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Big Data Means Bigger Role for Digital Marketing | Bluefish Digital Marketing

As we at BFD have been preaching for years, the advent of big data and prevalence of analytics has given the Marketing function the ammo it needs to play in the sandbox previously reserved for the “hard numbers” guys in Finance and Sales. A recent study by  IBM of the C-Suite, confirms that CMOs are now wearing their big-girl pants and hanging out in the C-suite lounge.

The study indicates that CEOs are increasingly relying on CMOs for strategic input:

Chief Officers Involvement In Business Strategy Development Source: IBM C-Suite Study, March 2014

  • CFO        72%
  • CMO      63%
  • CIO         42%
  • CSCO     37%
  • CHRO    35%

Where the CMO and CIO work well together, the enterprise is 76% more likely to outperform in terms of revenues and profitability.

SOCIAL STILL A CHALLENGE

The same study indicates that CMO’s are slower to build digital marketing capabilities than one might expect.

“Only 20% have set up social networks for the purpose of engaging with customers, for example, even though online input is a crucial part of the dialogue between a company and its customers.”

SOCIAL MEDIA IS STILL A CHALLENGE

The same study indicates that CMO’s are slower to build digital marketing capabilities than one might expect.

“Only 20% have set up social networks for the purpose of engaging with customers, for example, even though online input is a crucial part of the dialogue between a company and its customers.”

Implementing The Key Components Of A Digital Strategy By CMOs

Situation

Large Extent

Somewhat

Limited Extent

·           Customer collaboration using social   networks

20%

28%

52%

·           Digitally enabled supply chain

11%

30%

59%

·           Advanced analytics to capture customer   insight across all touchpoints

13%

29%

59%

·           Integrated customer touchpoints across   physical and digital channels

16%

38%

46%

·           Networked workforce with skills   aligned to business opportunities

13%

37%

51%

Even more surprising, the percentage of CMOs who feel “underprepared” to deal with the data explosion has risen from 71% in 2011 to 82% in 2104 and 66% still say they are unprepared to deal with Social Media!

TOP DIGITAL MARKETING GOALS

These same CMOs must spend a lot of time reading blogs and analyst reports – or at least being sold to by big data and development companies – because they say the top 2 things they are looking for they’re looking for predictive analytics and mobile applications. (Ed. Note: I’d be a little nervous about the UX on a mobile app from someone who doesn have a handle on their own Twitter…but maybe that just me.)

Other Technology CMOs plan to use more extensively in the future include:

 

Intended Use Of Digital Technologies (3 To 5  Years)

Digital Technology

Intend to Use

Advanced (predictive) analytics

94%

Mobile applications

94

Customer relationship management

89

Collaboration tools

87

Content management

81

Search engine optimization

80

Reputation management

79

Email marketing

47

SHIFTS IN PRIORITY

It seems that most CMOs have abandoned any hope of monetizing social media. More than 60% have come to see it “mainly as a tool for building awareness and forging connections.”

In lieu of taming the great beast that is social networking, they have shifted their key goals to other areas that could have a better impact on their bottom line.

  • Design customer experiences for tablet/mobile apps
  • Deploy an integrated software suite to manage prospects and customers
  • Measure the ROI of digital technologies
  • Conduct online/offline transaction analysis
  • Develop social interaction governance, guidelines, policies, etc.
  • Gain comprehensive visibility of supply chain
  • Position social media as a key customer engagement channel
  • Monitor the brand via social media

WHATS THE BFD?

The majority of traditional marketing types are still wrestling with basic problems such as developing a set of digital guidelines for social and mobile use. This isn’t particularly shocking, nor is it troubling in many cases. Companies with established work flows are likely to adapt slower than the technology around them changes. However, that means that the station of the CMO on the hierarchy of decision makers in the boardroom is also likely to remain traditionally behind the CFO, CIO and Sale.

More progressive CMOs, and companies that have a more nimble approach to going to market,  have moved on and are focusing on using transaction analysis to provide data points that will help increase their success and subsequently raise their visibility with the CEO and their influence within the organization.

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