CMOs and CIOs should work together to take advantage of a market that is rapidly evolving as business models become disrupted, says Brad Rinklin, Senior Vice President and Chief Marketing Officer, Akamai.
How have mobile devices and ubiquitous wi-fi changed customer behaviour? How is it going to shape up in the next few years?
As connected as we all feel now, the global population will, no doubt, be even more connected in the near future. In fact, IDC recently predicted that sales of smart mobile devices in 2013 will grow by 20 percent and drive 57 percent of all IT market growth.
Further, wide availability of wi-fi combined with significant mobile device adoption have empowered today's consumers to become hyperconnected. As they increase their access of content from mobile devices, their expectations increase as well. They expect the same level of performance and user experience, regardless of their location or the device they use. The penetration of mobile devices and Internet connectivity will also shape how companies reach out to consumers as they no longer just shop at physical outlets but also via multiple devices.
Why should the CIO and CMO work together?
The reality is that the market continues to rapidly evolve and business models are being disrupted and even replaced. Much of the current IT spending is related to purchasing technology and solutions to meet the ever increasing customer demands on account of the "hyperconnected" world. CMOs are striving to help increase revenues utilising similar resources year-on-year. Spending (in IT) for 2013 will exceed $2.1 trillion, up 5.7 percent from 2012, driven by double-digit growth in mobile, cloud, big data, and social technologies - and by emerging markets' growth.
There is a need for greater synchronisation for both roles in order to ensure customer centricity and achieve the most efficiency. This is backed by Gartner's prediction that Chief Marketing Officers (CMOs) will spend more on IT than Chief Information Officers (CIOs) by the year 2017. Already more than one-fifth of CMOs have direct IT budget and procurement authority in their organisations.
How can CMOs take advantage of the new disruptions?
CMOs should look closely at how their companies' IT/technology infrastructure would add value to the marketing campaigns executed on behalf of their customers. This means that CMOs should work closely with their CIOs to ensure they are taking advantage of the available technology resources that will enable them to effectively run and measure campaigns using the latest technology.
What expertise or solutions is your company offering in this area?
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