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And these challenges are reflected in the findings of this year’s CMO Spend Survey:
CMOs have pulled-back on the proportion of budget allocated to martech, falling from 27% of the marketing budget in 2016 to 22% in 2017.
Marketing analytics investments represent the single biggest area of investment, taking 9.2% of budget in 2017, but questions abound regarding how well aligned analytics efforts are to delivering strategic measures to CMOs.
CMO’s relationships with CFOs are uneasy, not surprising when half CMOs still use basic techniques to build their budgets, rather than modelling the returns that their budget will deliver.
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- Prediction 1: Superhero CMOs Emerge - By 2020, the first superhero CMOs will emerge because they received C-Level permission to disrupt traditional go-to-market operations.
- Prediction 2: Boardroom Battle for the Customer - By 2020, 25% of CEO’s will appoint a Chief Customer Officer (CCO) in an attempt to unify the imperative of customer-centricity.
- Prediction 3: "Free Range" Content Invasion - By 2020, more than 50% of a company's commercial content will be created outside of marketing's direct control.
- Prediction 4: Journey Budgets get Reshuffled - By 2019, one-third of today's “awareness” budget will be redirected to stages later in the buyer's journey.
- Prediction 5: "Dark Social" Shines - By 2018, 15% of companies will shift the majority of their social marketing focus out of the public sphere and into private groups and messaging apps.
- Prediction 6: Events are the Main Event - By 2017, events will surpass advertising as the top marketing program investment in more than 50% of B2B IT vendors.
- Prediction 7: Marketing GO! - By 2020, 20% of IT Vendors will have augmented reality pilots in place that will serve as the foundation for immersive marketing.
- Prediction 8: DX Fails without CX-OS - By 2020, 50% of digital transformation (DX) initiatives will fail due to the lack of an end-to-end customer experience orchestration service (CX-OS).
- Prediction 9: Bots Break Advertising - By 2020, 40% of e-commerce transactions will be enabled by cognitive/AI personal shoppers and conversational commerce.
- Prediction 10: A Message in Every Machine - By 2020, 15% of display advertising will be executed via connected devices such as vehicles, wearables, facilities, and in-home.
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1. They aren’t relying on the rearview mirror.
2. They’re in lockstep with corporate objectives.
3. They are prepared with data and scenarios.
4. They plan from the bottom up.
The most advanced CMOs are leveraging a bottom-up, data-driven approach to understand funnel and conversion dynamics. This allows leading CMOs to predict what the result and output of a campaign may mean over time, and to answer questions about the return on each investment along with the estimated revenue impact. They are then able to understand their marketing plan not in terms of “how much money do we spend each quarter?” but rather, “how much revenue do I need to deliver each quarter.” This becomes the dynamic perspective that informs action.
5. They are fully transparent with finance.
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MarTech requires constant optimization to continually squeeze ever improving performance. No time for continual CRO? Contact us.
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iNeoMarketing executes your revenue-generating efforts with the right metrics and the appropriate reports. Contact us to learn more.
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Not having a fun time with IT? Contact us: we can act as your buffer to get the job done.
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► About Us: iNeoMarketing provides Marketing Technology services, applications and support to B2B companies who do not have the required resources, knowledge or expertise. Visit us at ineomarketing.com. ◄
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► About Us: iNeoMarketing provides Marketing Technology services, applications and support to B2B companies who do not have the required resources, knowledge or expertise. Visit us at ineomarketing.com. ◄
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► About Us: iNeoMarketing provides Marketing Technology services, applications and support to B2B companies who do not have the required resources, knowledge or expertise. Visit us at ineomarketing.com. ◄
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Marketers have also waded into unfamiliar technical waters. In other words, marketing technology and data analysis have upended their profession. Most marketers are still trying to wrap their heads around the complexities of technology and trying to separate hype from reality. Hence, there's a real fear of failure.
Perhaps most frightening of all, the majority of marketers don't really have a plan. They're making reactive marketing tech decisions rather than strategic ones. In fact, Forrester says only 44 percent have a clearly defined and deployed digital strategy.
The bottom line: Lots of scatter-shot marketing dollars hang in the balance, while returns may prove to be elusive.
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Excerpt...
"The predictions from the IDC FutureScape for CMO/Customer Experience are: - 25% of high-tech Chief Marketing Officers (CMOs) will be replaced every year through 2018.
- By 2017, 25% of marketing organizations will solve critical skill gaps by deploying centers of excellence.
- By 2017, 15% of B2B companies will use more than 20 data sources to personalize a high-value customer journey.
- By 2018, one in three marketing organizations will deliver compelling content to all stages of the buyer's journey.
- In 2015, only one in five companies will retool to reach line of business (LOB) buyers and outperform those selling exclusively to IT.
- By 2016, 50% of large high-tech marketing organizations will create in-house agencies.
- By 2018, 20% of B2B sales teams will go "virtual," resulting in improved pipeline conversion rates.
- By 2017, 70% of B2B mobile customer apps will fail to achieve ROI because they lack customer value add.
