The $6 Trillion CMO: 3 Ways To Put Personalization Into Hyper-Focus
The Forbes article, “The $6 Trillion CMO: 3 Ways To Put Personalization Into Hyper-Focus,” featured the findings from the firm's research on CMOs in "Marketing Moves 2017: Q1-Q2." The article is excerpted below.
Somewhere, along the way to making retail faster, frictionless and more personalized, technology has transformed the chief marketing officer into a version of the $6 million man. Actually, make that trillion.
That is the amount consumers are expected to spend on apps alone by the year 2021 — $6 trillion. And with each handheld interaction, their expectations of efficient personalized experiences will elevate. Yet it’s just one of many emerging data streams retail CMOs must manage to better understand their shoppers.
It’s little wonder that many merchants are conflicted about how to approach, and manage, customer personalization. The result is a retail chief marketing officer who is forced to act as a super-hybrid — half brand marketer and half systems integrator.
The result may also be high turnover. In the first half of 2017, 187 marketing-leader appointments were made, according to Russell Reynolds Associates (RRA), which analyzes CMO moves twice a year. That is the greatest number observed since RRA began tracking close to five years ago.
To read the full article, click here.