Table of Contents
- 1 It’s critical the chief marketing officer role requires an understanding of technology.
- 2 The Chief Marketing Officer Role is to Gather Information on the Target Market
- 3 The Chief Marketing Officer – Reaching Niche Markets
- 4 Keeping Brand Established and Networks Synchronized
- 5 Customer Experience and the Chief Marketing Officer Role
- 6 Increasing Lead Conversion and Marketing ROI
- 7 Looking Toward the Future of Marketing Technology and the Chief Marketing Officer Role
- 8 Putting the Pieces Marketing Technology Together for the Chief Marketing Officer Role
- 9 General FAQ’s
It’s critical the chief marketing officer role requires an understanding of technology.
The Chief Marketing Officer role is becoming more involved with marketing technology selection, implementation, and use.
Marketing is becoming one of the most technology-dependent functions in business. Today, a company’s chief marketing officer would be spending more on technology than its chief information officer. That oft-quoted claim seems more credible every day.
Today, technology plays an integral role in nearly every business’s marketing strategy. Without embracing it and optimizing its application, a business risks its ability to effectively compete as well as its connection to a customer base.
The Chief Marketing Officer (CMO), therefore, plays a major role in the selection and purchase of marketing technology. You need marketing technology if you want to:
- Test your marketing programs
- Scale marketing campaigns and reduce customer acquisition cost
- Track, monitor, and adjust marketing programs
Don’t think you need marketing technology. Try doing it manually. Good luck.
As a CMO, you are in a unique position to best define what technological tools will be needed to better connect with customers and drive growth.
This is because of the intricate knowledge you have about your customers and the relationship they have with your product or business.
This is in addition to the insights that you have regarding future growth plans and the goals of your business.
To be successful with this, you need to analyze key avenues where technology is vital to growth and competition through the lens of your business’s needs.
The Chief Marketing Officer Role is to Gather Information on the Target Market
Never before has so much information on the customer been instantly available, and information on how to better interact with the customer is key to marketing. Using measurement and analytics, from social media metrics to KPIs to CRM it has never been easier to track customer interaction.
Marketing technologies like IBM’s Watson, Keap, HubSpot, among others.
They can be tracked from the web the moment when they first discover and search for your product or service. They can gather information and build a relationship with a brand. And when they close the loop and buy a product the sales are complete.
Social log-ins are easy and provide the vendor with useful information.
Social media provides information on age, gender, location and more, giving marketing even more information on their key demographic.
Beyond raw information gathering though, technology has the ability to organize this data into patterns that can reveal opportunities for a business to improve itself drastically.
Artificial intelligence (AI) is starting to show promise for chief marketing officers.
The Chief Marketing Officer – Reaching Niche Markets
With technological growth, more channels are available for businesses to reach out to their customers, be seen and build a brand. With careful research, you can:
- Tap into new niche markets
- Target your desired demographic
- Improve conversion rates
- Build a fan base
- Create lifelong customers
To do this, an understanding of the current customer base, built through analytics needs to merge with a knowledge of which channels to invest time and money into.
As CMO, you will design this research to understand where future marketing for the business is headed, and which channels are used, in order to build customer-facing technology solutions.
Keeping Brand Established and Networks Synchronized
As the marketing network of your business becomes more niched and spread out, it cannot become fragmented or lose brand identity. It can take a huge amount of time and resources to keep moving forward coherently on a great variety of marketing fronts.
Technology needs to play a role to keep everything organized, updated, and synchronized with the business’s overall message.
As CMO, your relationship with the brand and customers will play a major role in selecting what marketing operations technologies are best suited for managing buyer interactions and buyer intent.
Customer Experience and the Chief Marketing Officer Role
With the world surging forward with new online trends and devices, it’s important to keep up and provide the customer with an experience that is suited to the times.
Businesses are losing opportunities and eroding their reputations by using outdated websites or technologies that are not device-compatible. You need to be aware of how your customers’ experiences should go, and match those expectations with the right enabling technologies.
Increasing Lead Conversion and Marketing ROI
All of the work and investment to better connect with customers and identify technologies and channels is all an effort in the overall goal of increasing long-term ROI. The technologies selected, whatever their cost, must provide more value in the long-term in order to be successful.
While this always involves some risk, the CMO should be able to select the investments with the greatest possibility, based on a business plan.
When applied well, technology can enable a business to grow in ways that could never have even been imagined without the help of modern tech.
Looking Toward the Future of Marketing Technology and the Chief Marketing Officer Role
Making an investment in marketing technology is not a task to take lightly. With a huge range of technological solutions available, careful research and planning must be done to ensure that money is being spent wisely.
The CMO must take the time to build a map of where the business needs to go in the future. With these specific goals in mind, you can then research which technologies will make that journey easier.
Because you have first laid out a specific plan, you can then view information on each vendor and tech purchase through the lens of whether it is a specific fit.
New skills may need to be developed to fully understand the products that are being reviewed, especially if you are not already very familiar with marketing technology.
This may make the research phase slow and tedious, but this only further highlights its importance.
Careful evaluation during this phase can lead to advantages later on, as the right selections of tech can exponentially boost the effectiveness of marketing campaigns and interactions.
It helps to work with your IT team, especially if you lack experience with technology. However, it is preferable to gain an understanding of technological workings because it will offer you the opportunity to gain an advantage over your competitors.
Putting the Pieces Marketing Technology Together for the Chief Marketing Officer Role
This rise in digital budgets is not merely a migration of spending from traditional to digital media. A growing portion of marketing’s budget is now allocated to marketing technology itself.
A recent Gartner study found that 67% of marketing departments plan to increase their spending on technology-related activities over the next two years.
In addition, 61% are increasing capital expenditures on technology, and 65% are increasing budgets for service providers that have technology-related offerings.
Armed with a base of knowledge and research, you can then evaluate the technology options to see which products fit together like puzzle pieces to help grow your business.
This allows you to create an optimized custom tech solution. A specifically designed system will be more effective than any out-of-the-box generic solution. By investing time and money now, your marketing engine will be running smoothly and picking up speed miles down the road.
At first, glance, selecting the best technology purchases may seem like a task better suited to the IT department. However, as CMO, you hold the key to making the right decisions in this area.
As technology continues to evolve and allow us to better understand and interact with our customers, it becomes the most important marketing tool we have. A CMO who understands this will want to be strategically involved in designing the ideal marketing machine to carry their business forward in its endeavors.
The CMO’s role in technology is vital to a business’s growth. Does your team have the tech skills needed to carry out your vision? If not, there are marketing pros that can help.
Download this free business case on marketing outsourcing, and learn how outside support will help you leverage technology and improve performance.
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What is a CMO?
A chief marketing officer (CMO) is a corporate executive responsible for marketing activities in an organization.
What is MARTECH stand for?
MarTech, otherwise known as Marketing Technology, is the word for the software and tech tools marketers use to plan, execute, and measure marketing campaigns.
What is the future of marketing technology?
Marketing technology is making its presence everywhere, as modern markets roll out omnichannel marketing technologies to AI and machine learning. AI is just showing up on the radar of mid-sized businesses and showing promise.