- By 2018, 25% of CMOs and CIOs will have a shared road map for marketing technology.
- By 2018, 20% of B2B CMOs will drive budget increases by attributing campaign results to revenue performance.
"CMOs must overcome the gravitational pull from the past, now. The tools of disruption, such as cloud-based marketing technology, predictive analytics, content marketing, and social media, are marching towards mainstream. IDC is confident that these ten decision imperatives pinpoint the nerve center of the marketing disruption. They represent opportunities for CMOs who are willing to step up to the next stage of leadership. Right focus will ensure that all the hard work will result in true transformation, and not just turmoil," said Kathleen Schaub, Vice President with IDC's CMO Advisory Service." ► Receive a FREE daily summary of The Marketing Technology Alert ◄
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Digest...
These are the top 10 achievements the CMO should now have completed over this first month period: 1. Brand Decisions: 2. Positioning Elements: Once the branding consensus is in place, the CMO must work on creating key messaging and positioning pillars. These will help guide larger marketing, sales, and communication teams in the future as well. So one could say these are the very foundational items for the company’s marketing activities going ahead. 3. Marketing Channels: 4. Content Plan: 5. Tech Stack: Finalize the marketing technology stack and architecture that will be used. There will be software needed for a variety of activities – inbound marketing, Web CMS, blogging platform, social media, marketing analytics, email marketing, event registrations, market research, search marketing, lead nurturing, etc. Get your hands on to the plethora of free tools out there (thank goodness for free tools!) 6. Objective and Key Results (OKR): 7. Content Output: 8. Budget and Plan: 9. Team and Role Requirements: 10. Get Your Approvals: ► Receive a FREE daily summary of The Marketing Technology Alert ◄
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Marketing budgets remain healthy, while a customer-centric, integrated marketing mix is drawing funds from unique sources.
1 Customer experience has marketers’ full attention
2 Increasing budgets are reflecting Marketing’s increased responsibility
3 The line between traditional and digital marketing continues to blur
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Excerpt...
"Forrester predicts that: -- > CMOs will insist on taking charge as a full corporate officer. Bringing their knowledge about customers, markets, and competition to bear, CMOs will champion efforts to build a customer-centric organization culture, uniting all organization functions around a common set of principles and practices that build tighter customer relationships and differentiated experiences. With their stature and influence as a leader in the organization on the rise, CMOs will have CEOs’ ear for the first time. Leveraging their customer and competitive knowledge, CMOs will advise and council CEOs on how to win, serve, and retain customers to grow the business. -- > CMOs will lead the quest for customer obsession by dismantling outdated organization structures in favor of customer-centric teams. In 2015, CMOs will rally the organization around winning, serving, and retaining customers as efficiently as possible, requiring specific changes to the organization that will affect how decisions are made, how success is measured, and what role outsiders like agencies will play. These CMOs will be skilled in change management and able to unify the organization around a common customer-centric vision."
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While 67 percent of marketers believe new marketing technologies are essential or very important to overall marketing group performance and effectiveness, Neale-May says they're being held back by technology overload, too many data sources and lack of strategic application and integration of disparate point solutions.
The many different solutions are mind-numbing. There are customer-facing applications for different points of interaction and different ways to engage, solutions to improve the operational side of marketing, and complex technologies to analyze customer data, track behavior and anticipate needs. Then there's the need to integrate customer data in call-center silos, transactional data, mobile app usage, social media data -- the list goes on.
___________________________________ ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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In today’s post-digital world, first think about the complexity of your marketing technology infrastructure. This makes solving the puzzle even more difficult and complex as you seek to 1) get the most out of each team’s unique skills; 2) procure and implement technology to engage customers effectively across their entire life cycle; and 3) run and manage those technology investments to deliver the results you expect.
Wise CMOs realize that today’s environment demands consistent, seamless, and compelling engagement across all touchpoints of the customer life cycle; going beyond just marketing to include sales, order management, fulfillment, customer service, and operations. Forrester believes that only a unified business technology (BT) agenda that puts customers at the center of technology decisions, while providing a shared enterprise vision, will meet these customer demands. We define the BT agenda as:
The to-do list across roles for applying technology, systems, and processes to win, serve, and retain customers.
I’ve written about the importance of CMO and CIO collaboration to tackle many of these issues. And while progress is being made to collaborate on the purchase and deployment of technology, the operation and management of technology in support of the BT agenda is given short shrift. In fact, our research shows that one-half to four-fifths of the cost of marketing technology occurs after the first year of the initial investment.
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Digest...
Eighty eight percent of companies said they are going through a formal digital transformation effort this year, according to the report. The trend is one marketers should pay attention to, as 54% of companies surveyed by Altimeter said the mandate to lead the digital transformation is driven by the CMO. CEOs, the report found, champion digital transformation 42% of the time, with CIOs coming in at 29%. Respondents were asked to select all that apply. The report comes at a time when many companies are implementing new technology across the board. Marketers are investing in social media management tools, marketing automation platforms and mobile friendly redesigns. Sales and customer service are quickly adopting customer relationship management (CRM) software. And the list goes on. __________________ ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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Digest...
