With the understanding of digital experience, CMOs responsible for increasing market share
By MYBRANDBOOK
Prasenjit Roy
Chief Marketing Officer, NTT India
The evolving role of CMOs
With the customer being at the center of all marketing related decisions, the CMO’s role too has evolved to become an agent of change and be one of the key leaders for driving CX. CMOs today are expected to have the knowledge and expertise on customer behaviours and trends by using all the technology choices they have with them. As CX is a critical component of every organization’s success, CMOs today are going beyond their marketing objectives and roles, and are focused on identifying customer needs to build strong and sustainable customer relationships. However, every decision requires accurate data, and CMOs cannot operate without adequate insights. CMOs also need to be aware of how they can use data in an intelligent way to create hyper-personalized experiences for customers, which can have a big impact on CX. In summary, CMOs have to take the lead in driving effective customer experience strategies, as they can lead to a huge impact on the bottom line.
Contribution towards strategic business discussions
The last two years have changed the way companies do business. Digital-first models have risen in a huge way, and CMOs thanks to their understanding and experience of using data extensively, are increasingly being asked to play a role in shaping product and future revenue growth. During peak Covid-19 periods, CMOs innovated to create digitally enabled channels for not only enabling sales support but also growth in sales. CMOs went beyond driving just leads to taking initiatives that could lead to stronger relationships with end customers. As CMOs understand how digital experiences can influence customers, they are naturally tasked with the responsibility of increasing market share. More importantly, companies today understand that the CMO is the voice of the customer, and his or her inputs are crucial to the company’s success and growth.
Real-Time Marketing to Drive Sustainable Growth
In today’s fast paced world, real-time marketing is a key to understand and service customer preferences in a better way. But for real-time marketing to work, we need real-time data. If real-time data can be accessed and insights can be drawn quickly, the results can be powerful. if an e-commerce website realizes the high probability of a sale which is marked by a customer visiting the same product page for a number of times, it can instantly throw in a discount to convert the fence-sitter to a buyer. This is the power of real-time marketing, and can play a huge role in improving customer experience and subsequently, sales.
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