Today I read in the Wall Street Journal, news I have been waiting to hear for a decade, that is, the Chief Marketing Officers are expected to outpace Chief Information Officers in directing technology spend over the next 5 years (according to Gartner).
With deals like Orcale buying Vitrue Inc software which helps marketers publish and monitor content across platforms like Twitter, and salesforce.com acquiring the online marketing firm Buddy Media for $745 million, one can say the space is warming up.
We can see customer data reinventing the entire value chain of the business. While this is not a new claim, the way social data is being used today is driving disruptive innovation in the marketplace and redefining the way value is created in each category.
Take for instance Movenbank, the crowd sourced business model that stands between a customer and the bank. By using the behavioural data from social media and developing psychological insights through Myers Briggs based customer profiling, Movenbank is well placed to commoditise traditional retail banking, and will work like a buyers agent finding new financial opportunity for its customers. A powerful positioning given the customer’s current perception of retail banking’s self interest.
In order to link the brand and its emotional connection to customer relationship management, there needs to be a link between the relationship with the customer and the information technology systems that drive your business, this requires a relationship architecture for the business.
To create an effective Relationship Architecture, a Chief Marketing Officer must be accomplished in translating insights of a customer’s quality of life into action. This generally involves changing a company’s orientation from an internal, product and service operations view to an external customer focused view. This orientation aligns the Customer Strategy and the Business Strategy, to help the brand walk the talk of the customer promise
Hearts and Minds
Founder of Thought Leaders Circle