In an age of marketing disruption, CMOs are expected to be the guiding light that navigates uncharted territories and leads their departments to victory. But a new study from the IBM Institute for Business Value suggests that some CMOs are more equipped for this endeavor than others.
1. Businesses Expanding Their Capabilities
Companies are expanding their core competencies and overlapping with various sectors. In fact, 67% of CMOs expect this industry convergence to impact their business in the next three to five years, and 60% expect to see more competition from industries outside of their own.
2. Better Managing Silos with a CMO Executive Search
Disruption shouldn’t just be customer-facing; it should occur internally, as well. Torchbearers are ahead on this front. According to the study, 92% of these CMOs are focusing on integrating marketing, sales, and customer support, compared to 70% of Market Followers who are doing the same.
3. Coping with Big Data
As marketing and technology evolve, big data just keeps getting bigger. But marketers don’t seem deterred by this overflow of information. Sixty percent of CMOs surveyed say they want to use data-driven insights to fuel their marketing campaigns within the next three to five years. What’s more, the percentage of C-level marketers who feel prepared to manage this “data explosion” doubled from 18% in 2013 to 36% in 2015.
4. Enhancing Experiences for Customers through Marketing Executive Search
Developing deeper customer experiences is a top priority for two thirds of CMO respondents, and many Torchbearers are on the right path for achieving this objective. According to the report, 82% of Torchbearers are focusing on customer journey mapping, compared to 65% of Market Followers. Similarly, 84% of Torchbearers are focusing on experiential marketing, versus 48% of Market Followers who are doing the same.