Fifty-three percent of surveyed CMOs felt an increased pressure to enable revenue growth—making this the biggest change to their teams’ responsibilities over the past few years (see “CMO Profile and Methodology” for more on how the survey was conducted). While the expectation for the CMO to drive revenue is pronounced, many CMOs are faced with a conversion path they don’t entirely own. Marketing may be signing up for big numbers, but the customer purchase journey is splintered across product, sales, and service. That’s why CMOs who agree to a revenue target should verify a clear path to conversion with the rest of the C-suite.
Inadequate customer service impedes both revenue growth and marketing effectiveness. Sixty-six percent of B2B and 52% of B2C customers stopped buying after a bad customer service interaction4, further proving the argument that CMOs who understand, streamline, and automate customer service control one of the most important profitability levers. Unfavorable customer service also hinders digital marketing efforts, as a bad experience can unravel into a quickly circulating Twitter post or negative online review in the blink of an eye.
Today’s CMO is expected to do more than blanket customers with brand awareness and messaging. The CMO’s responsibilities now follow through helping and serving, with a focus on collaborating with other departments to place the customer experience first.
The bottom line is that marketing executives are becoming more accountable for bottom line growth. The days of free spending and wining and dining with your agency is coming to an end. Even some of the biggest companies, like Coca-Cola and P&G are starting to question the effectiveness of every marketing program.
What continues to be bothersome to me are the so called experts and hype promotors who continue to make a living by promoting new buzzwords like big data, real-time marketing and social media. They keep telling us how we need them but they are very naive when it comes to what consumers actually want/need and these initiatives impact on the bottom line.