A chief marketing officer’s job is to create, direct, and guide a company’s internal marketing efforts. Increasingly, this role is also focused on the integration and use of technology. How should CMOs adjust their approach to technology? And how should your CTO and IT department factor in?
The Increasingly Tech-Centric Role of the CMO
The pressures of modern marketing strategies have forced some businesses to reconsider the CMO role on a fundamental level. In fact, multiple Fortune 500 companies have eliminated the CMO position entirely. There are many reasons for this, including the fact that there’s generally a mismatch between expectations of CEOs and CMOs. From a CEO perspective, revenue generation is the most important priority, but from a CMO perspective, effectively positioning and messaging on behalf of the brand are top priorities.
Making matters more complicated, marketing is increasingly reliant on the effective use and integration of technology, so much so that many leaders have begun to reimagine their marketing departments as a kind of offshoot of their tech/IT departments. Some of the most effective and common marketing strategies of the modern era are tech-based, and they can be executed by people with limited or no marketing experience in some cases. Accordingly, some companies are trying to save money by consolidating and restructuring their marketing departments with tech as their primary focus.
This doesn’t mean that the CMO role is completely disappearing. In some cases, it’s shifting, and in other cases, it’s evolving.
For example, some companies are delegating CMO responsibilities to fractional CMOs. In this relationship, a fractional CMO takes on many of the roles and responsibilities of a full-time CMO, but they operate more as a third-party consultant rather than an official leader within the company. It’s a cost-effective solution for businesses that are still interested in having the leadership, guidance, and perspective of a seasoned marketing expert. It allows companies to focus more on the technology side of marketing, while still getting direction from a marketing expert.
In other companies, CMOs are rethinking their relationship with technology and the rest of the company to make themselves indispensable and reduce the risk of being cut or consolidated into another department.
How Technology Is Redefining Marketing
How are the best CMOs updating their approach to technology?
Wider consideration of novel technologies.
It’s no secret that technology has been crucial to marketing success in recent years. Most CMOs have already learned to embrace the digital era, but these days, they’re considering a wider range of technologies. This includes experimenting with and incorporating even the newest and least-proven technologies as part of ongoing marketing efforts.
Prioritization of revenue generation through tech.
Knowing that the CMO position is slightly falling out of favor, many marketing leaders are beginning to prioritize revenue generation over other CMO goals. Instead of prioritizing branding, messaging, or another purely marketing objective, they’re interested in utilizing automation, AI, and similarly advanced technologies in pursuit of greater revenue generation. Doing so makes them more objectively valuable to a company, and thus, less disposable.
Thorough cost-benefit analyses.
Every dollar counts in both IT and marketing. Historically, some CMOs have compensated for poor marketing performance by investing more money in marketing efforts. But these days, it’s increasingly important to focus on the value generated by each dollar spent. Accordingly, CMOs are thoroughly analyzing every available technology in terms of costs and benefits so they can select the most effective tools for the job.
Careful experimentation with new tech.
In line with this, successful CMOs have become chronic experimenters. It’s not enough to have a hypothetically valuable technological tool. Results need to be proven before any strategy can be retained.
Collaboration with IT (and CTOs).
CMOs are also working closer with CTOs and other prominent leaders within organizations. The integration of marketing, technology, and revenue goals is crucial to keeping a business aligned and productive.
Competitive differentiation through technology.
Competitive differentiation is arguably necessary for any marketing strategy to succeed. In a world where most of your competitors are already utilizing some of the most popular and common technologies, it’s important to find a way to distinguish yourself in the eyes of your customers. Simply mimicking the technologies and messages of competitors isn’t sufficient to be successful.
Constant vigilance and evolution.
Finally, even the most traditionalist CMOs are forcing themselves to be more vigilant and adaptable. In an era full of so many rapid, unexpected changes, only the most agile CMOs are likely to survive.
Technology isn’t going away. In fact, it’s only going to evolve and become better from here. Businesses will always need marketing, but as marketing increasingly relies on technology to be effective, marketing leaders need to be prepared to rethink and restructure their responsibilities and priorities. CMOs that learn to better prioritize and incorporate technology, while still preserving their primary duties and obligations, are going to be in a prime position to succeed in the coming years.
Source : TechReport