The marketing industry has transformed itself from being more creative and intuitive to being instrumental. The traditional marketing practices are not efficient because of the present age being more inclined toward conducting instrumentation with potential customers. The tactical shift has been accomplished by the inclusion of marketing automation engines, CRM systems, and the technology-driven marketing ecosystem.
There is a need for Chief Marketing Officers (CMOs) to be data-driven and analytical. The marketing leaders need to focus on defining key metrics to keep their businesses ahead of the competition curve. Additionally, the explosion of data is posing stiff challenge to the marketing departments. The CMOs need to take an analytic approach to identify patterns in data and garner valuable insights from it. They also need to have an in-depth knowledge about the influx of data from disparate sources and must have the ability to integrate analytical tools with the existing CRM platform so as to formulate efficient marketing strategies.
The CMOs can take into account customer data which is available to them abundantly and leverage it to prognosticate market behavior. Furthermore, strategies can be developed to target specific audiences after having solved the problems they often complaint about. By using customer information judiciously, CMOs can not only streamline their business but also take it to new heights of success.