In the last post we showcased the changing role and importance of the CMO (Chief Marketing Officer). The gaining dominance of IT, and how new trends, namely – Big Data (not discounting Mobile or Social) are impacting business dramatically. While I deliberately didn’t outline the strategy itself, the outcomes the strategy in the areas of Product Analytics , Customer Analytics and Macro Analytics were discussed. Also the market/ecosystem conditions that lead to making the strategy (digitization, device and spatial independence, security and integration) were highlighted.
But how does this fit in with a CMO? How will Customer Centricity be reached?
The Role of the CMO
To start, the CMO could perhaps think a little on the lines of the PESTLE framework. Break the whole concept into 2 major phases – One that is focused on “Tools and Techniques”, and the other on, “Branding and Publicity“, which is partly dependent on the Tools and Techniques.
What the CMO does in this case is very cleverly and from the start, categorize data! Placing data in the buckets of – Structured, semi-structured and unstructured data. This is important because the CMO is then not influenced by Big Data ‘Fakers’ who think Hadoop is the only answer to all Big Data questions and traditional databases are no longer needed. It’s not one or the other, Hadoop or HANA or Exa or Cassandra – they complement each other in most cases and in other cases, are used differently!
This will ensure the CMO first finds all sources for information, then keeps a central repository, makes an analysis using different tools and techniques which actually leads to personalized, targeted outputs keeping the customer in focus!
The Return On Investment is always tricky, but can be measured by Offerings that come up because of the above methodology, the engagement pattern changes and use an existing metric to see the impact of new processes on the old! Offerings include new and personalized ‘deals’ and can come via product analytics or gamification. There is incremental revenue on the top-line. Engagement can be towards the stats of hits and interactions – using more data from call centers and tellers we can have innovative forms (breakdown of revenue to see where most wealth is generated/impacted) being designed to get maximum output of a customer engagement.
It’s amazing, all the possibilities, all the combinations, all the capabilities, but also the complexities we have generated ourselves and the solutions we think to solve them! As I celebrate my sister’s birthday today, I’m reflecting about the conversation I had with her about my last weekend when I was in Bad Antogast and spoke to some of the volunteers of the IAHV. It didn’t surprise me so much that they were thinking how we could use Big Data for solving problems in the world today. While billions of Dollars are spent on marketing commodities like food and apparel, I hope NGO’s will leverage technology better and get support of people to globalize wisdom and peace!