I wanted to share with you the results of IBM’s recent CMO study, which was based on face-to-face interviews in the first half of this year with more than 1,700 CMOs in 19 industries from 64 countries around the globe.
While CMOs recognize the digital era has created a transformative shift in the way they engage with their customers, most feel they aren’t ready or equipped to respond to the change. Only 26 percent of CMOs are tracking blogs, 42 percent are tracking third party reviews and 48 percent are tracking consumer reviews to help shape their marketing strategies.
At the same time, the research shows that the measures used to evaluate marketing are changing. In fact, 63 percent of CMOs believe return on investment (ROI) on marketing spend will be the most important measure of their success by 2015. Even among the most successful enterprises, half of all CMOs feel insufficiently prepared to provide hard numbers.
Collectively, the study findings also point to four key challenges that CMOs everywhere are confronting: the explosion of data, social media, channel and device choices and shifting demographics will be pervasive, universal game changers for their marketing organizations over the next three to five years.
The Study findings point to three key areas for improvement, or three key imperatives for marketing in the digital era:
- Deliver value to empowered customers
- Foster lasting connections
- Capture value, measure results
Read the study. I suspect you’ll find it quite interesting.