TMCnet News
New Study Reveals CMO Path To Push Beyond Traditional Brand Storyteller Role And Fully Embrace Growth Driver Mandate And Revenue Strategy LeadershipSAN JOSE, Calif., May 23, 2018 /PRNewswire/ -- A new study from the Chief Marketing Officer (CMO) Council and Deloitte, surveying close to 200 chief marketers worldwide, revealed many CMOs are still focused on the traditional storytelling aspect of their position and are less comfortable with aspects associated with driving growth, including acting as revenue science practitioners and customer experience architects. According to the report, "CMOs and the Spark to Drive Growth," 35 percent of respondents identify their role as being the chief storyteller, but only 20 percent view themselves as the market explorer that identifies and maps new routes to revenue. Additionally, just 7 percent say they are the data guru that understands the voice and expectations of the customer. To download this study, visit: https://cmocouncil.org/thought-leadership/reports/cmos-and-the-spark-to-drive-growth "Sales and driving incremental revenue growth are the first steps on the path to profitability, but this is not the destination," noted Liz Miller, Senior Vice President of Marketing for the CMO Council. "What best practice leaders have demonstrated is that ownership of experience strategy and voice of the customer must inform key business decisions, ranging from product specification and identification of market expansion and global market readiness. This will require a new mastery of data and intelligence, along with skills that cross finance and operations boundaries that most marketers feel uncomfortable and unprepared to cross." As today's CMOs remain focused on brand development, customer engagement, lead management and media mix modeling, they are missing the opportunity to focus on business transformation initiatives like mapping global expansion, facilitating mergers and acquisitions, pricing strategy or actively advancing distribution channels. Of the marketers surveyed, 82 percent believe they are the primary driver of brand development and storytelling; only half believe they own customer experience strategy development. While marketers own the brand and how it melds into engagement and communications, they are also influencers across a vast list of critical business driving functions. The disconnects between intention to drive growth and capacity to impact the bottom line beyond new customer acquisition continue. Consider that:
The importance is for marketers to align their vision of success with both the customer's vision of need and value and the business' definition of growth and success. It will demand more than just a deep understanding of storytelling and the brand and will even transcend having an understanding of the business and the touchpoints spread across it. It will demand that marketers become cultural change agents, sparking innovation in how teams, technologies and touchpoints converge. About the Study: This study is the first of three investigations into the CMO as the growth driver. Next in the series will be a summary of investigative dialogues with growth-driving CMOs, all hailing from fast-growth, sustained-growth or emerging-growth organizations. The final brief, dubbed the "CMO's Growth-Driving Playbook," delves into the steps and strategies that growth drivers have adopted to take a leadership position across sales enablement, customer experience and transformation of people, process and platforms across the organization. About the CMO Council About Deloitte Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including more than 85 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to make an impact that matters — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
View original content with multimedia:http://www.prnewswire.com/news-releases/new-study-reveals-cmo-path-to-push-beyond-traditional-brand-storyteller-role-and-fully-embrace-growth-driver-mandate-and-revenue-strategy-leadership-300653303.html SOURCE CMO Council |