pins on a map
CMOs need to push past traditional approaches which favored top of the funnel activity to speak to every point in the customer journey PHOTO: delfi de la Rua

As the MarTech solutions available to brands evolve at an ever-increasing pace, the role of the CMO is also undergoing a critical transition.

Traditionally, those responsibilities have focused on winning new customers by effectively communicating a brand’s story and differentiation. While undoubtedly still essential, a recent study by the CMO Council and Deloitte found that 68 percent of CMOs now report either high expectations that marketing should serve as a growth driver, or that growth in and of itself has become the primary mandate of the marketing department. 

Learning to Utilize MarTech

This is a considerable change from the days when the CMO’s job was more acutely oriented toward managing creative marketing materials. Now, strategic business planning and development have been added to the CMO’s top line responsibilities — and they’re not going away.

Making complete use of the MarTech stack — which has seen numerous advances and an explosion in new products in recent years — is perhaps the best bet for CMOs to meet these expanded expectations.

Unfortunately, a survey published by Ascend2 found that only nine percent of marketers felt that they both possessed and fully utilized the MarTech solutions they needed to achieve measurable impacts on brand growth. 

Capitalizing on New Opportunities

Part of this perception certainly stems from the fact that CMOs must overcome sizeable inertia in their approaches to how marketing has been used to influence customers. Brand marketing has traditionally leaned toward executing strategies and tactical campaigns that reach out to customers early in the sales funnel.

This focus is still very recognizable in the marketing technology that today’s marketing leaders choose to invest in most often, such as campaign tracking and reporting software. Yet, while these stalwart tools can deliver impressive success when it comes to areas such as conversion rate optimization, they do little to capitalize on new opportunities.

New Tools for New Customer Journeys 

To provide the impact on growth that’s now expected of them, CMOs need to invest in a MarTech stack that helps optimize experiences along the entire customer journey. With Forrester research reporting (purchase required) that 63 percent of marketers have adopted journey mapping in some form, most CMOs have an existing framework for customer experience management.

What many of those CMOs now need are ways to apply the right marketing technology to points along the customer journey. Doing so will enable them to much better understand opportunities and improve execution.

Optimizing Campaigns to Maximize CX 

In this way, CMOs are expanding their purview, not only to optimize marketing campaigns designed to win brand new customers, but to maximize the impact of every single brand interaction as a standalone customer experience.

By utilizing technology capable of tracking and measuring the performance of these interactions, as well as purchase and post-purchase data, marketing leaders can engage in customer experience optimization to improve their brands’ performance and customers’ satisfaction across every channel and brand touch point. 

Journey Mapping Increases RO

The potential for CMOs to drive growth through proper customer journey mapping and optimization, empowered by the right marketing technology tools, was demonstrated by Aberdeen Group’s research. It showed that brands utilizing journey maps and CX optimization realized a host of advantages over those that did not, including a 56 percent increase in cross-sell and upsell revenue.

Research respondents also reported benefits such as a significantly faster sales cycle, three times more revenue from customer referrals, a 24 percent increase in positive social media mentions from customers and deep improvements to customer service efficiency.

And, when it came to investments in marketing and the technology that supported those moves toward customer experience optimization, brands reported a 54 percent increase in marketing ROI when adhering to journey mapping practices.

Applying the Right Strategy

For today’s CMOs, who are more often expected to exert a hefty influence on company growth, applying the right MarTech strategies to experiences all along the customer journey can yield significant impacts.

Supported by an effective analytics team that can extract the actionable data needed to tell meaningful stories of customers’ interactions, a CMO can develop a powerful vantage point from which to recognize and optimize those moments when better experiences can transform customers’ future with brands like yours.