CMO Council and Deloitte Study Finds Hesitation to Embrace Analytics Skills, Forge New C-Suite Partnerships and Extend Strategic Role Beyond Short-Term Acquisition Goals
SAN JOSE, Calif. (May 23, 2018)—A new study from the Chief Marketing Officer (CMO) Council and Deloitte, surveying close to 200 chief marketers worldwide, revealed many CMOs are still focused on the traditional storytelling aspect of their position and are less comfortable with aspects associated with driving growth, including acting as revenue science practitioners and customer experience architects.
According to the report, “CMOs and the Spark to Drive Growth,” 35 percent of respondents identify their role as being the chief storyteller, but only 20 percent view themselves as the market explorer that identifies and maps new routes to revenue. Additionally, just 7 percent say they are the data guru that understands the voice and expectations of the customer.
To download this study, visit: https://cmocouncil.org/thought-leadership/reports/cmos-and-the-spark-to-drive-growth
“Sales and driving incremental revenue growth are the first steps on the path to profitability, but this is not the destination,” noted Liz Miller, Senior Vice President of Marketing for the CMO Council. “What best practice leaders have demonstrated is that ownership of experience strategy and voice of the customer must inform key business decisions, ranging from product specification and identification of market expansion and global market readiness. This will require a new mastery of data and intelligence, along with skills that cross finance and operations boundaries that most marketers feel uncomfortable and unprepared to cross.”
As today’s CMOs remain focused on brand development, customer engagement, lead management and media mix modeling, they are missing the opportunity to focus on business transformation initiatives like mapping global expansion, facilitating mergers and acquisitions, pricing strategy or actively advancing distribution channels.
Of the marketers surveyed, 82 percent believe they are the primary driver of brand development and storytelling, only half believe they own customer experience strategy development. While marketers own the brand and how it melds into engagement and communications, they are also influencers across a vast list of critical business driving functions.
The disconnects between intention to drive growth and capacity to impact the bottom line beyond new customer acquisition continue. Consider that:
“What we hear from our CMO clients is that they are attempting to tackle some of their organizations toughest challenges, sometimes losing sight of keeping the customer at the center of it all,” said Sheryl Jacobson, principal, Deloitte Consulting LLP and CMO Customer Transformation Leader. “For the CMO to be effective, they have to keep the customer at the center of every conversation and figure out solutions that will drive growth. But then translate the strategy into the languages of their c-suite peers.”
The importance is for marketers to align their vision of success with both the customer’s vision of need and value and the business’ definition of growth and success. It will demand more than just a deep understanding of storytelling and the brand and will even transcend having an understanding of the business and the touchpoints spread across it. It will demand that marketers become cultural change agents, sparking innovation in how teams, technologies and touchpoints converge.
About the Study:
Findings of the “CMOs and the Spark to Drive Growth” study are based on a 10-question online audit of 191 global senior marketing leaders. Thirty-seven (37) percent of respondents hold the title of chief marketing officer, senior vice president of marketing or head of marketing, representing companies with revenues in excess of $1 billion USD. The 10-page whitepaper is available for download by visiting https://cmocouncil.org/thought-leadership/reports/cmos-and-the-spark-to-drive-growth.
This study is the first of three investigations into the CMO as the growth driver. Next in the series will be a summary of investigative dialogues with growth-driving CMOs, all hailing from fast-growth, sustained-growth or emerging-growth organizations. The final brief, dubbed the “CMO’s Growth-Driving Playbook,” delves into the steps and strategies that growth drivers have adopted to take a leadership position across sales enablement, customer experience and transformation of people, process and platforms across the organization.
About the CMO Council
The Chief Marketing Officer (CMO) Council is dedicated to high-level knowledge exchange, thought leadership and personal relationship building among senior corporate marketing leaders and brand decision-makers across a wide-range of global industries. The CMO Council's 15,000-plus members control more than $500 billion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide. In total, the CMO Council and its strategic interest communities include more than 65,000 global marketing and sales executives in more than 110 countries covering multiple industries, segments and markets. Regional chapters and advisory boards are active in the Americas, Europe, Asia-Pacific, Middle East and Africa. The CMO Council's strategic interest groups include the Customer Experience Board, Digital Marketing Performance Center, Brand Inspiration Center, Marketing Supply Chain Institute, GeoBranding Center, and the Coalition to Leverage and Optimize Sales Effectiveness (CLOSE).
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