New CMO Priority # 1 : Shape Expectations with The Best Possible Data
Setting and managing expectations with the CEO and Board requires leveraging the best possible data and customer intelligence you can get –quickly. Too often expectations are unrealistic from the start, due to historical data that looks better than it really is. CMO’s must have a clear-eyed view of the business and customer from clean, centralized, and intelligently enhanced data that exposes both new opportunities worth pursuing issues you’ll need to address quickly, and backs them up with hard evidence.
New CMO Priority # 2 : Know your Customer better than Your Predecessor Did
The 2nd critical accomplishment is to have a superior fluency in who your customers really are ―and use your command over the data to tell a hard evidence based story that describes the current customer mix, and other current realities. This makes it markedly more likely you get all the new resources you need to win. New CMO’s need to scrutinize narratives in place of the data and the existing customer either does or doesn’t support –and have clarity on “what must change.”
New CMO Priority # 3: Beyond Just ‘Growth’ –Acquire The Right Customers
The 3rd critical accomplishment is to get growth at a pace that meets the expectations you’ve built using the best possible data –and the realities of the customer you have today. That growth will almost certainly require more effective customer acquisition than before –CFO’s are evolving and increasingly demand “the right customers.”
Truly understanding who your best customers are, based on hard evidence, puts you in the driver seat. Higher resolution still, is ID’ing and targeting the Optimal Customer for your unique brand, and to acquire them at the right cost. When you acquire the true optimal customer for your company, you meet and exceed expectations ―as the optimal customer will spend more and more often, producing higher returns, and more reliable growth.
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