The Key Ideas:
1. Providing a Supreme Customer Experience
2. Centre More on Digital Transformation
3. Reach Far beyond Present By Future-Planning
The Newyork Times Journal reported this year alone that the average CMO period fell from 44 months to 43 months since 2017. As a result, the CMO is now the industry’s shortest tenured C-Suite leader.
Digging deeper into the results, it is evident that such a brief tenure is mainly driven by the same developments that form business strategies around the globe: innovations that make it much easier to attract and keep customers put additional pressure on marketing officials to drive growth.
So here are the three heavy-priority developments taken from their latest report, along with measures to integrate these results into your marketing strategy for 2020.
1) Providing a Supreme Customer Experience
If there is one lesson to be drawn from the CMO Survey of this year, it is this: The CMO of today must be a pioneer in customer experience.
Business leaders shared their growing interest in forming the CX (Customer Experience) of a company in an article by Forbes:
[ CMO ] plays an important role in moulding the customer experience as it is part of the journey of brand building. Nearly every part of the business touches on the user experience at large companies, such as Time warner. The position of Chief Customer Experience Officer with all the various stakeholders across the business in every organization is to ensure a unified experience across the mobile app, website and retail stores. Getting the right product and customer experience is a real team effort across the organization.
Through 2020, CEOs expect consumers to put greater emphasis on excellent service (up 28% from the previous report) and lower price priority (down 17% from the previous report).
Similar research by organizations such as Marketo has improved CX’s position in separating companies from their rivals. 83 percent of customers said CX takes precedence when choosing a service or product in a Verint survey of 34,000 consumers.
As per the CMO Survey, despite this challenge to distinguish experiences, one crucial region CMOs focus their efforts on by 2020 is “managing, assessing and streamlining the customer experience.” Sadly, few marketing leaders considered their company’s customer experience programs to wipe, saying their CX was:
- Not Viable: a handful of marketing executives said their CX was lower than their rivals ‘ averages.
- Not Quantifiable: executives did not trust the ability of their organization to quantify customer sentiment, actions, and perception.
- Not streamlined: It is extremely difficult for marketing executives to incorporate touchpoints and organize functional structures efficiently throughout the customer journey.
Marketing leaders will focus on creating a friction-free customer journey experience by:
♣ Investing in customer experience management tools and practices
♣ Reducing complexity and increasing flexibility within and between customer journey touchpoints.
Conversational marketing not only reduces the number of touchpoints on the purchaser’s path, but it also allows businesses to move from a product-centred business model to a customer-centred one.
2) Centre More On Digital Transformation
It is not possible to create a seamless customer experience through strategies alone. For growth, you need the resources. This is why CMOs are embarking on emerging technologies to change the internal processes of the purchaser’s journey and scale.
As defined by Hubspot, digital transformation is the process of using new technologies to build or automate internal business processes and customer experiences to increase market position and meet business needs.
Organizations such as Growboats have discovered that engaging in innovative technologies such as AI and chat can have a drastic impact on their customer experience–and the end result.
In 2017, the former CMO of Growboats, Chris Wesley, became one of the first Drift clients to take part in the campaign “No Forms.” The campaign has pushed businesses to rethink how they communicate with their current and future customers. Growboats took the forms off their website during this time and replaced them with smart chatbots.
This strategy has not only helped Growboats generate extra supply, but it has also strengthened the customer experience of Growboats through touchpoints. Today, Driftbot from Growboats runs thousands of chats a month, addressing almost two-thirds of customer complaints before human interference.
Like Growboats, other marketing organizations are revising their experiences using digital transformation. CMO Survey respondents expect that marketing spending on consumer research alone will increase by 60 percent over the next three years.
This expenditure in consumer research recalls in this post the first CMO goal mentioned earlier: providing superior customer experiences. When marketers look to distinguish based on experiences, they will need more insight into their consumer base’s desires, preferences, and needs.
Besides engaging in innovations that quantify and optimize consumer experience, on-board software should also be looked at by next-gen marketing teams that can predict actions and simplify follow-up with consumers and clients.
3) Reach Far beyond Present By Future-Planning
It’s hard to plan ahead–but sometimes you just have to douse the flames for today.
Despite increasing expenditures and teams, marketing strategies are declining due to an inability to plan successfully for the future. This failure is often motivated by publicity, in contrast to planning for future projects, responding to current circumstances. It’s a challenge for many teams to prepare for even a few months ahead.
In the CMO Survey, more than half of marketing experts (65%) said they mainly focused on running existing campaigns vs. concentrating on upcoming projects.
- For CMOs: this automation will concentrate on critical times of conversion in the purchaser’s journey. For example, the qualifying process for the BDR ( Business Development Representative) Automating elements of the BDR mechanism can be better matched with consumer outreach marketing campaigns. Although this is just the tip of the iceberg marketing automation, if you want to prioritize automation, it’s an excellent place to start.
- Creating a multi-skilled workforce or exporting expertise requirements is a persistent barrier as far as strategic planning is concerned. A new breed of marketers has arisen in response to this phenomenon, concentrating on multiple skill sets. In the form of certification programs and online courses, marketing leading figures should encourage this trend towards continued learning.
Beyond the professional development of internal staff, the CMO Survey indicates that marketing alliances with companies are also on the rise while recruiting for new skills has declined. Leading figures should seek to uncover the right balance between training and supporting a multi-functional team with the necessary outsourcing to meet project requirements.
Sometimes, marketing will feel like driving a rock up an endless slope. Therefore, some of the best tips you can take as a leader are always “act smarter, not harder.” For the moment, the simplest way to plan for the future is to adapt and scale accordingly.
Marketing experts are looking to address three major areas in 2020:
1. Client focus: Measuring and improving the consumer experience
2. Optimizing touchpoint: Optimizing and streamlining consumer experience
3. And enhanced scaling: Automate and outsource bandwidth reduction activities and future planning
The integration of these components in your marketing technique can only reinforce the progress of your team and client relations. Because they’re not part of your tactical plan for 2020, you’re already behind them.