The CMO Club Survey, in Partnership With Neolane, Indicates CMOs Are Leading the Customer Experience Within Organizations but
The CMO Club Survey, in Partnership With Neolane, Indicates CMOs Are Leading the Customer Experience Within Organizations but Are Not Fully Equipped for Success
Results Showed That 90 Percent of CMOs Are Personally Responsible for the Overall Customer Experience for Their Brand; However Only a Small Percent Actually Own the Customer P&L
NEWTON, MA -- (Marketwired) -- 06/19/13 -- Conversational marketing technology provider Neolane, Inc. today announced the results of a joint survey with the CMO Club, an organization that brings Chief Marketing Officers (CMOs) together in an environment of openness and collaboration to solve CMO challenges. Overall, the findings suggest that CMOs are not fully equipped to be customer experience leaders within their organizations. The recent survey polled more than 200 heads of marketing from The CMO Club's global member base and represents a number of industries, including consumer goods, retail, media and entertainment, travel and hospitality, healthcare, financial services, B2B high tech, energy and legal.
The survey showed that 90 percent of CMOs are personally responsible for the overall customer experience for their brand. However, only 11 percent actually own the customer profit and loss (P&L) results. Moreover, results showed that CMOs at one billion dollar-plus companies rely less on financial key performance indicators (KPIs), such as revenue increase, retention rate and stock price, to measure the customer experience, compared to their counterparts at sub-one billion companies.
"The number one challenge shared by CMOs is the changing role of marketing and to the ability to impact and lead the brands engagement with customers and overall customer experience. In our study we were surprised that only 11 percent have P&L responsibility," said Pete Krainik, Founder and CEO, The CMO Club. "This lack of financial responsibility is likely hindering the CMOs credibility with their CEOs and boards. It also raises questions on the ability of many organizations to directly tie improved customer experience to profitable growth."
When asked, "which of the following are obstacles in delivering a positive customer experience?" CMOs responded:
-- 51 percent cited missing processes and accountability as an obstacle -- 42 percent cited organizational silos as an obstacle -- 42 percent cited incomplete, inaccurate or missing data as an obstacle -- 34 percent cited change management or cultural issues as an obstacle -- 30 percent cited unable to personalize experience in real-time as an obstacle
Further, when posed the question, "what are the three most essential tools marketers need to deliver the best customer experience today?" CMOs responded that customer interaction management, defined as "real-time management and presentation of consistent offers and messages across channels," ranked as the most essential tool at 39 percent. CRM solutions (37 percent) and loyalty management (35 percent) were cited as the second and third most essential tools for CMOs.
CMOs also rated their competence on leveraging these essential marketing tools. Excluding the traditional CRM solutions, CMOs are less competent with three out of four of the most essential customer experience tools -- interaction management, predictive analytics and loyalty management. Results showed that CMOs at one billion dollar plus companies are even less competent, across every category.
"With consumer expectations rising, there is a greater need to deliver a relevant, personalized experience," said Stephan Dietrich, president, Neolane, Inc. "The data showed that real-time support of personalized, cross-channel interactions is critical for CMOs to ensure the optimal customer experience. Unfortunately, CMOs are not highly competent in leveraging the most essential tools. It's critical that CMOs embrace these technologies and begin to understand how they can drive significant customer experience improvements for their brand."
For the complete survey, down Research Brief: CMO Impact on Customer Experience eBook here: www.neolane.com/usa/resources/CMO-Survey-Report/cmo-club-survey-results.
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About The CMO Club The unique purpose of the CMO Club is to bring Chief Marketing Officers together in an environment of openness and collaboration that enables them to excel at what they do and solve their biggest CMO challenges. Tailored exclusively for the benefit of top marketing executives, the CMO Club hosts dinners and events, shares reports and research from marketing industry leaders, and leverages the first online engaged CMO community network.
The CMO Club was founded in 2007 by a seasoned marketing executive, Pete Krainik. It currently has over 800 members, who share ideas and serve as a resource for CMO career opportunities and deals. The CMO Club's focus is to help CMOs participate in the world's best CMO conversations.
For more information, visit http://www.thecmoclub.com/.
About Neolane Neolane provides the only conversational marketing technology that empowers organizations to build and sustain one-to-one lifetime dialogues, dramatically increasing revenue and marketing efficiency. Born digital, with best-in-class email and inbound-outbound channel fusion capabilities architected into a single code-based platform, marketers achieve results in record time. Neolane is easy to use for both power and casual users, but powerful enough to drive the most sophisticated marketing strategies. Future proof, Neolane has a track record of enabling its customers to adapt to new customer engagement challenges and exploit opportunities more quickly than their competition. Neolane is used by more than 400 of the world's leading companies including Alcatel Lucent, barnesandnoble.com, Sears Canada, Sephora Europe and Sony Music. Visit www.neolane.com and read our blog The Cross-Channel Conversation.
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