Marketing – It’s all about transforming business models. We have been hearing it more and more from our customers in various conversations.
Customers often approach the conversation now with “What should we be doing with these new technologies?” or “How can technology deepen existing customer relationships”? It is prompted by the likes of Uber and Airbnb where emerging technology is disrupting time-tested industries in a matter of months.
How can you safeguard your current market share against an onslaught of digital technologies?
Marketing is being looked at to create business model transformations – not just to build a brand or drive incremental revenues.
Today, if you are in a CMO role, you HAVE to lean into the domain of technology strongly. It is important to know how to methodically approach such a wide body of knowledge. Which technology best complements your business objective? How to tune out the hype and leverage the technology that transforms your business model? Is mobile technology going to help change the way you do business? Does moving to the Cloud make sense? Are we still using legacy systems that desperately need a renovation? These are just a few of the many questions that face marketing executives today.
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 technical 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.
How then do you overcome this problem? Bridging the IT and Marketing gap requires a key hire or collaborating with an external strategic partner. Here are a few considerations to ponder about when you select a digital partner. Many organizations are even creating new roles to address this gap – titles such as “chief marketing technologist” or “chief digital officer” are becoming more widespread.
As a CMO, in next couple of years you will outspend the 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 role as the Chief Marketing Officer.
In summary, the marketing function is transforming because of technology and its impact on business models. Great outcomes are possible if marketing and IT work in tandem with other. Our blog post on bridging the digital chasm between marketing and IT might help. Business as usual may not apply this time.