76 Percent of CMOs Believe Their Jobs Are on the Line if Customer Engagement Doesn't Satisfy Digitally Demanding Consumers; Only 10 Percent Can Measure Financial Impact
SAN JOSE, Calif. and WELLESLEY HILLS, Mass. (April 30, 2018)—The imperative to compete on the basis of customer experience is heightening the job security risks of chief marketing officers who are struggling to keep up with new digitally driven ways to engage, satisfy and enrich the experience of more mobile, savvy and fickle consumers.
According to a new study from the Chief Marketing Officer (CMO) Council, in partnership with RedPoint Global, chief marketers acknowledge that their jobs could be on the line should customer experience strategies fail. Moreover, nearly half of marketing respondents believe it is possible that their jobs will be at risk should technology investments fail, even though there are other factors that have a direct impact on the role.
The new CMO Council report, titled “The State of Engagement: Bridging the Customer Journey Across Every Last Mile,” reveals that businesses will measure the success of customer experience initiatives on bottom-line improvements like overall revenue growth and increases in individual sales. However, only 10 percent of marketers are able to tie customer experiences back to these business goals in real time. Most (80 percent) are unable to or can only sometimes connect channels of engagement back to business impact while an additional 10 percent are only able to measure against business goals using time-consuming, manual processes that only involve select channels.
Marketers have a mixed view of the state of customer engagement as 47 percent admit they are failing to deliver on the customer expectation of personalization and contextual engagements across the customer journey. Some 41 percent say that systems that fail to connect or deliver a unified view of the customer experience across all touchpoints have done the most to threaten the execution of the CX strategy. Fueled by the increasing demand for individualized experiences from a connected customer, most have adopted a new outlook of advancing with the tools on hand while taking on the role of “chief silo-buster.”
“CMOs have picked up the mantle of owning the development and execution of the customer experience strategy and are fully aware that their jobs depend on the success of these initiatives,” acknowledged Liz Miller, Senior Vice President of Marketing for the CMO Council. “But many are rightfully questioning the patchwork assembly of point solutions that have been amassed in the marketing technology stack. Marketers want to get going…connecting systems and busting silos to put the customer’s expectations above the drama being caused by fragmented tools that fail to deliver results for the business.”
Other findings include:
“The key to being able to deliver great customer experiences starts with having the Golden Record, which provides brands with a deep understanding of each customer by building a complete, single view of that customer,” said John Nash, Chief Marketing and Strategy Officer at RedPoint Global. “CMOs who prioritize capabilities that provide a single point of control over their data and engagement flows are able to deliver relevant and personalized customer experiences that drive higher revenue, coupled with lower interaction costs. These CMOs will be those who meet and exceed the business goals by which they are measured.”
Insights in the complimentary 71-page report, now available for download, include:
A complimentary infographic is also available for download via the report landing page.
Moreover, Liz Miller, Senior Vice President of Marketing for the CMO Council, and John Nash, Chief Marketing and Strategy Officer for RedPoint Global, will discuss the report in depth during the webcast, “The State of Engagement: Bridging the Customer Journey Across Every Last Mile,” on May 1, 2018, at 10am PT/1pm ET. To join the webcast, please register at https://cmocouncil.org/thought-leadership/events/the-state-of-engagement-bridging-the-customer-journey-across-every-last-mile.
The findings of the study are based on an online audit of 211 senior marketing executives in primarily consumer-facing industries, including retail, consumer products, food and beverage, retail banking, consumer insurance, and travel and hospitality. Some 70 percent of respondents have a title of CMO, general manager of marketing or senior vice president of marketing while 57 percent hail from organizations with annual revenues of more than $1 billion.
About the CMO Council
The Chief Marketing Officer (CMO) Council is dedicated to high-level knowledge exchange, thought leadership, and personal relationship building among senior corporate marketing leaders and brand decision-makers across a wide range of global industries. The CMO Council's 15,000-plus members control more than $500 billion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide. In total, the CMO Council and its strategic interest communities include more than 65,000 global executives in more than 110 countries covering multiple industries, segments and markets. Regional chapters and advisory boards are active in the Americas, Europe, Asia-Pacific, Middle East, India and Africa. The council's strategic interest groups include the Coalition to Leverage and Optimize Sales Effectiveness (CLOSE), Customer Experience Board, Digital Marketing Performance Institute, Brand Inspiration Center, Marketing Supply Chain Institute, and the GeoBranding Center. For more information, visit www.cmocouncil.org.
About RedPoint Global Inc.
RedPoint Global's software solutions empower brands to transform how customer experience is delivered. RedPoint Global's solutions provide a single point of control to connect all customer data, determine next best actions in real time, and orchestrate interactions across all enterprise touchpoints. Leading companies of all sizes trust RedPoint Global to deliver highly personalized and contextually relevant experiences that optimize customer engagement. For more information, visit www.redpointglobal.com or email firstname.lastname@example.org.