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Study: CMOs Fusing Internal and External Data to Drive Financial Success

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Study: CMOs Fusing Internal and External Data to Drive Financial Success

New report from IBM indicates advanced analytics are at forefront of CMO strategies.

According to a new IBM (NYSE: IBM) study, high-performing CMOs are integrating internal and external data to garner deep insights that, in turn, provide them with a much deeper understanding of their customers.

The study, entitled "Stepping up to the challenge: How CMOs can start to close the aspirational gap,"f is based on findings from face-to-face conversations with more than 500 CMOs from 56 countries and 19 industries worldwide. The study reveals that 94% of CMOs believe advanced analytics will play a significant role in helping them reach their goals.

However, an increased number of CMOs say their organizations are underprepared to capitalize on the data explosion – 82% compared to 71% three years before.

"An increased number of CMOs say their organizations are underprepared to capitalize on the data explosion.""After speaking with CMOs around the world, it became evident that more companies across all industries are striving to integrate their physical and digital presence in order to provide a more integrated, seamless customer experience," said John Kennedy, Vice President, Marketing, Global Business Services, IBM. 

The study identifies three types of CMOs: Traditionalists (37%), Social Strategists (33%) and Digital Pacesetters (30%). Digital Pacesetters are more likely to be financial outperformers and are characterized by their preparedness for the dramatic growth of data, social and mobile channels; integration of physical and digital sales and service channels; and regular use of advanced analytics to extract insights from customer data.

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