The CMO Survey gets carried out twice a year and although US in focus, provides a great insight into the mind of todays CMOs.
One of the most interesting sections of the recent Feb 2020 report, is an analysis of what activities are managed by the CMO, and how that’s changed over the last 6 months.
Ignoring the obvious questions, "Who looks after Brand if it isn’t the CMO?!", or "When does the CMO who’s also in charge of investor and stock market relations get time to do any actual marketing?", it’s a fascinating insight into the modern marketer landscape.
It really drives home the point that the modern day CMO no longer manages the traditional 4Ps - with only 2 in 3 (and declining rapidly) managing Promotion and a only 1 in 5 having Pricing under their remit.
This is in line with what we’ve seen with many of our clients at Fast Thinking - the shift towards customer-focused marketing teams. Whilst Pricing and Product are seen as specialist functions in their own right, the ‘Customer’ has often lacked an internal sponsor. By adopting this position - taking end-to-end ownership of their experience - it gives the CMO the strategic opportunity to elevate their position above the rest of the business in some cases.
The argument ‘It’s what the customer needs’ is a strong one after all.
With Customer Experience and CRM on the rise, and Customer Service doubling in 6 months (but from a low base) it means the focus on end-to-end experiences, and driving more value from them will only continue to grow.
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