In the next three to five years, the vast majority of CMOs want to integrate their cross-channel touchpoints (87%), enhance their use of analytics to capture customer insights (83%), and use social networks to foster collaboration (78%), the IBM Global C-suite Study found.
CMOs aren't alone: Four-fifths of CIOs aim to digitize their front offices within the next few years to sync with customers more effectively, and 84% plan to add new mobile means of interacting with customers, according to the research.
However, despite recognizing the importance of technological changes, C-suite leaders are struggling to strike the right balance between the social, digital, and physical worlds, IBM said.
An analysis by IBM supercomputer Watson of the interviews with top leaders found that businesses are grappling with creating cohesive social media plans, balancing competing priorities, and measuring investment returns.
Below, additional key findings from the study, which was based on face-to-face conversations with more than 4,000 C-suite executives (CxOs) worldwide.
CMOs Feel Unprepared
- CMOs' top priority this year is to design great customer experiences for mobile apps.
- Using social media to engage customers is second, and using integrated suites to manage customers is third.
- CMOs are struggling to keep abreast of the rapid pace of change in the digital and online worlds; they feel even less prepared to cope with big data than they did in 2011, and they have made little headway in coming to grips with the social media landscape.
- In 2012, 57% of CEOs expected digital channels to become one of their company's key means of interacting with customers within the next five years. In 2013, 52% of CxOs say they are already there.
- CxOs say this trend will continue: 88% say they will interact digitally with customers even more in the next three to five years.
Rise of the Customer
- More than half of CxOs say customers now have a considerable influence on their enterprises.
- In fact, CEOs say customers exert a bigger influence on their organization's business strategy than all but the C-suite itself.
- However, despite this increased influence, one-third of CEOs worry that the rest of their C-suite is out of touch with customers.
- CEOs consider technology the most important external force shaping their organizations, and the rest of the C-suite agrees.
- However, CxOs vary on whether market factors or macroeconomic factors are the second most important external force.
About the research: The Global C-Suite Study was based on face-to-face interviews with 4,183 top executives covering more than 20 industries in 70 countries.
Continue reading "Inside the C-Suite's Mind: Top Challenges and Opportunities" ... Read the full article
MarketingProfs provides thousands of marketing resources, entirely free!
Simply subscribe to our newsletter and get instant access to how-to articles, guides, webinars and more for nada, nothing, zip, zilch, on the house...delivered right to your inbox! MarketingProfs is the largest marketing community in the world, and we are here to help you be a better marketer.
Sign in with your preferred account, below.
You may like these other MarketingProfs articles related to Marketing Strategy:
How to Identify and Prevent B2B Channel Conflict
You have a big channel partner who has doubled your sales. Yeah! But then the partner starts making decisions willy-nilly without checking with you. D'oh! Here's how to prevent similar conflicts. read this »
Could NFTs Replace Your CRM Strategy?
Do the potentials of blockchain technology go beyond the novelty of "owning" a digital piece of art? Perhaps. Future marketers could harness NFTs for functions typically associated with customer relationship management. read this »
Why ABM Should Be Supported—Not Driven—by Tech and Demand Gen
Is your ABM strategy following deals through close, or is it focused only on the top of the funnel? If the latter, your strategy is actually limited to tech and demand gen instead of true ABM. read this »
What Marketers Need to Know About NFTs
Okay, we've all heard about NFTs. But are they actually useful in the marketing world? How can brands incorporate them into their strategy? The answer may lie in community-building. read this »
The B2B Marketing-Sales Divide: More Leads vs. Better Leads
B2B marketers say their biggest marketing concern is how to generate more leads, whereas B2B salespeople say their biggest marketing concern is how to improve lead quality, according to recent research from SharpSpring and Ascend2. read this »
How to Create a Successful Pride Campaign
Pride Month is upon us, and many companies will rebrand with rainbows to mark the occasion. But running Pride campaigns without aligning your brand with LGBT struggles is disingenuous. Here's how to do Pride Month right. read this »