I just read 5 Things Digital CMOs Do Better published by Harvard Business Review. It’s rare that I read an article like this and agree equally on all points made. Is there one that you think is most important for a CMO in the digital age? I do think that CMOs today are adept at using data to target and measure and that the majority of marketing organizations are aggressively testing to continuously refine and improve performance. However, there is still much upside in marketers shifting from a channel-centric approach to a more consumer-centric approach. Today, too many companies are still focused on optimizing at a channel level while ignoring the power of the consumer and their multi-channel process in making purchase decisions. By first identifying key segments, quantifying their value and determining how much you can spend to acquire a customer in each of the segments (this will vary depending on the lifetime value of a customer in each segment), you have taken the initial step to shifting your thinking. Once you know how much you can spend on the acquisition, marketing activity across all channels and test plans can be developed. Obviously, key insights into each segment need to be gathered so there is a data-driven approach to the strategy development.
There is also opportunity for companies to build out their content strategy. Establishing yourself as a trusted advisor in your space and a source of knowledge is key in forging the initial relationships with prospects. These relationships can then be nurtured over time. It’s using a B2B approach for B2C and it’s what is required in this day and age of relentless solicitations and multi-channel noise.
I’m curious to hear how some of you are progressing in these 5 areas and if there are some that you think are more important than others. Please share your thoughts! 5 Things Digital CMOs Do Better, Read Here.