Chief Marketing Officers Not Prepared for Change
Change in any form is inevitable. For chief marketing officers, the challenge is whether their company is prepared and able to handle the changes in industry trends, such as the shift in leadership roles and technology transformations. A new study from IBM surveyed over 1,700 CMOs from around the world and found that four out of five expect that they'll have to make major changes to traditional methods of brand and product marketing.
Over 50 percent of those surveyed believe they're underprepared to manage key market forces ranging from social media to greater customer collaboration and influence. The four main problem areas, or key market forces, for CMOs are as follows:
Data explosion: How do marketers gain meaningful insights to effectively improve products, services and the customer experience? Only 26 percent of CMOs are tracking blogs, 42 percent are tracking third-party reviews and 48 percent are tracking consumer reviews to help shape their marketing strategies.
Social media: Fifty-six percent of CMOs view social media as a valuable engagement tool, but they still struggle with capturing and drawing insights from the channel's data. To help combat this problem, 82 percent of those surveyed said they plan to increase their use of social media over the next three years to five years.
Channel and device choices: The ever-increasing number of marketing channels and devices, including tablets and smartphones, is quickly becoming a priority. Mobile sales are expected to reach $31 billion by 2016.
Shifting demographics: Marketers are discovering new global markets and seeing an influx of younger generations with different patterns of consumption. The study indicates that while CMOs are fully aware of this changing landscape, they're struggling to respond, change and adapt. More than 80 percent of the CMOs surveyed are still focusing primarily on traditional sources of information such as market research and competitive benchmarking to make strategic decisions.