A customer first strategy, focused on advancing personalization tactics, is necessary to retain and build the lifetime value of today’s demanding customer. But most companies are not able to enact such a strategy. Why? Partly because the CIO and CMO relationship has not been reimagined to deliver the transformational change needed for a customer first lens.
What’s at Stake? $800 Billion!
The Boston Consulting Group states that advanced personalization represents an estimated $800 billion market share. Leaders who jump on this opportunity early by executing individualized and unified experiences, will lock in customers and reap the benefits.
What’s the CIO Role in Capturing this Opportunity?
CIOs and CMOs face many threats and opportunities as technology continually resets customers’ expectations and redefines how brands need to differentiate themselves. CIOs across all industries are beginning to realize that traditional IT approaches aren’t agile enough or fast enough to address the increasing speed of innovation. Marketing needs to interact with customers in real-time if they are to meet the customers’ rising expectations.
The bottom line is that advancing personalization tactics demand a transformational change in the technologies, systems, and processes needed to win, serve, and retain customers. This means CIO’s must shift from traditional approaches of incremental technology and processes improvements that support business outcomes to a new approach that enables customer centric strategies, first, and business outcomes second.
CMOs and CIOs Must Create an Integrated Approach, Together
The CMO and CIO relationship is critical in creating an integrated approach that drives personalized customer engagement based on 4 key factors: A customer first strategy, insights derived from data and analytics, advanced technology tools, and different ways of working. The CIO and CMO relationship must be one of working together to create a structure that can deliver:
- Engaging digital customer experiences that drive growth: Technology’s role in improving customer experiences, differentiating products and services, and building partner ecosystems requires continuous engagement from the CMO and CIO to enable their teams to keep up with consumer demands.
- The supporting insights that drive the creative development of differentiated customer experiences: Real-time decisioning requires in-line analytics that access all customer data and provide context regarding the customer’s progress in their buying journey and enable marketing to react with the customer interaction, as it happens.
- Implementation of operational agility enabling marketing and customer facing functions to move quickly and WOW customers: The faster you execute, the more quickly you win customers over. The goal is to provide a transparent multichannel experience that is simple enough for all customer facing functions to use with ease and speed.
To find out more about the criticality of the CMO and CIO relationship in creating a customer first organization, download The Harvard Business Review’s article, How Marketers Can Personalize at Scale, compliments of VeraCentra.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.