The Path from CMO to CEO is Lined with Customer Insights
Evidence abounds that mastering customer insights are the right path to reach both business success and eventually, the CEO job. In a recent CMO.com article, Thomas Yang, a partner with PrimeGenesis, points to three recent CEO appointments that come from the marketing department. These include Royal Dutch Shell, RadioShack and Ruby Tuesday’s.
Mr. Yang suggests in his article that, “Delivering the best customer experience builds loyalty, and devoted customers equate to recurring revenue streams necessary for companies’ sustainable, profitable growth.” There is no one better equipped to deliver on those customer insights than the CMO – as I’ve written about here and here. The availability of data, the advanced technology to master it and the ability to use it directly with social customers is what drives our economy, and the growth of business. In fact, a recent Teradata Applications survey found that 45% of marketers say that data is the most underutilized asset in the marketing department.
That is why DMA is so singularly focused on the current battle to keep our data-driven marketing free from heedless regulation or oversight. We cannot let stand any mischaracterizations of what we do. Customer intelligence is the most important asset of any organization today.
The other thing that marketers do best is tell stories that captivate, engage and sell. In telling those stories, every marketer (and CEO!) must follow DMA ethical guidelines around notice, choice and data use. In doing so, we can all play a role in helping consumers and policy makers understand the value and safety in using marketing data for marketing purposes.