Marketers every day are exploring new technology on the sidelines to improve their effort reachability. Whether it’s online marketing or offline marketing, CMOs over the last 3 years are extensively working with both third-party technology agencies to stay ahead of changes.
A recent survey was conducted for more than 50 C-level marketing consultants who either serve as a fractional or part-time CMO. The CMOs were questioned about how difficult it would be in the coming years to stay ahead of new technological advancements, remain competitive, and avoid long-term experience debt. Over 88% of the CMO consultants said it would become difficult, while 10% claimed it will be very difficult in the coming years.
Organizations are facing a complicated task of managing resource constraints and organizational inertia. For digital marketing strategies, organizations are facing digital acumen challenges every year. However, many of them gave a positive response saying that over the years, technology had improved their ROI for campaigns.
Predictive Analytics powered by AI is setting the broader trend for businesses with more focus on marketing campaigns. Especially in the following three areas:
- Prioritize and qualify leads
- Predictive modeling of customer behavior
- Customer targeting and segmentation
Company growth strategy is on the top of the list just above account-based strategy with building a company strategy that will increase the CMO’s responsibility in 2020. With other important factors that will include sales funnel responsibility, digital technology strategy, and customer engagement.
CMOs also listed the most vital capability for any organization, that is, the need to deliver marketing and growth strategy, along with understanding the customer experience. While marketing technology was way beyond other factors like strategy development, marketing research, sales and marketing, and multi-channel marketing. Currently, almost 72% said that they see a rising trend in collaboration between marketing departments and various other sectors in an organization. The challenge is, however, the silos in departments, not leading to a better communicative strategy.