Marketing bosses today have a big job. They need to help companies make more money, and they need to do it in ways that customers don't find annoying. It's a delicate balance, trying to catch their attention and win their trust, all while navigating the ever-changing digital landscape.
The Modern CMO: Data-Driven Decision Making
The role of the CMO has seen a significant transformation. Gone are the days when marketing was just about catchy slogans and eye-catching billboards. Today's CMOs are more like tech-savvy detectives, doing whatever it takes to uncover insights about their customers.
Data at the Forefront
Modern CMOs rely heavily on data analytics. They sift through mountains of data to understand customer behaviors, preferences, and trends. This data-driven approach allows them to tailor marketing strategies that resonate with their target audience. The most effective content is the one that creates an emotional response and drives the human purchasing experience.
With so many digital tools available, CMOs are now equipped to track and measure the effectiveness of their campaigns in real-time. They use sophisticated tools to automate processes, segment their audience, and deliver personalized content, ultimately securing more conversions.
Modern marketing is all about the customer. CMOs are now more focused on creating a seamless customer experience across various touchpoints. They understand that in today's competitive landscape, it's not just about attracting customers but also about retaining them. Marketing should be about "making the customer the hero."
The digital landscape is ever-evolving. To stay relevant, CMOs need to be on their toes, always ready to adapt and learn. They need to stay updated with the latest trends, technologies, and shifts in consumer behavior.
Modern CMOs understand the importance of collaboration. They work closely with other departments, especially sales and IT, to ensure that marketing strategies are aligned with the company's overall objectives.
Greater Marketing Responsibility
On one hand, this puts a lot of pressure on marketers to focus on data and using new technologies to ensure they are getting solid results from their marketing campaigns. So much so that ROI is ranked as the number one issue that's keeping CMOs up at night.
It also forces CMOs to become deeply aware of the customer experience so our business is able to meet the customer at the omni-channel level. This is a difficult task, as the customer experience is evolving as fast as digital technologies and trends are changing.
The key to success is in being able to undergo a constant process of not just keeping up, but of staying ahead – even delivering what the customer wants before they even know they want it.
Even though this is true, only a small fraction of CMOs (8%) are successfully reviewing, auditing, and actively improving the way their brand interacts with their customer. We do the easy stuff: We buy ads. We splash our logo on a stadium, or a bus, or a golfer's hat. We buy clicks on Facebook and Google. And then we high-five ourselves . . .
This gives leading marketers an advantage. Those of us who understand our buyers better than our best friend. Who initiate predictive engagements. And who are capable of utilizing data and new technology to improve our customers' lives. (If this isn't your mission, go home my friend! This Marketing thing ain't for you.)
As an example, think of REI's seamless integration of mobile and in-store shopping. Or the Starbucks reward card (LOVE), which can be reloaded by phone, website, in-store, or through the app, with all channels being updated in real-time.
This means that I can load funds onto their card while waiting in line to order my coffee and the cashier will see the update when the purchase is made – giving us Starbucks coffee drinkers the convenience that we have come to expect along with our burnt caffeine.
…And Greater Marketing Power
Viewed from another angle, this evolution of the CMO gives us more power. We are driving real businesses results through the wealth of tools at our fingertips.
From educating consumers through informative blog posts, and attracting leads with expert SEO tactics, to connecting with customers through social media, and solving their problems through mobile apps – digital marketing offers marketers more ways to reach and engage with customers, and drive actual sales.
This is the central reason that CEOs expect more from today's CMOs. Marketing leaders are capable of doing more as a result of the digital era.
Marketers can learn more about customers through data, make better decisions, and direct businesses along the most strategic paths in order to seek revenue growth.
This also makes it more important than ever before for marketing teams to spend more time working with executive management to help build business strategies. Right now, only 16 percent of CMOs are doing this effectively.
The most successful teams are those that not only fully embrace digital strategies but who are able to connect marketing with the entire organization.
Budgets Have Evolved as Well
The other elephant in the room that has contributed towards the way leadership views the role of marketing comes down to practicality. When the global recession occurred, and then dragged on, budgets had to be reduced.
We have been forced to find more intelligent ways to engage customers and to boost sales. Gone are the days of spending mega bucks on ridiculous ad campaigns and reporting on impressions.
These phenomena coincided with consumers becoming savvier in how we choose to spend our time and incomes.
The solution has been for marketers to focus more on ROI, having to spend more energy examining the impact of each marketing dollar, and to utilize technology to create more effective, and often less expensive, programs.
The Secret To CMO Revenue Growth
We Marketers will always be a creative bunch. Even with the greater pressure to create revenue growth, that doesn't mean that those creative strengths are any less important than they ever were.
Liz Miller from the CMO Council explains how stepping up to the reality faced by CMOs today is more about evolving than letting go of the true heart of marketing,
"…our storytelling is now being applied in very different ways, such as translating the voice of the customer so we can shape the brand to resemble the values of our most profitable customers," she says.
Focusing on customers = more profitable marketing outcomes.
With this modern approach, CMOs are more than capable than ever of driving revenue growth.
The expectations are more dynamic today and yes, the pressure is on to produce results. For marketers who can apply their creativity, driving growth should be a piece of cake.
Or, you can shop creative to an agency, buy some clicks, present all the impressions and reach you achieved. And watch the world pass you by.
Marketers need to speak truth to power. Put in the hard work of asking for the time it takes to build a customer-focused brand, and support it with business results the CEO wants to see…Or what?
Revenue Marketing: The Future of CMO Strategies
Revenue marketing is undeniably the driving force behind the modern CMO's approach. As we've journeyed through the evolution of the CMO role, it's clear that the blend of creativity and data-driven insights is pivotal in today's marketing landscape.
