What technologies are the CMOs looking forward to?
Gautam Mane, February 14, 2019
Does technology play a significant role in CMOs game plan? The answer is a resounding Yes!
Technology has already begun to influence key decisions of CMOs and is set to play a very pivotal role in the days to come. Just like an organization cannot hold itself from technological influence and impact, the marketing function too will be impacted by the adoption of technology.
So, the question: What technologies do the CMOs look forward to?
This is the era of data, and more data. There is so much of data available and unused. Plus, the fact that the customer of today is leaving a huge digital foot print only emphasizes the need for understanding and utilizing this unused data.
Volumes of customer data needs to be collected and analyzed to pull out useful insights that in turn can be utilized to chart out a sound data-backed marketing strategy. CMOs eagerly look forward to harnessing the complete potential of Big Data and Analytics even as they look for trained professionals in this area to recruit.
In a CMO survey conducted by Duke University and Deloitte, the spends on marketing analytics is set to increase by more than 200% over the next three years making for a strong case on adoption of Big Data and Analytics.
AI gains mileage
Artificial Intelligence has been making waves over the past couple of years. While there were certain successful use cases there were others that did not touch the finish line. But for the CMO, AI journey is just getting started – there are enough and more cases of AI utility that could prove very useful for marketers.
Combined with data analytics, AI could prove to be a big boost for CMOs. It will bring precision to marketing activities and create a desirous impact on the target customer segment.
Machine Learning (ML) and AI will use customer data to profile customers in the best possible manner. The combination of these technologies can provide answers to – why do customers purchase or abandon cart? When do they shop most? What do they look for when they visit a brick-and-mortar store?
This in turn will help CMOs align their marketing activities to provide the best possible customer experience resulting in high percentage conversions.
The icing on the cake? AI can help CMOs understand which marketing campaigns actually paid off and which did not. That helps determine the ROI on campaigns and plan further campaigns accordingly.
Omni-channel tech strategy
CMOs will be looking forward to an Omni-channel marketing strategy that will be seamless and applicable across both offline and online platforms. There will be investments in talent and technology that are to do with creating top level content across platforms such as – YouTube, Social Media, Web forums, Print, and Television.
CMOs will be using Big data, AI and technologies such as VR/AR (Virtual Reality and Augmented Reality) to curate content and carve out a customized target-market–specific strategy. This, will be across both offline and online platforms re-emphasizing the importance of an omni-channel strategy.
One last thing, and perhaps the most important aspect is – People. While technological trends will come and go, people and talented people at that, will be central to the implementation of these technologies. It is a known fact that CMOs are finding it very difficult to find talented resources that have the traditional, creative marketing mindset and yet are updated with the latest technological trends.
So, it is best to assume that while technologies will no doubt enhance marketing capabilities, the right set of people are required to deliver the goods.
Next read: Where do the CMOs gather information on technology, new products and services?