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The 4 most important trends affecting CMO’s.

30/01/2013

CMO 4 The advent and proliferation of Social Media and other Web 2.0 tools have changed the Marketing landscape forever. In this context, I like to present some facts and observations on this fascinating shift that is making Marketing headlines these days.

According to the largest CMO (Chief Marketing Officer) study done in the world, here are the 4 trends that are most pervasive and game changing for most CMO’s.

  1. Data explosion
  2. Social media
  3. Growth of channels and devices choices
  4. Shifting consumer demographics

At the same time the digital revolution is providing unprecedented opportunities to engage with customers, business also face the daunting tasks of staying afloat in the digital ocean. The world now creates as much information every 2 days as we did from the dawn of civilization*. Therefore todays CMO’s have to do much more data crunching than their predecessors.

Everybody is aware of the power of Social media which has lead to the “5th wave” in Information Technology. Its impact on global businesses is indisputably phenomenal.

There is also a proliferation of intelligent devices such as smart phones, tablets, game consoles, and e-readers. These smart devices are part of consumers everyday trimmings and is also increasingly used as BYOD (bring your own) devices within the enterprise.

The explosion of data, social media, growth of channels & devices, and shifting consumer demographics, have brought about massive challenges to CMO’s. None the least, a game changing shift in mind set from traditional to new age Marketing.  But alas, according to this study more than 50% of CMO’s feel they are under prepared  to manage these new challenges.

I remember an old saying if you can’t change something, change your attitude.  And so with every challenge arrives and opportunity. All of the above trends provide Marketers an enormously fertile ground to engage with new customer segments, and also analyse/predict information like never before.

So what are the technologies available to address these growing issues? According to key research findings, here are some of the technology recommendations most CMO’s plan to deploy:

Social media and enterprise-wide collaboration, Customer analytics, CRM, Mobile applications, Content management, Tablet applications, Single view of customer, Predictive analytics, Reputation management, SEO, and Marketing campaign management.  

* IBM market research.

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