when a CMO can simply say, Oh, the ROI on that campaign isnt important. It was just for branding. Smartphones, in-depth analytics and user-centric tracking are ushering in an era of unprecedented measuring. And the CMO of tomorrow (and today) needs to be able to measure, to prove that campaigns are working. The percentage of marketing campaigns that dont have a clear-cut ROI is on a one-way track towards zero.
3. Acknowledge and Embrace Data Domination
Everyone wants to be data-driven. And with good reason. Data helps to optimise processes, maximise returns, allocate resources. Data-driven, though, will soon give way to data-dominated. Data will not assist marketing campaigns; data will dominate them. Real time relevance is moving to become table stakes & the quickest to move will win, analytics and data warehouse provider Teradata wrote in its 2015 Global Data-Driven Marketing Survey. In other words, CMOs who see data not as seasoning, but as the entire meal, will be the ones getting ahead.
4. Dont Forget Offline
Digital advertising expenditures are expected to eclipse $160 billion in this year alone. Thats huge. But even so, it will only account for 30% percent of total ad spending, according to Magna Global. In four years, that number is projected to rise but only to 38%. So the focus shouldnt be ditching offline campaigns, but rather incorporating data-dominated principles into the offline world.
5. Assist Your Team
Nowadays, a lot of experts are hired in diverse team set ups. This is a very positive thing. But it also means aligning those experts towards a joint goal. A company goal. In general, a superior should always also be an assistant for the team, but in a digitally-oriented team, those experts might even need stronger assistance because of their dedicated expertise on a specific technical field. Managing will get less important. Assisting is the new management. The more your company is focusing on online and online business, the more global the business will become. Core competencies, time zones, cultures. Bringing everything together is the number one task for a professional CMO.
6. Learn More and Get Social
Even the most progressive and data-driven CMO ten years ago would have had no idea about so many things that, today, we take for granted. In 2005, Twitter didnt exist. Bitly didnt exist. The iPhone was two years away. Facebook was in its infancy. It is impossible to forecast each and every evolution in digital marketing. But it is not impossible to keep your ear to the ground and, if not anticipate whats next, at least be at the forefront of adopting whats next. That means you need to be on Twitter, on LinkedIn, on whatever platform pops up next. You dont need to tweet your every thought or Instagram what you ate for lunch. But being present on social media will let you see whats developing as it develops, no afterwards.
7. Delegate Competence
The definition of marketing continues to expand. Analytics is now an essential element of marketing, for instance, as are web design, social media and more. A CMO would need 36 hours a day to micromanage all of this stuff. And thats why the Future-CMO will delegate, delegate, delegate. This will increase efficiency and make your business scalable. Let the experts be experts.
8. Join Forces
People outside Marketing know different things than the CMO or the Marketing Executive. That is clear. But what isnt obvious to a lot of CMOs is that this external knowledge can be a huge boon for the marketing team. Virtual, interdepartmental teams facilitate cross-pollination of ideas. You can ensure Eureka! moments or at least Maybe we should try that moments when external perspectives are brought into the fold.
9. (Re)Connect with the CTO
Everybody has heard that the CMO will own more budget to spend on IT than the CTO himself. That is exciting and challenging. The growing responsibility within the technical sector gives great freedom to the CMO. The CTO has much more experience picking the right vendor, the right tool, the right partner. So as a CMO, you better make sure the CTO is and will be your friend.
10. Listen to Your Customers. Seriously.
This one is really as old as data domination is really new. And it is more important than ever. Customers or readers or viewers or whatever your target group looks like have infinite choices. They also have power to influence others. Theyre on social media, too, and you shouldnt underestimate the power of negative marketing. Use data. Use analytics. But put customers at the centre of what you do. If you dont, someone else will.
You can not achieve everything in life. Not in private life, not in business life. You just need to focus on the important stuff, and for CMOs, the important stuff boils down to optimisation. Determine which factors you are able to improve. Step by step and with smart decisions. And besides, even though the world seems to be spinning faster than ever, you will probably have more time to act than your predecessors: Gartner projects that by 2020, life expectancy of people in the developed world will increase by a half-year thanks to the widespread adoption of wireless health monitoring technology. Use those 6 months to get a head start on these tips above.
Find the World`s most influential CMOs here: Top CMOs of the World