“Pioneering” CMOs are defined as those who have been extremely successful at delivering highly relevant customer experiences, according to Accenture. Now, new research is shedding light on what they do differently than their colleagues.
Accenture recently published the “Way Beyond Marketing: The Rise of the Hyper-Relevant CMO” report to hone in on what pioneering CMOs do differently than the rest of the pack. Statistics found that pioneering CMOs spend slightly more on innovation (27 percent vs. 24 percent) and the customer experience (29 percent vs. 26 percent) than their peers.
In addition, they see more avenues for revenue growth as significantly important in contrast to their peers. For example, 36 percent of pioneering CMOs see digital advertising as critical for revenue growth, compared to just 31 percent of their counterparts. Forty-two percent of pioneering CMOs see data monetization as important for revenue growth, compared to 29 percent of their peers.
“The pioneers understand that their organizations must remain in a permanent state of change if they’re to successfully deliver on the ever-evolving needs of customers,” wrote the authors of the report.
CMOs and the Need for Greater Marketing Efficiency
Despite the differences between pioneering CMOs and their counterparts, previous research suggests that CMOs, in general, have one goal: to improve marketing efficiency.
Forbes Insights and The Trade Desk published “The Modern CMO” report and discovered that efficiency in marketing (46 percent) is the leading topic at the front of CMOs’ minds heading into the next year.
Additionally, efficiency in marketing (25 percent) is the biggest thing that CMOs feel like they need to focus on for the sake of their own development.