2019 State of the CMO: Cut the Buzz, There is Only One Priority

  • admin
  • By admin
  • in
  • on January 10, 2019
Originally posted on conDati.

When you do a search for marketing trends in 2019, you get a plethora of buzzwords and themes, especially in the marketing technology space. By the end of 2018, we saw a record breaking 7000 tech products serving marketers and we saw MarTech become mainstream as a profession —all while the year has thrown a curveball to marketing with personal data protection regulations such as GDPR.

Here’s the reality: The world of the CMO has been digitally disrupted, the digital landscape is increasingly complex and your accountability has expanded to include tech investments, customer experience, compliance and more.

So, let’s cut through the noise. There is only one priority for the CMO, and it continues to be driving pipeline and revenue growth. Here we look at the impact of the challenges and tips on what we have seen CMOs do to embrace our data-driven, digitally-led world when it comes to sales and pipeline generation.

  • The What: Defining what goes on that executive scorecard, and balancing between keeping it to core top level KPIs without unintentionally creating blind spots in your pipeline and sales revenue.  
    • Tips: While it’s good practice to keep it simple and core for executive staff, data is still king. It’s important to have the ability to dive deep. For example, if a new product line is a key revenue growth driver, you’ll track sales performance for the product line by digital channel, by region, by ad campaign performance, by peak hour or day of sale, by sku, and slice and dice the data so you have the information to inform your executives rather than being caught off guard.  
  • The How: The time it takes to create or update the scorecard. Do you or your ops staff spend hours manipulating manual data from spreadsheets, reports and analytics tools every time you need to update the executive scorecard? It’s scary to think a CMO would spend hours on a Sunday evening (a true story at a Fortune 500 company) updating the exec scorecard for a staff meeting.
    • Tips: With the technology resources we have today, there is no reason any CMO or marketing ops team or digital analysts should spend hours or days manually pulling data to update an executive scorecard. Today, CMOs are looking for ways to unify omnichannel performance and show direct impact on revenue and sales as a first step, and then layer on predictive modeling for forecasting and optimization. Would you spend 1-2% of your marketing budget to transform this process, provide some governance and standards, and have your data science as a service readily available when you need it? The answer is often yes.
  • The Why: There isn’t a shortage of data when you open the flood gates. Take digital campaign data from inquiries to MQLs, web engagement, display ads or social performance as examples. The challenge is the narrative around your data points. Why was there a peak, or why was there a shortfall in pipeline or revenue, is just as important to prepare for your exec staff meeting, which is often overlooked because we are consumed with showing % performance to plan, conversion rates, etc.
    • Tips: Knowing the Why gives CMOs confidence to clearly articulate the story behind a pipeline revenue dip or peak. Always be prepared with the narrative on your scorecard data before an executive staff meeting. Some CMOs have turned to leveraging AI-driven technologies to proactively alert on revenue or pipeline shortfalls and even provide intelligent recommendations to bridge any sales shortages. This changes your narrative completely. One intelligent recommendation example is to shift campaign ad spend to a specific channel that has proven to perform from past behavior learned. conDati is one such technology that can help.

screen shot 2019-01-10 at 9.02.39 am

Caption: Example of a digital marketing scorecard for an eCommerce division showing real-time sales revenue results from digital ad campaigns.

While the web will give a very wide range of marketing trends, themes and priorities for 2019, from content strategy to customer experience to account based marketing, at the end of the day, the consistent #1 priority we’ve heard time and time again from marketing executives across large and midmarket B2C and B2B is figuring out how to create pipeline and revenue growth first while navigating through all the digital complexities.

For more information on conDati, visit www.conDati.com

ABOUT THE DIGITAL MARKETING AND DIGITAL RETAIL TRANSFORMATION ASSEMBLIES 2019

C-Level experts from across North America’s marketing and retail industries are comingDigital Marketing and Retail Banner.png together in Dallas this February to anticipate the highly complex digital marketing and retail environments that will develop over the next few years.

Through a cutting-edge program designed by the industry, for the industry, we will provide a fresh and up-to-date insight to help move your organization to the next level of digital leadership. A series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company sustains its competitive advantage.

Are you a Marketing or Retail executive interested in attending this event? Enquire here today to find out if you qualify for Millennium Membership >>

Download the Sponsorship Prospectus to find out if your eligible to sponsor our event >>

Leave a Reply

admin

PUBLISHED BY admin

Jenny Schecher is a Client Services Director & Social Media Manager at The Millennium Alliance. Jenny is an avid contributor to our blog, Digital Diary, as well as all social media platforms. When she is not writing about digital transformation and technology, she is working with her team to make visions come to life at our events. (and eating all of NYC's best food.) Follow her on Instagram: @jennyschecs or find her on LinkedIn!

View all posts by admin

Related Posts

Blockchain/Crypto/DeFi

The Millennium Alliance Will Now Accept Bitcoin Payment From Its Customers

NEW YORK – April 9, 2021 – The Millennium Alliance has just announced that it has started allowing customers and vendors to use their cryptocurrency holdings as a form of payment for future transactions. With Bitcoin nearly doubling in value since the start of this year, it was important to Millennium to embrace the digital […]

Millennium Staff

The Millennium Alliance Launches Its New Charitable Initiative, The Millennium Mission

NEW YORK – April 8 2021 – The Millennium Alliance is proud to launch The Millennium Mission, a new charitable endeavor that incorporates philanthropy into the Assemblies that Millennium’s members know and love. At each Assembly, the most engaged attendee will be awarded with a $1,000 donation in their name to the charity of their […]

#MillenniumLive , Healthcare

#MillenniumLive with Wolters Kluwer on AI-Powered Healthcare & Recent Tech Trends

#MillenniumLive is joined by Dr. Itay Klaz, Medical Director for Clinical Surveillance & Compliance at Wolters Kluwer, Health. In this week’s episode, we take a deep dive into the development, implementation, and support of Wolter Kluwer’s AI-powered clinical surveillance solution and receive the physician’s perspective on some key trends surrounding enterprise-level EHR, treating Sepsis, and […]

CMO

Research Preview: The State of Digital Advertising in Retail 2021

Digital advertising is difficult, and the behavioral shift triggered by COVID have made it even more so. Many challenges get in the way of maximizing our Return on Advertising Spend and delivering conversions. This was made painfully clear in a research study performed in Spring 2020 that uncovered the top organizational, people, and technology challenges […]

Lovin’ Digital Diary?

Premium content to our readers interested in all things business.

Check Us Out!

Millennium Membership offers Fortune 1000 C-Level executives, leading public sector/government officials, and thought leaders across a variety of disciplines unique and exclusive opportunities to meet their peers, understand industry developments, and receive introductions to new technology and service advancements to help grow their career and overall company value.

About Millenium Alliance Next

About Digital Diary

Created to provide premium content to our readers interested in all things business.

Launched in 2017, Digital Diary was created to provide premium content to our readers interested in all things business. With our blogs catered to deliver the top news stories, trends, and interviews from across all industries.

Read all story Next

Millennium Alliance Membership

Learn More Next

What does it mean to be a Millennium Member? In the midst of the constant disruption across all industries, our members are given the tools they need to digitally transform their organizations and become the best leaders they can be. Millennium Members are provided the exclusive opportunity to attend our 40+ intimate in person and virtual Assemblies, take part in industry-leading Executive Education sessions conducted by the nation’s leading academic institutions, business leaders, and technology providers and receive industry leading content through our Digital Diary Platform as well as the rapidly growing #MillenniumLive Podcast Series.