The study, Redefining Markets: Insights from the Global C-suite Study, is based on interviews with over 700 CMOs ( chief marketing officers ) across a number of markets and industries.
It revealed that two thirds of CMOs believe that the single greatest business challenge they currently face is industry convergence, “as disruptive technologies break down barriers to entry that once existed between formerly distinct industries”. As a result, 63% are prioritising investment around delivering deeper, more relevant customer experiences.
The report also stated that 60% of CMOs are preparing to bring in more data driven insights into marketing campaigns in the next three to five years. It identified two sub-groups of CMOs: Torchbearers and Market Followers. Torchbearers reportedly feel that they have made greater progress with regard to “managing the data explosion”, are more focused on mapping out the customer journey and are more likely to experiment with open and collaborative business models.
“Industry competition is heating up and businesses must sharpen their focus on the customer or risk losing them to the competition,” said Lisa Claes, chief customer officer, ING Bank.
“By embracing the latest analytic and cognitive commerce technologies, marketers can tap into this explosion of data to deliver a personalised customer experience precisely at the right time and place.”