As evidence of marketing’s central role, just look at which department in your firm is commanding the fastest-growing share of the technology budget and attracting the lion’s share of data analysts and data scientists. There are fewer marketing majors at the controls of marketing decisions than ever before, as the skills needed to participate in the revolution have been redefined. With data analytics as the driver and automation as the goal, marketing departments are scrambling to pull in skills that would have lived purely in IT and in the quant labs of financial service firms. These skills are now reaching beyond data analysis to encompass information architecture, application development, and technology project management. This might be all to the good except that the rapid change in marketing roles and skills has come at the expense of the traditional IT organization. More than just a drain or overlap in skills, organizational budgets have shifted rapidly away from IT, leaving the CIO scrambling to support legacy systems that are still necessary and costly to maintain. For this revolution to work, organizational power can’t simply continue to devolve from IT to the marketing department. CIOs and CMOs must meet in the middle. Decades of safe, smart IT practice needs to be applied to the new ways of finding and using data. __________________ ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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Digest...
One way in which the CMO position gains power is when the CMO is given the additional responsibility of other functions. For example, we have seen marketing organizations take command of sales, public relations/communications, product development, and major parts of information technology management – and many have advocated for more expansions of marketing’s scope. Here, research I have conducted suggests that greater power to the CMO can yield benefits to a firm. For example, in my research on power mentioned above, results show that when CMOs have the additional responsibility of sales, firms deliver superior growth. Notably however, only 15% of the CMOs studied had such a dual responsibility. As for our finding that the marketing+PR dual responsibility for the CMO has a positive impact on firm profitability, a closer look at the data reveals that this is only true of firms selling primarily services (versus goods). A logical explanation we propose is that service firms have richer and more granular customer data, as well as multiple touch-points, and thus are able to gain the synergistic benefits facilitated by such a dual responsibility. Research on this issue, still in its early stages, is being pursued by many of us in the academic field. Meanwhile, the more firms invest in recruiting and retaining the right CMO in an appropriate position of power, and the more that CMOs invest in taking the right job and doing it right, the more likely we are to see success stories. This in turn should lead to more firms appointing a CMO, thus ensuring that marketing gets the attention it deserves at the highest levels of the firm. __________________ ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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Excerpt...
Marketing departments now need to be expert in digital advertising, with all its search engine optimization and real-time auctioning of pages. They’ve had to come up to speed on new performance metrics, and answer any skepticism about ROI. They must constantly engage with audiences through social media, and be seen as authentic in those channels. They need to be experience designers, and masters of “the art of the launch.” The list hardly ends there. Marketing departments must now be stocked with data scientists – and also the kinds of subject matter experts that can oversee content marketing and brand publishing. They must be tuned in to sustainability and up on the social science of starting movements. And did we mention that everyone must be globally minded, too? These are huge, new requirements, any one of which might call for a clean slate reconsideration of how one might design a marketing organization. The fact that they are all happening simultaneously has many chief marketing officers struggling to find the place to start. __________________ ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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Digest...
Step 1: Find common cause. To restart the relationship with IT, you need to look for a rallying point that both you and your CIO can whole-heartedly get behind. Based on conversations we’ve had with CMOs at Fortune 500 companies and other global corporations, this scenario goes something like this: Step 2: Roll up your sleeves, and map it out. This will take some elbow grease, and a few brainstorming sessions, but chances are, between the two of you, you can draft a pretty darn good marketing technology vision and roadmap. One that not only has a two- to three-year shelf life, if it’s done right, but can also provide your teams with the collective sense of where “we” are going (together) and which lily pads we need to jump across to get to the other side of the pond. Step 3: Pressure test After Step 2, you should be about 70 percent on target, so it’s time to pressure test. Here’s where you gather input internally from your IT and Marketing lieutenants, and then do some external benchmarking to see how you stack up against industry norms on the roadmap capabilities that matter most to your business. Step 4: Pick a catalyst project. With confidence from step 3, look to your roadmap for a project that Marketing and IT can join forces on that delivers a quick win. Marketing and IT should co-fund AND co-resource the project, so they both have skin in the game. Keep the scope tight. Pick just a few marketing-use cases for the project to deliver on, not the whole enchilada. Remember, you’re looking for proof points in driving results and in showing the rest of the c-suite that Marketing and IT can worth great together. __________________ ► Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).
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![[FREE GARTNER REPORT] CMO Spend 2015: Eye on the Buyer - Gartner | The MarTech Digest | Scoop.it](https://img.scoop.it/fqMPBIe-fJabE2EdYDOpGvL6dadsvGA8m9WNoVsbzkY=)
I've been warning about this for years: without attribution, without ROI, the CMO is standing on thin ice.
Click/tap to view the original article.Click/tap to view the original article.This news comes to you compliments of marketingIO.com. #MarTech #DigitalMarketing