IT market research agency IDC has shared top technology predictions for chief marketing officers (CMO) in 2014.
IDC predicts that by 2020, marketing organizations will be radically reshaped. The core fabric of marketing execution will be ripped up and rewoven by data and marketing technology.
CMO role becomes open for definition as today’s CMO job description becomes considerably more complex and critical.
Innovative CMO and CIO pairs will throw out the rule book when it comes to IT’s support of marketing.
By 2020, the marketing function in leading companies will be radically reshaped into three organizational systems – content, channels, and consumption (data).
The best marketers will understand that “Content Marketing” does not equal Thought Leadership.
Multi-channel coverage becomes an opportunity and a challenge area, as CMOs integrate media silos.
80 percent of customer data will be wasted due to immature enterprise data value chains.
By the end of 2014, 60 percent of CMOs will have a formal recruiting process for people with data skills.
Only 20 percent of marketers will receive formal training on analytics and customer data management.
Fragmented marketing IT point products and low adoption rate will inhibit companies’ ability to win customers.
Digital marketing investment will exceed 50 percent of total program budget by 2016.
“Buyers are evolving their purchase practices faster than vendors are changing their marketing practices. It’s not a matter of doing the same things better. The Chief Marketing Officer cannot avoid broader responsibility as the digital customer experience bursts traditional boundaries,” said Kathleen Schaub, vice president of the IDC CMO Advisory Service.