It is easy for marketing executives to feel we have been pushed into a defensive position, being asked (nay, mandated) to prove return on every marketing dollar spent. Yet in today’s age of big data, automation, social and digital, the potential we see in new strategies and tools is often laced with more hype than reality. This letdown has only heightened this defensive posture and led to the need for new forward-moving strategies that track to real action and revenue, not just the potential for return.
According to a CMO Council study titled “Mastering Adaptive Customer Engagements,” only 10 percent of senior marketing leaders are highly confident in their ability to leverage data to create exceptional experiences for their customers. A lack of data is also not to blame for this skepticism, according to 48 percent of respondents. So what is slowing our performance and ability to truly advance the organization and boost revenue? What could marketing achieve if less time was spent justifying past performance and more time was spent achieving growth and driving revenue?
It is time for a shift from a defensive posture to one that is decidedly proactive, targeted and intelligence- and offense-driven. It is time for a shift in how marketing thinks about data and how we leverage data for customer revenue optimization. Leading CMOs are moving far beyond the single-view metrics of campaign performance as justification of marketing ROI, turning away from “rearview mirror” metrics and instead looking for those actionable data insights that directly impact the business. This shift in thinking has been intentional and directed to aligning data and intelligence strategies with business performance goals and real revenue accountability to the organization.
This conversation is, at its core, about shifting the data mindset from asking “why” into a process of tapping into relevant streams of intelligence to start asking “how,” with the express purpose of accelerating revenue growth. To help make this shift, the CMO Council hosted a series of engagements in partnership with Quantifind—both live and virtual—to start this dialogue.
Key topics addressed in the CMO Council’s webinar include:
- How can an organization shift the data mindset away from a single-vector approach and instead tether data to drive revenue?
- In an age of big data overload, marketers need to cut through the noise and clutter to quickly connect marketing action with revenue. So how does marketing deliver insights that matter to the business?
- What are the actionable channels of insight that can elevate brand strategy and enable marketers to understand what actually drives customers to purchase?
- In a sea of massive data sets and countless big data promises, what is really missing, and what will move the needle?
Liz Miller - CMO Council; Thom Kozik - Marriott; Rob Roy, GVP of eCommerce and Interactive Marketing, Time Warner Cable