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

Latest Videos

More Videos

Great piece Katja. It will be fascinating to see how the shift in people's perception of value will affect design, products and services ...

Paul Scott

How to design for a speculative future - Customer Design - CMO Australia

Read more

Google collects as much data as it can about you. It would be foolish to believe Google cares about your privacy. I did cut off Google fr...

Phil Davis

ACCC launches fresh legal challenge against Google's consumer data practices for advertising

Read more

“This new logo has been noticed and it replaces a logo no one really knew existed so I’d say it’s abided by the ‘rule’ of brand equity - ...

Lawrence

Brand Australia misses the mark

Read more

IMHO a logo that needs to be explained really doesn't achieve it's purpose.I admit coming to the debate a little late, but has anyone els...

JV_at_lAttitude_in_Cairns

Brand Australia misses the mark

Read more

Hi everyone! Hope you are doing well. I just came across your website and I have to say that your work is really appreciative. Your conte...

Rochie Grey

Will 3D printing be good for retail?

Read more

Blog Posts

How to design for a speculative future

For a while now, I have been following a fabulous design strategy and research colleague, Tatiana Toutikian, a speculative designer. This is someone specialising in calling out near future phenomena, what the various aspects of our future will be, and how the design we create will support it.

Katja Forbes

Managing director of Designit, Australia and New Zealand

The obvious reason Covidsafe failed to get majority takeup

Online identity is a hot topic as more consumers are waking up to how their data is being used. So what does the marketing industry need to do to avoid a complete loss of public trust, in instances such as the COVID-19 tracing app?

Dan Richardson

Head of data, Verizon Media

Brand or product placement?

CMOs are looking to ensure investment decisions in marketing initiatives are good value for money. Yet they are frustrated in understanding the value of product placements within this mix for a very simple reason: Product placements are broadly defined and as a result, mean very different things to different people.

Michael Neale and Dr David Corkindale

University of Adelaide Business School and University of South Australia

Sign in