A new study by the Chief Marketing Officer (CMO) Council and Tealium shows that business and marketing performance improvements are directly related to having a formal roadmap for managing digital marketing technologies and integrating the data produced from multiplying customer touchpoints.
Entitled Quantify How Well You Unify, the new report explores the degree to which chief marketers are architecting digital marketing technology strategies and unifying and extracting value from multiplying customer data sources. Among the high points, the study revealed:
- 42% of CMOs who own their marketing technology strategy have greater business impact than those who delegate.
- Those CMOs with a formal marketing technology strategy contribute more to overall revenue and value creation.
- Half of CMOs with a formal marketing technology strategy are able to achieve more targeted, efficient and relevant customer engagements.
- 39% of CMOs with a formal marketing technology strategy achieve greater return and accountability of marketing spend.
- 30% of CMOs who manage and integrate technology extremely well or pretty well are seeing tangible business value, with 51 percent of those achieving greater revenue contributions.
The full report is available to download today for $99. A complimentary executive summary can be sourced as well.
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Marketing technology is exploding in size and options as vendors grab for their share of the CMO's budget for tools to build, manage, and optimize their digital marketing efforts.
The CIO vs CMO and the CMTO owning tech gets lots of airplay, as it should. I’m seeing very few CMO’s that have the necessary strategy skill, or techn knowledge to successfully manage their stack. Just like you point out, one of the biggest issues is integration. The other is data management. Also, I see a lot of CMO’s throwing tech at a problem/opportunity without mapping the process, impact on customers, internal skillsets, or content requirements. The lack of skilled people resources is a huge challenge right now.
I think a CIO can serve as an invaluable partner through this process. partnering with the CMO to provide recommendations and guidance how to succeed. It’s not a territorial issue, in my book. The business wins in the end, and both roles will benefit.
Nice infographic and stats!
Cheers,
Brian
I’m somewhat in agreement, Brian. I think where I differ is that a CMO needs to have that technical knowledge. A distribution manager, for instance, need not understand how to repair a truck but he can run logistics and ensure the right staff are in place for getting the work accomplished. The key here, in my opinion, is that the CIO’s focus and goals don’t always align with the CMO. In my experience, the technologists we have worked with have frozen progress at many organizations because their goal was stability and security. While those are important to an organization, they can be achieved while pursuing growth marketing and sales excellence. It often comes down to the question of whether or not your technology team is a can do team… or a can’t do team. One other means of correcting this is to have a customer service oriented hierarchy in your organization… where the CMO is the customer of the CIO and has input on the CIO’s rating of success.