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  • Vijesti

    Wüsthof Sharp Systemic Brand Identity with Gigodesign wins Red Dot Award

    How to win a Grand Prix in Cannes?

    The best of Latvian and Estonian advertising

    Enjoy the summer with Cinedays Film Factor 20

    Lokomotiva and SentecaCommerce signed a partnership for 12 European markets

    Virtual Drumming with Fernando Machado, Karolina Galácz, and Thomas Kolster

  • Tema sedmice
    daljinski-naslovnica

    Television Audience Measurement: In Serbia, the media are in a race to the bottom for every extra “click”, while in Croatia HTV has undermined the principle of joint monitoring

    This global pandemic, coronavirus, cuts across all geographical borders regardless of cultures and language. What is the role of Public relations today?

    Slaven Fischer: Creativity doesn’t reside in buildings but in people, no matter where they are. It’s natural for people to work from home.

    Janja Božič Marolt: As in every crisis, there will be a lot of victims and some winners in the communications industry of the region.

    Shortcutting Video: New Study Highlights the Effectiveness of 2-second Ads

    Topic of the Day: Can artificial intelligence replace human intelligence and emotions. Is technology a servant or a master?

  • Intervju

    Miranda Mladin: Keeping consumers’ attention is every brand’s biggest challenge

    Nataša Mitrović: I understood that the Balkans should be my primary target area and that, once I had become a shark in the Balkans, then I could make my way “back” into the big world and swim in the sea with the other sharks.

    Ivan Stanković: I admit to having great fun and enjoying myself enormously working on my show, What I am to you and who I am to myself.

    Scott-Gould-naslovnica

    Scot Gould: Stop doing anything that you do that isn’t valuable, tell everyone about that offering, and don’t stop!

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    Lazar Džamić: We are experts at preferring the byways, swamps, and chasms, so that we can keep on going in circles, lost in space

    Irena-naslovna

    Irena Kurtanjek: Contributing to the Communities in which we Operate is the Foundation of Nestlé’s Business

  • Kolumna

    Sponsors? What that?

    misa-naslovnica

    Miša Lukić: What can start-ups learn from sperm?

    Do Brands Always Need to Sell Aggressively to Grow?

    Price of Hate

    The Advertising Industry: From Alchemists to Distributors and Back Again

    Milena Garfield: It’s not long since I said: If it ain’t live, it’s dead

  • Dnevnik

    Diary of a Methuselah #176 Will our industry come out of this better and smarter?

    Diary of a Methuselah #159: Ivo Pogorelić and Zoran Todorović weren’t attractive enough for sponsors in Sarajevo

    Diary of a Methuselah #157: The Young Leaders of Tomorrow, a great event for young people who are ready to assume responsibility for the future of industry

    Diary of a Methuselah #156: I’ve been writing my Diary for three years now, and I don’t think I wrote anything smart

    Diary of a Methuselah #154: Three days at the PRO.PR Conference

    Diary of a Methuselah #153: Portal Media Marketing starts a new life today

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    Mladi liderji – Saša Droftina, Luna \TBWA: Želela bi, da bi se spremenil odnos do pitchev

    Mladi Lideri Kristina Gregorc

    Mladi liderji – Kristina Gregorc, Mercator: Zelo sem optimistična in izjemno ponosna in vesela, da sem del tako velike in uspešne ekipe

    Mladi Lideri

    Mladi liderji – Maša Crnkovič, Futura DDB: Največji izziv je vpeljava podatkov in feedback-a uporabnikov v procese dela

    Young leaders – Aneta Nedimović, New Moment Belgrade: Articulating ideas and the value of those ideas is an art form and a skill

    Mladi liderji – Matjaž Muhič, ArnoldVuga: Želel bi več časa za razmislek, za delo, za raziskovanje

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    Robert Wester: Strategic communications is at the top of the European Commission’s agenda

    Chris Pomeroy: Tourism in 2019 accounted for 1 in 10 jobs on the planet and until now it was resilient to all manner of crisis

    Andrey Barannikov: The role of PR in Russia is changing and becoming more strategically important both for brands and communication agencies

    francis-ingram-naslovnica

    Three questions for Francis Ingham, Managing Director of the Public Relations and Communications Association (PRCA) & Chief Executive of the International Communications Consultancy Organization (ICCO)

    3 questions for Svetlana Stavreva, President of the International PR association (IPRA): Today, people are demanding that organizations do what they promised

    Three questions for Petra Krulc, Senior Vice President of Celtra

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Home Topic of the week

CMOs of the future will have to be Math Men, not just Mad Men

How to be a successful CMO?

