NEWTON, MA -- (Marketwired) -- 06/19/13 -- Conversational marketing technology provider Neolane, Inc. today announced the results of a joint survey with the CMO Club, an organization that brings Chief Marketing Officers (CMOs) together in an environment of openness and collaboration to solve CMO challenges. Overall, the findings suggest that CMOs are not fully equipped to be customer experience leaders within their organizations. The recent survey polled more than 200 heads of marketing from The CMO Club's global member base and represents a number of industries, including consumer goods, retail, media and entertainment, travel and hospitality, healthcare, financial services, B2B high tech, energy and legal.
The survey showed that 90 percent of CMOs are personally responsible for the overall customer experience for their brand. However, only 11 percent actually own the customer profit and loss (P&L) results. Moreover, results showed that CMOs at one billion dollar-plus companies rely less on financial key performance indicators (KPIs), such as revenue increase, retention rate and stock price, to measure the customer experience, compared to their counterparts at sub-one billion companies.
"The number one challenge shared by CMOs is the changing role of marketing and to the ability to impact and lead the brands engagement with customers and overall customer experience. In our study we were surprised that only 11 percent have P&L responsibility," said Pete Krainik, Founder and CEO, The CMO Club. "This lack of financial responsibility is likely hindering the CMOs credibility with their CEOs and boards. It also raises questions on the ability of many organizations to directly tie improved customer experience to profitable growth."
When asked, "which of the following are obstacles in delivering a positive customer experience?" CMOs responded:
•51 percent cited missing processes and accountability as an obstacle •42 percent cited organizational silos as an obstacle •42 percent cited incomplete, inaccurate or missing data as an obstacle •34 percent cited change management or cultural issues as an obstacle •30 percent cited unable to personalize experience in real-time as an obstacle
Further, when posed the question, "what are the three most essential tools marketers need to deliver the best customer experience today?" CMOs responded that customer interaction management, defined as "real-time management and presentation of consistent offers and messages across channels," ranked as the most essential tool at 39 percent. CRM solutions (37 percent) and loyalty management (35 percent) were cited as the second and third most essential tools for CMOs.
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