What does it take to move from CMO to CRO?
What does it take to move from CMO to CRO? In this Post, You will find the Information about CMO and CRO and How We Move From CMO to CRO.
Marketers are playing in an uncertain field.
We have witnessed tremendous changes in consumer behavior in the past 10 to 20 years brought about by rapid technological advancement. The Internet has played a disruptive role in diversifying market segments and transforming the way businesses; interact with their audiences.
Consumers hardly listen to the advice of in-store sales personnel
Consumers have conducted their research online and learned about the difference in the features of competing products. They immediately recognize a better deal from a good one; after browsing a host of online sites offering the same piece.
There are simply too many new elements that marketers should take into consideration to thrive in this period of the digital age.
Good News The CMO is keeping up
If in the old days, the customer funnel was clearly defined and largely predictable. Tried-and-tested marketing strategies implemented, and conventional channels exploited. The present-day marketing battlefield is anything but a ground of the steady and familiar. But the good news is; our dear old Chief Marketing Officer (CMO) is not lagging. Now CMOs do ensure that they track where the pieces might go and are ready to pull in the customer closer to conversion. Marketers no longer just create demands; they also see to it that those demands are fulfilled.
Everything is fast-paced
Everything is fast-paced. The strategies decided on last year or even last quarter may well be outdated today.
Have you seen what’s been trending lately?
CMOs are constantly on their feet; trying to deliver their message in consumable chunks to their customers. Marketers run social media programs and activities where customers can directly send feedback and ask questions. They also have to act and serve customers.
The CMO’s responsibility has evolved from merely strategizing campaigns that will generate the most number of leads to getting those leads closed.
Likewise, The role of the CMO has crossed over the domain of customer service and customer experience. Where the CMO has to respond to customer requirements.
The CMO finds a way around challenges
When confusion arises as to which channel, among the wide array of options of varying qualities and levels of complexity. The marketer should ultimately choose, the rule that the customer is always first still takes primacy. The question is not about the channel; it’s about what matters to the customer. The CMO asks instead;
What content does the customer want?
How does the customer want it delivered?
Then the channel comes next.
Understanding the current marketing
Understanding the current marketing sphere and its increasingly digital customers. The CMO finds the right partners who can provide the technology; that will allow them to collect relevant consumer information and those who can turn this data into actionable intelligence. The CMO understands the importance of leveraging technology and analytics in the digital arena.
When everything is fast-paced and nothing stays the same, How is the CMO ever going to master the game?
Right, it is a game.
CMO seeks to understand the game customers play and learn the rules; that govern it. The CMO organizes the marketing team and its processes; in such a way that there are players with the right skill sets to match each move, the customers make.
The next challenge is the rules always change; and with no surprise, technology is the driver. The CMO overcomes this hurdle by practicing continuous improvement. The risk presented by constant change is met with a relentless striving to improve. The CMO remains open and prepared for change.
The CMO is a strategist that drives revenue
CEO’s delegate strategic planning and execution to an executive typically named as the Chief Strategy Officer (CSO). CSOs are organization leaders with a proven track record of achieving results and driving positive change in the business. They are recognized for the capacity to handle multiple demanding projects simultaneously and are valued for their ability to make quick and effective decisions in critical situations. They make things happen. And the CEOs trust them.
Harvard Business Review has identified three critical tasks that CSOs dealt with. These tasks define strategy execution itself and summarize the role of the CSO.
They must commit to clear strategic plans. They must evoke a real understanding of strategic plans among stakeholders and employees, The role of each function and its relationship to the strategic goals are clarified, and members of the organization work toward achieving the set goals.
CSOs must drive immediate change. They must move from vision to actual change. This entails educating stakeholders, achieving buy-in, empowering people, and effecting lasting change. Change generally impacts people, processes, and decisions in an organization.
CSOs must drive decision making that sustains organizational change. When things change fast, decisions have to be made as quickly. CSOs must communicate goals properly and ensure that they are observed when planning for concrete actions. As needed, CSOs must re-strategize and change direction when things turn out differently. At every crossroads, a decision has to be made. And, change management and strong decision-making skills are vital to this task.
The CMO could be seen as the CSO of marketing and sales, with a focus on sales enablement and revenue generation.
CRO is the new CMO
The CMO works in the capacity of the Chief Revenue Officer (CRO) when CMO takes an active role in revenue generation and strategy. The CRO is a sales and marketing leader who can promote lasting growth and sustain scalable revenue generation.
The CRO of a tech company in Silicon Valley describes the role of the CRO.
It’s not all planning and thinking for the CRO. CROs are still expected to “close deals and build lasting and profitable customer relationships.” Spread across different functions in the business as they might be.CROs are primarily responsible for driving top-line growth. They are competently multifunctional. They are in charge of sales strategies, marketing and demand generation, and customer acquisition and retention. But not only that, but CROs also get involved in product development, operations, finance, business development, and people operations. Because they know the customers and they are responsible for; driving revenue performance.
CROs align strategies with revenue performance goals
CROs have to align strategies with revenue performance goals. CROs have a hand over sales and manage marketing programs. They oversee the customer experience.CROs are data-savvy and keen on analyzing data-driven decisions. CROs knows what to do with the intelligence reports they receive. Ultimately, CROs use insights obtained from available data to drive revenue growth.
Role of CMOs and their expanded capacity as CROs
CEOs also have the responsibility to support their initiatives and play an active role in ensuring that the main business goals achieved. The CEOs can greatly help their CROs attain success by empowering them and getting involved in what they do.
They must develop an understanding of customer experience as well as technology, channels, segmentation approaches, and consumer behavior. CEOs are in the position to back the CROs’ projects and develop the right internal connections for the CROs to see their visions through completion. They could promote impactful relationships between CROs and the other key leaders of their organization. Finally, CEOs are a major driver in effecting revolutionary change in the business. When the goal is as big as transforming the entire organization and modeling it around for optimum revenue performance. The CEOs undoubtedly holds the most important lever.
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