Years ago, the Marketing Director dealt with different sources for data: Affiliate, Out-Of-Home-Advertising, Media Planning, TV Commercial, Online Marketing etc.
The CMO (Chief Marketing Officer) even had different agencies taking care of the data, or if in a more lucky position, close colleagues in his team to take care of it. Nowadays the game has changed – drastically.
Embrace the (Marketing) Change
This change means less work for agencies and maybe even fewer colleagues. Welcome to the brand new Buzzword: The Suite. Although some Analytics companies have been claiming to be able to deliver a Suite it had always been different logins on different platforms but at least under one brand (or marketing roof, to be more precise).
The high-End vendors like Adobe and Webtrekk started to take the Suite approach seriously. This will result in a powerful performance possibility for the CMO. This person will be able to fully understand and use the different source and knowledge types, although not digging into operational tasks too much.
What is the CMO hired for?
While Forbes was doubting the need of a CMO back in 2006 the editor agreed that the most important tasks are focusing on:
- Marketing Communication
- Consumer Satisfaction
- Product Development &
- Growth Objectives
According to the Global CMO Study by IBM the CMOs also have to be more accountable for Return On Investment than ever before. The CMO definitely has to work hand in hand with the Chief Digital Officer. I even recommend a joint office …
On one hand that means – the pressure is on. On the other hand, it seems that today´s CMOs are more able to deal with that pressure or even feel more comfortable in reaching their goals due to professional services and data surrounding their work life. The tenure of a CMO nowadays increased from 23 months in 2006 to 45 months in 2013. A good sign.
So, what does a CMO need to get even more insights for his/her job? What is needed to drive more excellence? What is needed to create a Data-Driven Culture?
The Suite will help
Combining different Online Marketing aspects into a one-stop solution will help the CMO to get a better overview. In a quicker way. (With an easy-to-understand reporting style as well by the way.) The lack of comparability of different data sources will vanish. The trouble with trusting different data reporting will vanish. The uncertainty of right adjustment of data comparison will vanish. I am not predicting a purely happy future only because of a Suite – but the CMO-life will get better.
Besides all the great additional digital performance around the CMOs desk: you still need a smart person understanding the data and using it in a brilliant way to differ your company from the competition.
The Power of a suite can not only be explained by the content of the features, which include Predictive Analytics, In-Store Analytics or a Marketing Action Center. It will show the real power in the daily usage and data combination. In the very near future a CMO will be able to understand the past (already possible now), check and correct the present (some smart CMOs handle this today as well) and change the future (with a Suite and the additional Marketing knowledge included).
Then it is just a small step to include Google Glass or the full Offline-Marketing actions in this one overview. And improve on it. And drive ROI. And make the CEO happier. The digital future seems to be bright.