Chief Marketing Officers have seen many changes occur in the past two decades. From the early 90s to now, they have gone from strictly one-way advertising like the ads that you see on TV and the radio, to marginally interactive advertising like you see in the endlessly annoying (and increasingly ignored) banner ads that attempt to distract you from your browsing. Now we are in a new realm of marketing that requires not only presenting your brand to potential customers, but also to having to give them information that they find important and relevant to them.
What to watch out for
While the increasing importance of consumer approval is a large shift in the marketing industry, that isn’t the biggest upheaval that is happening right now. That would be the consumerization of technology.
Not too long ago, marketers worked on the branding and the message, and left the finer details of how the technology ran to the in-house IT staff. Now, with the widespread consumption of Smart Phones, Skype, Apps, and other technology that allows you to run any number of separate processes at the same time.
Now as a marketer, you are not only expected to know how to come up with a brand voice, you should know how to make that brand voice come across through social media, how to increase engagement, and how to present that voice in an array of different methods. That includes textually, visually, and even using video as well.
So, what can you do
In order to keep up with the times, CMOs have to be able to learn more, and quickly. The information age has been here for some time, but now it’s not enough to just present information, you have to do something with it. And therein lies the rub; how do you keep up with the changing landscape, and stay relevant and competition increases, and innovation remains key?
Industry leaders and CMOs and CEOs who are looking toward the future spend a significant amount of time trying to understand the impact that social media has on marketing, and trying to predict the future landscape of digital marketing.
CMOs are currently spending between 5 and 20 percent of operating budgets on technology-related services, and marketing technology to stay ahead of the curve. Surveys show that priorities are allocated to SMAC (Social, Mobile, Analytics, and Cloud) technologies that will be linked to marketing functions. In fact, nearly one-third of all infrastructure and expansion budgets are locked up in expanding the reach and efficacy of marketing across all channels, but especially digitally.
A study conducted by Cognizant across 240 process owners showed that a large segment of organizations are turning to technology to help with more forward-thinking and strategic business goals. Marketing departments are supporting these functions increasingly these days.
To keep up with, and pull ahead of your competition, it is important to embrace new technologies, and learn as much as possible.