CMOs crumble under data pressure

Yesterday, Marketing ran an article on how both CMOs and CIOs indicate that they intend to make great strides to reinvent the way they work with their customers.However, results from  IBM’s study The Customer-activated Enterprise, indicate that there is a long way to go, as CMOs get overwhelmed in a data deluge.In 2011, 71% of CMOs felt under prepared for the data explosion. Instead of getting better equipped, it looks like they’re only getting more confused. This year, 82% said they felt under prepared, said the study.With massive amounts of data available, it seems that CMOs have made little headway in coming to grips with the social media landscape. Lack of a cohesive social media plan and competing initiatives are the two biggest barriers preventing CMOs from implementing their strategies in an increasingly connected world, said the study. The biggest hurdle for CMOs seem to be how social media fits into the mix.Only 20% of CMOs say their organizations collaborate with customers today using social networks and 78% expect to do so in the next three to five years.In 2011 68% of CMOs felt under prepared for social media, and two years later the number hasn’t shifted much, standing at 67%. One way CIOs and CMOs intend to make strides to overhaul the way they work with their customers is by blending their digital and physical strategies.CMOs feel that the intersection between the digital and the physical is fast becoming the leading edge of innovation, not least to mention smartphones and tablets. Currently just one-third of organisations have a fully integrated physical and digital strategy despite 87% wanting to do so in the next 3-5 years.They consider it critical to put the components of a strong digital strategy in place in an attempt to overhaul every aspect of the customer interface – not just their digital channels but their supply chain, analytics tools and the workforce skills required for collaboration.The study also found was that companies that perform well understand that their customers play a significant role in shaping their company. These are 54% more likely to open themselves up to customer influence and collaborate extensively with customers; 29% more likely to plan on spending more time creating next-generation customer experiences; 62% more likely to understand their customers well; and 24% more likely than under performers to say their customer has considerable influence on their enterprises.