Do you know the median tenure for a CMO is less than 3 years? In the last five years there has been a shift towards the CMO owning the revenue and growth metrics for the business that are driven by acquisition, customer value and retention marketing activities. CMOs are being asked to be the ‘Silver Bullet’ for CEOs as they seek to rapidly change or maintain business performance. Given the pressure and the reality of the length of the tenure, the challenge is always there to find the solution to rapidly increasing the return on investment from marketing spend: to find the unique combination of the right resources, strategy and technology that can rapidly adapt to the market conditions to get your products into the hands of the right people at the most efficient cost that can drive growth and average customer value.
As Director of Strategy and Analytics for Oracle Marketing Cloud, my role and the role of my team has been to aid the acceleration of our client’s maturity in terms of their approaches to utilising marketing technology to achieve the strongest impact on their KPIs. In the last 3 years our engagements have been driven by one aspect more than any other: Customer Experience.What has become clear to me, is that marketing is now an output of effective Customer Experience. In fact you could say it is the science behind Customer Experience, as CX becomes focused on rapidly executing campaigns and strategies against measurable KPIs and then realising the value of those experiments across the marketing ecosystem as efficiently as possible.
Framing the science
Based on that concept we have been developing a new framework that has been focused on accelerating Customer Experience by focusing on the 3 fundamental factors that are driving modern CX:
Technology: The age of point solutions operating individually in silos is now behind us. The focus is on an integrated suite of technologies that are driving a new set of marketing disciplines that are entirely focused on achieving seamless Customer Experience. Technology, however, is also moving faster than ever before so choosing the right technologies and adapting to market innovations will be the differential in winning the customer.
Data: We are all coming to terms with the fact that data will be a central pillar of any marketing conversation for the rest of our lives. One challenge is defining what elements of the data strategy should be the responsibility of the CMO and which fall to the CTO or CDO? Taking the science analogy, data is a variable which needs to be controlled to be valuable to the CMO. In this instance we should use data to analyse performance, model future behavior and drive insight into our customers. The key is asking the right questions to ensure data provides the right opportunities for us in Marketing.
Customer: It goes without saying that the Customer is central to Customer Experience. The need to have clarity on our target personas at an individual level, through a combination of persona driven marketing and behavioral real-time responsive cross-channel campaigns, are the key driving forces for many marketing teams at the current moment.
The Accelerator Model
In order to display this, we think of Customer Experience as a DNA Helix with three elements – Technology, Data and Customer.
This model is designed to not only show how each integral element of the Strategic Accelerator model aligns, but also to show how they flow together. Any of the individual elements can be treated in isolation to provide maturity in a specific area – for example a CMO who wishes to focus on the value of Data Modelling – but there will be a natural next step in the cycle for the CMO to take should they wish to continue.
Let’s go through an illustration of the Accelerator model from end-to-end:
Which leads us back to Technology as you use the Customer Journey to understand which gaps now exist in your marketing architecture that are required to be filled in order to achieve the Customer Journey you have mapped out. In this way your customers inform your technology choices.
This model is designed to be a virtuous circle with technology creating data modelling that drives new customer experience that creates need for enhanced technology. Those companies that embrace the acceleration model will be able to not only adopt new technologies faster and innovate new customer experiences more effectively, but they will also be able to measure the impact on those technologies and shape their approach through a robust KPI driven series of initiatives.
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