Report: Pioneering CMOs are driving business growth
- 18 April, 2019 10:08
At a time of an ever demanding consumer and more data than we know what to do with, just 17 per cent of global marketers have been extremely successful at delivering highly relevant customer experiences, a report released today said.
This is despite the fact when businesses prioritise customer experience (CX), they generate 11 per cent higher shareholder returns.
The report by Accenture also found 69 per cent of Australian and global CMOs admit they are struggling to apply insights to their marketing strategy.
Way Beyond Marketing – The Rise of The Hyper-Relevant CMO, found 76 per cent of CMOs globally believe consumers have higher expectations today of a brand’s purpose, compared to 63 per cent of Australian CMOs surveyed. At the same time, more than 75 per cent of CMOs admitted past formulas are no match against the new breed of disruptors that seems able to win by delivering more relevant customer experiences.
Simultaneously, 31 per cent of CEOs globally surveyed by Accenture expect CMOs to drive growth using customer data and insights to create new products, services and experiences.
Those 17 per cent of CMOs classified by Accenture as "pioneering" are achieving this growth by reinventing for the now and the new, rejecting a broken marketing culture, and rewiring operating models for growth, the report stated.
In addition, pioneering CMOs are 27 per cent more likely than their peers to say their primary expertise is in being an innovator and looking to use emerging technologies to grow the business. Nearly three in 10 (28 per cent) are also more likely than their peers to be spending more than three-quarters of their time on managing disruptive growth.
Accenture Interactive managing director for Accenture Interactive, Michael Buckley, believes these customer experiences are challenging the status quo of traditional organisational structures.
“Locally, consumers are becoming more open to engaging in services and offerings that are hyper-personalised. As a result marketing leaders need to find creative ways to reinvent the customer experience and set themselves apart from competitors,” he said. “They need to become what we call ‘living businesses’, to anticipate and respond to changing customer needs at speed and deliver significant business value.
“CMOs need to lead an effective, joined-up customer experience at all touch points, at pace and scale, to drive growth."
Buckley advised four key actions marketing leaders should take: Using advanced customer insight and analytics to shape the future; building the marketing and sales capabilities of their people and organisation; leveraging partnerships to create innovative new products, services and solutions; and delivering cost-effective technological activation of personalised and scalable marketing programs.
The role of marketers also continues to undergo a profound shift, with the majority (90 per cent) of CEOs and CMOs globally agreeing the function will change fundamentally over the next three years.
On a more positive note, the report found pioneering CMOs to be ahead of the curve, thinking entirely differently about the kind of roles and skills their teams will need to be successful in the future. Australian respondents cite roles such as customer experience curators (72 per cent) and immersive experience designers (57 per cent) as the most desirable roles to succeed in delivering a hyper-relevant customer experience.
Accenture surveyed 935 chief marketing officers and 564 CEOs across 17 industry groups in 12 countries: Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Singapore, Spain, the United Kingdom and the United States. Participants from the survey, conducted between March and May 2018, were from companies with at least US$500 million in annual revenues.