We are hearing it from customers in various conversations.
Customers often approach the conversation saying “what should we doing with these technologies?” or “how can technology deepen existing customer relationships”? It is prompted by the likes of Uber and Airbnb where technology is disrupting time-tested industries in matter of months.
How to safeguard market share against an onslaught of digital technologies?
Marketing is being looked at to create business model transformation not just to build a brand or drive incremental revenues.
In today’s CMO role, you *have* to lean into technology realm strongly. It is important to know how to methodically approach such a wide body of technology knowledge. Which technology complements the business objectives? How to tune out the hype and leverage the technology that transforms the business model?
Technology has traditionally been in the CIO’s realm. The IT function is adept at systems of record – think CRM systems, email, order management systems, etc. The new class of technology – the systems of engagement which is what a CMO needs is also new to IT folks. Assuming such technology expertise is quickly built (which in most cases is not easy), the IT mindset is still that of technology in nature. This focus on technology can lead to missed opportunities in terms of business model innovation that is possible today. Customer experience development, UI/UX design, agility, minimum viable product (MVP) mindset, and perpetual beta concepts are some of the other missing factors within today’s IT organizations.
Bridging the IT and Marketing gaps requires a key hire or an external strategic partner.
- Companies are creating new roles to address this gap – titles such as a the “chief marketing technologist” or “chief digital officer” is becoming more widespread.
- Here are 4 factors to look for in a strategic partner to help with your marketing technology transformation.
As a CMOs, in next couple of years you will outspend CIO on technology. How prepared are you in taking on this challenge?
For starters, here are 5 Technology building blocks that you must pay attention to in your CMO role.
In summary, marketing role is transforming because of technology and its impact on business models. Business as usual may not apply this time.