13/06/2016
in Topic of the week
4 min read

Drugi jezik na kojem je dostupan ovaj članak: Bosnian

The era of digital transformation is upon us, and companies in South East Europe need to adjust their businesses accordingly. Communication has always been the key to successful business, but in today’s world companies cannot allow themselves to be only creative communicators, they also have to be smart communicators. And this is exactly what digital transformation enables.

The evolution of the market, driven by new tech, necessitates the evolution and redefining of the role of marketing, as technologies are no longer reserved for IT departments but impose themselves as a fundamental input tool for communication. Technologies have been a means for automating the marketing process and delivering messages for a long time, but now they feed decision making and provide the data necessary for intelligent communication that targets the right people at the right time, with the most relevant content. With such developments, the key role that needs to evolve is that of the Chief Marketing Officer (CMO). They no longer have the luxury of saying they are not tech savvy, but have to embrace it and wield it in order to transform their companies from digital resisters into digital disruptors and thus ensure the success of their companies and brands. However, IBM’s study “Insights from the Global C-suite Study – The CMO perspective” has shown that there is only a small percentage of CMOs who have both strong reputations as leading innovators and superb financial track records. This small group of so called “Torchbearers” is striving to make their organizations more digitally literate and is also far better prepared to manage the data explosion and an increasingly complex marketing mandate.

The first and foremost step in the inevitable transformation and evolution is adjusting to the rise of the connected consumer – the digital native. According to a survey conducted by International Data Corporation (IDC) among CMOs in SEE, increasing customer satisfaction and experience is a priority for 95% of respondents, but ensuring this customer satisfaction calls for a strategic, data driven approach and a digital pacesetter CMO. Such a CMO fully understands what’s possible via new technology, keeps pace with the latest developments and promotes digitalization within the company.

In the implementation of changes necessary for the transformation, they will face a number of challenges, one of which is the scope at which change is happening. Developments are spread across the business and across the different levels within organizations, which calls for strong leadership. According to the IDC study, 40% of marketing leaders in SEE point to lack of leadership and limited top-level buy-in as one of the main obstacles to achieving their business goals.

Another pressing issue is cyber security, due to the increasing amount of customer data being collected and stored and the proportionate rise of security attacks. In this light, IDC expects that investments in IT security in SEE will increase by 47% over the next five years.  Lack of necessary information to make marketing decisions was also identified as an important challenge by 43% of the marketing leaders in SEE surveyed by IDC. As the main obstacle to data integration IDC identified organizational silos and the dependence on systems that explain yesterday, rather than anticipate tomorrow, as well as corporate cultures that resist the truth when it goes against tradition.

Last but not least is the lack of digital mindset that is hindering businesses in SEE. As pointed out in the study, data-driven marketing calls for an environment that encourages and leverages digital interactions, connections, relationships and tools. The characteristics of a digital mindset are curiosity, risk-raking, digital experimentation, utilization of statistical skills, failure management and adaptability. Such a mindset is comfortable dealing with ambiguity, occasional chaos and rapid change.

The question is, what should be the focus of CMOs in answering the above challenges, and transforming their organization into a digital disruptor? The IDC survey proposes several steps that should be taken now, over the next two years, and in the long run.

The advice for the CMO of today is to become strictly customer centric and understand the best practices of their industry. This calls for making an inventory of available data sources and focusing on digital content marketing. Over the next two years, companies must build a digital mindset and conduct the transformation from silos to a systems model, as well as experiment with predictive analytics that will make their business futureproof. Also, the experience that is offered to the customer must be consistent and across channels, with the employment of the best-of-breed marketing automation platforms. As for the long term, companies need to scale up their successful initiatives, provide a fully personalized experience and become constantly disruptive.

All this calls for CMOs that are not only Mad Men, but also Math Men according to Vatroslav Škare, Professor of Marketing at the University of Zagreb. The opportunities that technology brings to marketing today and the availability of such an abundance of data that can drive your intelligent marketing decisions are the reason why Škare believes that the era of digital is actually a golden era for marketing. The rise of digital and access to data does not mean that creativity is to be neglected, which is what most traditionalists fear, it means that creativity has now become smarter. According to Škare, the successful CMO of today is one who understands and uses technology as a set of tools that help tell a story, but who also has the heart to create a story that resonates with customers.

The entire IDC Market Spotlight  – Data Driven Marketing in SEE study and more whitepapers are available here.

Tags: CMOIBM
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