This is a guest post courtesy of IBM VP Marketing, Communications & Citizenship, UK & Ireland, Alison Orsi
In a world where rapid technology shifts are transforming industries and professions, I was interested to read how fellow CMOs are feeling.
Arguably the marketing profession is experiencing some of the most profound change of all. Accelerating change in big data, cloud, social and mobile technologies offers the potential for deeper customer insight than ever before, creating a new competitive landscape and many opportunities to transform customer experience.
So how are we doing?
In the latest IBM Institute for Business Value (IBV) study of more than 500 CMOs around the world, the vast majority recognise these factors will play a big role in the next 3-5 years. Nearly all marketers plan to introduce predictive analytics platforms in this time, and 94% believe mobile will be a key to future success.
However an increased number of CMOs revealed their organisations are underprepared to capitalise on the data explosion – 82% compared to 71% three years before – which to me speaks as much to the pace of change as individual capability. There is a gap between aspiration and action and our challenge is to make sure it narrows rather than widen further, even if it does sometimes feel like permanent white water rafting.
What can we learn from those leading the way?
It’s time to get a wiggle on! High-performing CMOs identified in the report are more likely to be ‘Digital Pacesetters’, reasonably prepared for the data explosion, already using advanced analytics to better understand their customers and ready to handle increasingly heavy social and mobile traffic.
The study includes helpful recommendations on where to start, including connecting to your CIO and closer collaboration with all C Suite colleagues in making strategic decisions (supported by data and analytics). The opportunity for CMOs to drive demonstrable business impact is greater than ever before. Exciting times.
About the IBM 2013 Global C-suite Study:
IBM conducted its in-person analysis with more than 4,000 C-suite leaders by using a global team of business strategists, consultants, data scientists and statisticians. More information about the IBM Institute for Business Value (IBV) can be found here.