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Should CMOs be the purchaser involved in the mobile buying process? This is one of the biggest questions surrounding executives in today’s challenging mobile environment. When brands decide to “go mobile,” sometimes the wrong executives are at the table making the final decisions. In reality, the CMO should be the driver of all-things-mobile. Additionally, mobile is so much more than just text messaging on the vendor side and the buyer side.
Mobile technology is used in many consumer applications. Typically its function is to drive new engagement initiatives, sales revenue or help communicate with and retain existing customers by keeping them connected and in the know. These should be purely marketing functions that should have the CMO’s attention. CMOs also need to speak into and invest in the mobile process from concept to deployment and from conversion to repeat customer.
Is it possible in just a few short years the CMO may have 80-90% of the buying power for mobile consumer engagement channels?
By 2017, marketers will spend approximately $31.1 billion on mobile advertising – nearly 4x of that spent in 2013. –Webbiquity.com
“by 2017, the CMO will spend more on IT than the CIO.” – Gartner Analyst Laura McLellan -Insidecxm.com
Chief Marketing Officers – A Different Breed On The Horizon
Chief marketing officers are no longer just the creative minds in the business. They must manage a budget like the CFO, interact and understand technology like the CTO, and deploy and manage widespread initiatives like the COO. This paradigm shift in thinking and action from years past requires a different breed of marketers that must think and act digital and mobile first and where those customer touch points can be most effective. This also requires a robust technology budget to support business goals.
In a recent 2015 CMO.com article, a study by Conductor indicates that chief marketing officers will spend big on technology in the coming years. Below are just a few of the indicators from the study that clearly inform us all that technology is critical for retail marketing teams. If your team isn’t thinking about how mobile technology should be integrated with your marketing strategy, maybe it’s time to start.
- 65% of marketing executives plan on spending more on marketing technology in the coming year
- 61% of marketing executives say data is more important than it was a year ago
- 28% of those same marketing executives plan on spending significantly more (25% or more)
It’s fair to say that 100% of chief marketing officers want and need a mobile strategy that is highly efficient for both the company to manage and the consumer to engage with easily. This is not a simple task to accomplish. CMOs are spending more on mobile engagement initiatives to help them stay ahead of the curve all while they become more educated on the tools and tactics needed to help them accomplish their lofty goals.
“79% of companies marketing has a budget for capital expenditures – primarily, for infrastructure and software” – Laura McLellan, Gartner CMO Spend Report
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What’s Working In Mobile Consumer Engagement? – eBook