The global pandemic has changed nearly everything for chief marketing officers (CMOs), forcing them to scramble as consumers shift even more to online shopping. Meanwhile, chief executive officer (CEOs) are pressuring their marketing chiefs to find strategies for recovery.
President of Japan and Asia Pacific Oracle Corporation Garrett Ilg discussed that a deeper understanding of customers enables organizations to successfully pivot new business models by recalibrating sales approaches, finding new revenue streams, and introducing new products and services.
He cited air Concepcion Industrial Corporation (CIC) that utilizes technology purposefully and succeeded in striking the right balance, using customer experience software to support the need for business to make decisions more nimbly. The Philippines-based appliance distributor has managed to give customers what they need when they need it while creating new opportunities for business.
Ilg suggested following CIC’s “five aces” that CMOs must establish in their companies while leveraging critical emerging technologies to modernize their interactions.
- Adaptability: The world has changed but businesses still need to keep going, whether through finding new ways to reach cash-strapped households or helping customers visualize products from the comfort and safety of their homes. Marketing organizations must become comfortable with change.
- Accountability: Businesses expect marketers to help deliver quantifiable business impact with the help of modern technology. As measurement of campaigns has become more sophisticated, CMOs must embrace accountability.
- Authenticity: Modern marketers need to know and use data they collect from customers to engage them in highly personalized communications across their devices, print, and broadcast media, while understanding the context in which those messages are consumed.
- Action: Customers expect companies they do business with to respond quickly and at all hours. Meeting them on their terms helps foster brand relationships.
- Alignment: This doesn’t just mean coordination between sales and marketing; it also means aligning the organization so that customers’ needs dictate the businesses’ activities.
Ilg pointed out that uncertainty and not knowing how the world will evolve creates a huge opportunity for marketers to define their companies.