Share to Facebook Share to Twitter Share to Linkedin As CMO at Zappi, Natally Kelly is responsible for growing the brand and demand for its agile market research platform. getty In today’s business landscape, data reigns supreme, and for chief marketing officers (CMOs), harnessing the power of consumer insights is paramount to staying ahead in a data-driven world. As revealed by the 2022 CMO Survey, a staggering 75% of marketers anticipated a substantial increase in the utilization of first-party data over the next two years. This underscores the pivotal role that data now plays in the realm of marketing leadership. For CMOs, building long-term relationships and trust with consumers is fundamental. This task is increasingly intertwined with the responsibility of bringing data to the forefront of boardroom discussions and engagements with other C-suite executives. However, while many companies boast consumer insights departments, these units often languish in fragmentation and isolation, lacking the strategic prominence they deserve. To address this challenge, some forward-thinking organizations are establishing centers of excellence dedicated to insights and market research. Yet creating such structures proves arduous and time-consuming, posing a barrier to swift implementation. Compounding this issue is the pervasive struggle among organizations to discern which data holds true significance. Herein lies the crucial role of insights teams in supporting CMOs and helping them navigate the labyrinth of data so that they can ensure every decision is framed from the lens of the customer and bring the consumer’s voice to the forefront. We are at a turning point in which data and insights can make or break successful marketing endeavors. When data and insights are disconnected and elusive, the CMO cannot effectively communicate with fellow C-suite leaders. Consumers will only come back to you and become loyal customers of your brand if you delight them and understand them. But too many CMOs cannot even take action on the consumer insights they obtain because they struggle to tell this story with data. The reason for the struggle is that their data is siloed, scattered and difficult to make sense of. MORE FOR YOU Samsung Leaker Reveals Specs And Price Of New Galaxy Z Fold 6 NYT ‘Strands’ Hints, Spangram And Answers For Thursday, June 13 Bitcoin Prices Continue Roller Coaster Volatility After FOMC Announcement Today, when a CEO points to a CMO and asks why consumers didn’t buy as much of a product as expected, or why advertising efforts were not effective, a CMO can only point to point-in-time studies about individual product concept tests and advertising tests that were created in pre-launch scenarios. They cannot easily link the pre-launch data to post-launch results. But imagine what can happen when CMOs operate within a universe of connected consumer insights. Then they can use their data in a more predictive fashion to show forthcoming trends, gaining foresight into how consumer attitudes will continue to change and evolve. Centralizing data and insights is a new muscle that many CMOs will also need to build. When consumer data and insights are consolidated and centralized, CMOs can become more adept data storytellers. Armed with consumer insights and the data substantiating them, CMOs can educate their executive counterparts on the tangible financial impact of customer experience data and lifetime value on business profitability. By aligning themselves closely with the organization’s strategic objectives, CMOs can transform data-driven insights at their company. This will not only help them align more closely with the CEO’s vision but will also help the CMO drive a formidable competitive advantage for the business. This transformation hinges on the ability to take customer data findings and insights and rapidly and continuously integrate them into the language and narratives comprehensible to other senior leaders. For instance, tailoring discussions to resonate with the CFO’s priorities—whether centered on acquisition or awareness data—can yield markedly different responses. As such, the goal for the CMO is to assume the role of a collaborative partner capable of influencing decisions across the enterprise. Consumer insights teams, when viewed as strategic partners, can help them accomplish this. How can you get there? CMOs must exhibit an unwavering obsession with data and insights. Much like proficient storytellers immerse their audiences in vivid narratives, CMOs must ensure that pertinent data and insights are readily accessible to all stakeholders, empowering them to drive actionable outcomes and enhance customer lifetime value. This entails a concerted effort to democratize access to customer data, enabling peers to make informed decisions that bolster the overall customer experience. Building The Gap Between Art And Science What are the concrete steps a CMO should take? First, level up the talent on your team around data, metrics and operations. Hire people who have data and operational skills and train existing staff. Second, make it a core goal for your entire marketing team to ensure that all consumer insights and data are stored centrally in a connected system. Third, review core processes where consumer data and insights should be surfaced but perhaps are not today. Make sure consumer insights are considered early on, during the strategy and ideation phases, and not left until after the fact. Otherwise, you’re not being truly data-led and missing the opportunity to let the consumer’s voice help drive your overall strategy. While these operational imperatives may not always align with the traditional purview of CMOs, they are indispensable for fostering a culture centered on customer experience and lifetime value. In fact, CMOs can leverage the expertise of operational partners or seasoned COOs to steer the execution of their experience strategy. By doing so, they can forge stronger alignment with the CEO’s vision and meet the tangible financial objectives of their fellow C-suite members, thus fortifying the company’s overall performance in the dynamic landscape of the modern marketplace. In essence, the consumer insights advantage is not merely a prerogative but an imperative for CMOs seeking to thrive in a data-driven world. By wielding data as a strategic asset and mastering the art of data storytelling, CMOs can cement their position as indispensable architects of enduring brand value, builders of long-term consumer relationships and drivers of sustained business success. Forbes Communications Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify? Follow me on LinkedIn. Check out my website. Nataly Kelly Editorial Standards Print Reprints & Permissions
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