Marketing is becoming one of the most technically complex functions in business today. So it comes as no surprise the requirements for the role of the CMO are evolving. Being “tech savvy” is no longer enough. The understanding of difficult marketing functions must be part of the CMO’s DNA. Creativity is vital too – but the best CMO’s embody a fusion of artistry and digital mastery.
Redefining the role of the CMO
It’s time to redefine the role of the CMO! The next generation should blur technology, science and art. It’s time for the CMO to become a creative director, a strategist, a teacher and a leader in technology.
Some believe that the role of a CMO is dead in a traditional sense. Brands must view the change in the consumer landscape as an opportunity to invest in engineering minded, data driven individuals. It is time to invest in those who can understand statistics and learnings from any given marketing campaign and turn them into pertinent messaging. It’s about trusting the risk takers. It’s about having faith in those who can act fast with fast data. The luxury of being able to “sit and analyse” is no longer something most brands can rely on. Digital channels enable customers to dictate and drive changes in market places in an instant. The industry needs to be ahead of the curve and it is technology that needs to lead this.
Combine creativity and technology
The role of the CMO attracted creative individuals with a background to match. To date it’s been hard to attract those with a strong suite of digital skills. Anyone with the requisite background edged towards the engineering side of marketing. But now we are seeing the first generation of millennials come to the foreground that will have a real influence on the industry.
To this generation coding is second nature. Businesses have recognized this asset for marketing teams. They understand how to reach customers through multiple platforms, channels, devices, and mediums. They have ambitions to not only create but to innovate.
Gartner predicts that by 2017, CMOs will spend more on IT than CIOs. 67% of marketing departments plan to increase their spending on technology-related activities over the next two years. Sixty-one per cent are set to increase capital expenditure on technology. Gartner goes as far as redefining the title of the CMO, declaring the rise of the CMT in its place – the Chief Marketing Technologist. Gartner claims the CMT’s role is to align marketing technology with business goals. Serving as a liaison to IT, evaluating and choosing technology providers, and crafting new digital business models.
Data is driving this change. Data is everywhere. In marketing it’s used to determine a range of issues. Knowing how and when brands should speak to customers as well as predicting the outcome of individual campaigns across channels. As Corrine Sklar, Global Chief Marketing Officer at business consulting firm Bluewolf said, ‘Tomorrow’s CMOs are harnessing all available data across digital silos, giving their customers the intimacy they require and maximising each interaction.’
But just having data is not enough. The new generation of CMO’s must understand that all data is not created equal. From experience they know which indicators move the needle. Not all numbers matter.
The new CMO knows which tools can best analyze big data. They use this information to give creative ideas a scientific and factual backbone. But some audiences need convincing that marketers understand today’s businesses. According to a survey by The Fournaise Marketing Group in 2013, 80 per cent of CEOs claim they have lost their trust in their marketers. Seventy-three per cent of CEOs think CMOs lack business credibility and are not the business growth generators. It’s now over to the technical CMO to win back tru