Before big data and analytics, marketers especially Chief Marketing Officers’ (CMO) decision making process and way of working was quite different. Their thinking and ideas were more based on historical data and lagging indicators. They had to wait for weeks if not months to see any results of a campaign or media-mix adjustments.
After digital disruption and emergence of mobile devices, 24/7 connectivity became an integral part of people’s life. Technology has empowered consumers and new buying behaviors are developing and shaping the market dynamics faster than ever. Consumer
s’ browsing and use of social technology generate plethora of data, and every day new data footprints get appended to the older one. This phenomenon has expanded CMOs scope by adding technology to the traditional arsenal of brand management and creativity. CMOs and their teams should use this great opportunity to crunch structured and unstructured data and deduce meaningful patterns of it. Currently, in 2014, data management is in a state where CMO can target consumers and tailored messages at an individual level. Consequently, personalization and relevance are the name of the game. In my view three things will be in the CMOs agenda for the year 2015:
- Seamless customer relations across multiple channel
- Knowing individual customers instead of customer types
- Innovation
We are in the early stages of technology-marketing evolution. With new developments and evolving capabilities we will see a very diverse CMO role in the coming years.
Have your say: ashok.bhatt@freshwaters.co
From the desk of Ashok Bhatt 