The challenges are many, but the opportunities are vast. With a focus on genuine customer connections, understanding through
Frequently Asked Questions
What are the four types of marketing?
Marketing is divided into four categories: Traditional Advertising, Direct Mail, Public Relations, and Digital Marketing. Each has different objectives, and each should be used for specific purposes. These can be combined to help you reach your goals.
What is eCommerce marketing?
Ecommerce marketing is nothing but online shopping. It's the act of selling products via the internet. This can include buying products from companies and then selling them online. If you're an individual seller, this would also include selling on eBay. You could also set up a business to sell your goods for profit. Selling products online is the best way to make money.
Here are some additional details on eCommerce marketing:
Creating a successful eCommerce site involves finding out what type of products you want to sell. Next, decide whether to sell one product (such as a book), or multiple products (such books and DVDs).
Once you have an idea of the products you want to offer, it's time to search for suppliers. A supplier is a company which makes or sells the product that you are looking to sell. If you wanted to start selling greeting card, you would first need to find suppliers that make and sell them.
Once you've identified a supplier to work with, you'll need a website created to show the products to buyers and make it easy for them to order. Some suppliers offer templates that you can use, while others require you create your template. Once you have a website up and running, you'll need to market it to attract visitors. This means posting articles on blogs and forums, advertising on websites like Google Adwords, and sending emails to relevant contacts.
When it comes to marketing your eCommerce company, there are many channels. These include email marketing, search engines and social networks.
- Email marketing is a good choice for most businesses. It's cost-effective, easy to implement, and delivers results. However, generating quality leads requires a lot of effort and time.
- Search engine optimization (SEO) is a technique used to improve the ranking of a webpage for specific keywords. Link building is a common method to improve pages' rankings in search engines.
- Businesses are increasingly relying on social networking sites, such as LinkedIn and Facebook. Many people use these sites every day to communicate with friends and family. If you post useful articles, you can reach thousands of people.
- Mobile apps are also a valuable tool for eCommerce marketers. Customers love shopping on their mobile devices. An app allows you to reach customers wherever they are.
eCommerce has been a growing business. There are many methods to promote your business. Take your time to choose the right method for you to reap the benefits of eCommerce marketing.
What are the 4 functions that make up marketing?
Marketing is the art of creating demand for products and services.
It provides information about the organization's offerings and values, as well as how they impact customers' lives.
Marketing also stimulates interest in an offering, builds awareness of the offering, and ultimately drives action (or purchase) in response to an invitation to act.
Marketing can be divided into four functions.
- You can create demand by building relationships with potential customers and convincing them that your product/service is worth their time.
- Stimulating Interest- This involves increasing consumer awareness about your service or product.
- Building Awareness – This refers to ensuring that consumers know your product or service and why they might want to buy it.
- Driving Action – This is ensuring that customers make purchases once they are aware of your products or services.
What's the difference between marketing or advertising?
Advertising is a type of communication that promotes products and brands. Advertising often includes a call to action such as “Buy Now!” or “Click here.”
Marketing is, on the contrary, a way to communicate your company’s mission, vision and values to potential clients. Marketing is also a way to establish relationships with potential customers and current customers.
You might use marketing to tell the world about yourself and your products if you sell footwear online. Your history, philosophy and commitment to quality could be discussed. You could also share testimonials from customers who are satisfied with your products. Perhaps you can even hold an event where people are encouraged to visit your website by giving away free shoes.
Marketing is all about telling stories. Advertising is about selling products.
- Companies that use personalization are seeing revenue increases ranging from 6-10%. (blog.hubspot.com)
- From 2020 to 2022, eMarketer predicts that digital marketing will grow by 36% and take up 54% of marketing budgets! (marketinginsidergroup.com)
- According to statistics, 60% of online shoppers worldwide actively search for coupons before purchasing from a virtual shop. (influencermarketinghub.com)
- A poll earlier this year found that 14% of older Gen Z's had bought an item in the previous six months based on an influencer's recommendation. (influencermarketinghub.com)
- Today, 81% of brands around the world have affiliate programs. (influencermarketinghub.com)
- SEO Learning Center, Moz
- [Case Studies] How Moz ranked #1 for a high-volume Keyword in 3 Months or Less
Top Brands Offer Online Marketing Tips & Tricks
When creating content for online marketing, ensure it's relevant to your audience. If your audience doesn’t care about you product or your service, why would they want to read your blog posts?
Your website should be focused on fashion accessories. Not general web design tips.
Use social media platforms such as Facebook, Twitter, LinkedIn, and Instagram as an effective way to promote your business. Social media allows businesses to interact with customers and share information.
Social media sites also provide a great opportunity to connect with existing and potential clients.
You should create content that engages users, encourages them to share and encourages them. Shared content often reaches more people and increases traffic to your site.
Keep your content fresh by creating regular updates. Posting daily or weekly is better than posting once a month.
Posted content usually receives more engagement because readers expect to see new content.
Include links within your content that lead back to your homepage. This helps visitors find additional resources on your site.
Make sure that your content is mobile-friendly Mobile devices now outnumber desktop computers. Recent surveys show that more than 50% of internet users access websites using their smartphones.
You can test your content on different smartphones and tablets to make sure it looks great on smaller screens. In conclusion, the mobile-first approach should be a no-brainer for any website owner or developer.
It's not about aesthetics. Mobile websites convert better than desktop ones. Mobile sites are simpler to navigate than desktop websites and they load faster due to the smaller site size.
Your audience will value your content.
By: Michael Brenner
Title: CEOs To Marketers: CMOs Need To Focus On Revenue Growth
Sourced From: marketinginsidergroup.com/strategy/cmo-revenue-growth/
Published Date: Mon, 23 Oct 2023 13:00:00 +0000