This year, IBM released a research for Chief Marketing Officers (CMO) having analyzed their concerns and plans. The study shows that there are the shifting challenges for chief marketing officers and big opportunity for Business Intelligence. Marketing today is really changing and BI can support it.
IBM interviewed over 1.700 CMOs on the matter of new marketing challenges and tools that help to stay ahead. In this research the main focus was on best practices that would help CMOs to meet their new responsibilities and react to the shifts and changes in the business. Since the market is getting more competitive the CMOs are looking for new ways to handle it and keep up with competitors. Business Intelligence solutions help CMOs in three areas: Strategy, Technology and Metrics. Smart Chief Marketing Officers will take this advantage of new strategic responsibilities, for example, driving corporate character.
To start this project means to leverage Big Data from new technologies, such as Social and Mobile Media and work with cross-venue Business Intelligence to track and analyze the customer’s behavior. Also, the advanced BI metrics help justify the increased marketing spend. According to the IBM research, the most interesting issue for CMOs is data explosion, the rise of Social Media, new marketing channels, changes in consumer demographics, risks and complexity of the corporate environment. CMOs admit that all these requirements could be met with the strong analytical tools that help to understand the consumer world, behavior and the trends, and improve the interaction between companies and end customer. At the same time respondents (CMOs) stressed that these challenges signal the assumption of more strategic responsibilities within the enterprise. The IBM study proposes three advices for Chief Marketing Officers:
- Listen more to customers
- Do long-term customer relationships
- Do measure results so that improve the strategy and justify the spendings.
Business Intelligence solution allows CMO to understand the customer and monitor a particular customer`s interaction with the company across geographies, channels and time.