CMOs require analytical and data management framework: Gartner

New research also find marketing chiefs will need to surround themselves with an insights-based team to make sense of rising levels of data intelligently if they are to succeed

CMOs need to create an analytical framework and master data management strategy, as well as build an insight-based team, if they’re to successfully do the job confronting them today, a new report claims.

According to Gartner’s new A Marketing Analytics Framework for CMOs, sponsored by Adobe, the data marketing chiefs require in order to make marketing decisions that drive effectiveness and improve efficiency not only resides in marketing and IT systems, but also across external IT and agencies, marketing service providers and third-party data providers.

The marketing analytics processes needed today also vary greatly in sophistication from measurement and reporting through to predictive modelling, forecasting and constraint-based optimisation. This juxtaposition of data and analytical capabilities means CMOs will not have the time or skills to perform all necessary in-depth analysis, and will increasingly rely on both a marketing insights team as well as company peers to help plan, execute and operate their strategy.

“CMOs must work with other business leaders such as the CFO and heads of customer service, sales, ecommerce and customer experience to align business goals and measure marketing’s objectives across business domains,” the report stated.

Among Gartner’s key recommendations to CMOs are to create an analytical framework for each key decision or process required, along with a master data management strategy for managing various sources of data. It also advocated a dashboard with visualisation capabilities to pool all analysis, allowing heads of marketing to quickly make and communicate relevant insights.

“CMOs are under tremendous pressure to be more accountable, measure marketing performance and optimise the marketing mix,” the report authors stated. “They need instant access to information and insight to make more informed decisions, strategically plan and measure return on marketing investments. CMOs require insights into both marketing execution and marketing operations.”

The Garner report also sought to identify key execution and operational responsibilities of today’s CMO, along with the types of decisions, information and analysis requirements they need to consider.

For customer lifecycle management for example, CMOs must be able to identify customers and customer segments to acquire, retain, grow or allow to exit. This requires accessing information from a customer database or data warehouse, third-party customer data, transactional systems and social media data.

Analytical capabilities that make best use of this information include customer segmentation and profitability analysis, predictive modelling for opportunity, customer profiling and psychometric analysis, social analytics, report and analysis on customer segments or targeted groups and retention and attribution data.

To turn all of this into relevant business analytics, CMOs require marketing dashboards and performance management solutions, campaign management, contact centre desktop agent, sales force automation and an operational data store or customer hub, Gartner stated.

Other key processes CMOs need to take a similar execution approach to include competitive intelligence, creative advertising and media planning, customer programs, and event, lead, marketing, promotion and market management.

Operational challenges include financial management, strategic and resource planning, project management, marketing fulfilment, and marketing content and asset management.

Read the full Gartner/Adobe report here.

Follow CMO World on Twitter: @CMOAustralia.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

Is customer segmentation dead?

Ginni Rometty, the CEO of IBM, announced the death of customer segmentation five years ago saying, "The shift is to go from the segment to the individual. She might have been a bit premature for most marketers, but if customer segmentation isn't dead yet, it's definitely on life support.

Richard Taylor

Senior digital strategist, Spinach

How people buy brands

Andrew Ehrenberg was a giant in the field of marketing science. He believed scientific methods could reveal law-like patterns of how people buy. In this post, I summarise one of Ehrenberg’s most important discoveries and its implications on how people buy brands.

Kyle Ross

Strategist, TRP

Is artificial intelligence riddled with bias?

The purpose of Artificial Intelligence (AI) has always been to replace the menial and repetitive tasks we do each day in every sector, so that we can concentrate on doing what we do best. Saving time and money has certainly been a decent outcome as AI infiltrates the business landscape, however, now we are starting to see problems that cause major issues in practice.

Katja Forbes

Founder and chief, sfyte

This is so cool & Innovative . A Milestone will be created by this.

Digital Marketing Courses

AANA, IAB and MFA chiefs detail first cross-industry digital advertising practices

Read more

“2019 will be the year brands leverage their social capital with consumers to help drive sales, answer questions, and act on the brand’s ...

Engenius

Predictions: 9 digital marketing trends for 2019

Read more

At the deeper levels of artificial intelligence, computing machines make all kinds of correlations among whatever data is available to th...

Fraction Tech

Is artificial intelligence riddled with bias? - Customer Design - CMO Australia

Read more

https://myiplookup.com/ - find your ip address and location information in our main page. Also there are many ip tools you can use : IP L...

savefrom

iSelect outlines new approach to arrest ineffective marketing as its reports full-year results

Read more

https://myiplookup.com/ - this website will allow you to View Alexa Ranking and graph Check http headers of a website, tool to compare te...

savefrom

The Star's first CMO creates all-new marketing team

Read more

Latest Podcast

More podcasts

Sign in