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The rapid growth of e-commerce during the pandemic has increased the need for real-time insights to accommodate rapidly changing customer behavior.
Accordingly, the responsibilities of CMOs are shifting, and around three quarters are now in favor responsible for contributing to business growth (76 percent) and to data and technology (74 percent). This emerges from the latest report from the Capgemini Research Institute, « A New Playbook for Chief Marketing Officers: Why CMOs Should Enable Real-Time Marketing to Drive Sustainable Growth. Despite the CMO’s new data-centric responsibilities, only 12 percent of marketers have the necessary data access. » , the skills and talent to get high value from real-time marketing.
Real-time marketing can process, analyze and leverage data at the point of entry to quickly improve digital trade campaigns, content and marketing results. The report shows that data-driven advertisers will benefit from improved brand awareness, customer satisfaction, conversion rates and customer loyalty.
While all marketers use data in some way, most do not use it to make marketing decisions. For example, only 43% of marketers report that their teams are using data to decide a go-to-market strategy for a new product or service, and 40% use data to change their campaign strategies. 42 percent say that the use of data has enabled their team to react more agile to customer and market needs.
For traditional marketers (who are not considered to be “data-driven”), catching up against high-performing competitors requires a fundamental change in roles and skills and skills. Research from Capgemini has found that this shift is primarily happening at the top of marketing directors, and is characterized by a shift towards more control and decision-making among CMOs.
In addition to being responsible for data and technology, about a third is of the CMOs is directly responsible for collecting and understanding consumer and market information, trends and for monitoring marketing technologies such as customer relationship management (CRM) tools or marketing automation platforms.
60 percent say they make critical decisions in relation to Getting involved in growth and long-term value, such as growth strategies and new product development.
Despite the changes in the roles and skills of CMOs, the shift is not sufficiently reflected in the broader marketing function. To enable data-driven marketing, CMOs need to address a broader technical performance and skill gap. Fewer than half of marketers say they have built the data and technology capacity needed to deliver data-driven marketing, suggesting a significant opportunity for transformation try to bring more work into the house, according to the report. Overall, half of marketers agree that their companies are trying to build in-house skills and capabilities rather than working with outside vendors.
Jean-Pierre Villaret, Head of frog Europe, part of Capgemini Invent, said: « The COVID- 19 pandemic accelerated digitization in ways that no one could foresee. The volume of customer data grows with increasing online sales. This offers a variety of opportunities for CMOs and marketing departments to better understand and serve their customers. And some marketers are exploiting the full potential of data-driven real-time marketing and realizing the benefits it brings in terms of brand awareness, customer satisfaction, loyalty and conversion. The task for the vast majority of marketers now is to modernize their data capabilities and train their employees to stay competitive against these data-driven high-flyers. «
For CMOs who want to take the step towards data-driven marketing, Capgemini identified six critical focus areas to prepare for a data-driven marketing environment:
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