The changing ad landscape represents an opportunity for CMOs to grow their roles beyond traditional brand advertising and communications, according to a new report by Accenture Interactive and Forrester Consulting.
The research reveals that collaboration is the key to success for chief marketing officers (CMO) which is why Accenture advises CMOs to use their power to connect all parts of the business, including the C-suite, technology, and agency partners. The CMO is seen as the bridge between different corporate units by 90 percent of organizations, says the report.
Additionally, 52% of organizations agree that their CMO demands collaboration between the agency partners and their teams.
The report states that forward-thinking "CMO Collaborators" are more likely than traditional CMO executives to know that these types of partnerships can help them stay ahead of the competition (83% vs. 60%). In fact, 91% of collaboration leaders see external/third-party partners as a critical part of their customer experience strategy.
And only 36% of marketers said their brands have a well-defined experience vision — that’s why only 15% of consumers rate customer experience as “good.” And the percentage rating customer experience as “excellent?” Zero percent, per the report.
The majority of companies (88%) agree that the CMO’s remit has changed in the last two years, and they also agree that it will likely continue to change over the next two years.
The “Rethink The Role Of The CMO" report included phone interviews with ten senior level marketing decision makers as well as an online survey of 250 senior level marketing decision makers from a range of industries in the U.S., Canada, UK, Germany, and Australia.