In recent years, the world of digital marketing has been creating new roles as consumption patterns and new technologies have undergone rapid change. So a new Chief Officer position seems to emerge every few months. Now it's the Chief Growth Officer and it's the new role that's taking over in 2018.
Growth defines this narrative for 2018. As businesses thailand number screening grapple with the relentless pace of customer-driven change today, marketers are scrambling to meet those expectations.
Forrester's 2018 CMO predictions announced changes last year: Chief Growth Officers (CGOs) will replace CMOs. The rise of CGOs represents a rebuke to the ineffective CMO. " CEOs under pressure to lead a force of change during the growth they are experiencing will seek out executives with broader skills ," said this study. And change has happened.
The evolution of the CMO
For a brand to grow, it must know its customers. This can only happen if it makes customer identity a strategic priority. Brands must adopt technology that synchronizes and captures user behavioral data so they can send relevant messages later.
Establishing such strategies will increase loyalty and retention. That's why it's time for all companies to adopt measures that measure growth in customer retention. This has a direct impact on profitability and revenue. Most modern CMOs have been doing just that so far.
They seek to drive growth within their organizations by investing in a strategy that increases customer engagement. To do so, they must deliver connected and personalized interactions.
There is no need to sacrifice customer retention for the sake of acquisition. To be successful as a brand, you need to work on both aspects. And a third key indicator comes in: growth.
Brand growth is a fundamental factor in companies today. Hence the need to incorporate this strategic element into every organization. It is the Chief Growth Officer who is responsible for developing these development paths.
CGO vs CMO
CMO-skills_opt
The exact role of a Chief Growth Officer is still somewhat uncertain. The position has only just begun to see significant adoption in businesses and its responsibilities vary from one organization to another.
At its most basic level, a Chief Growth Officer is responsible for setting the guidelines for accelerating a brand’s current business growth , as well as creating sustainable strategies that enable future development.
If the above definition sounds familiar, it’s because this has been the job of the Chief Marketing Officer (CMO) for years. However, the scope of Chief Growth Officers extends beyond the Marketing, Customer Service or Analytics department.
What exactly is a Chief Growth Officer?
The answer to the question about the role of the Chief Growth Officer lies in understanding how four key areas of activity intersect in a business to generate profitability:
Marketing.
Sales.
Product.
Finance.
Profitable companies attract prescribers (marketing) and convert those users into potential customers (sales). Loyal customers buy (product) and generate more money than in the market (finance).
These key activities must work in unison and efficiently to generate profitability. Historically, the CFO, COO, CEO, CMO, CSO or CRO had accountability for profitability. Now it’s the CGO.
Executive roles impact profits, but rarely have the functional skill set that enables them to optimize a business and achieve optimal profit.
A Chief Growth Officer, however, has the unique ability to work in the key areas of activity that drive growth. That is why, in large companies, the CGO is a key role to align and optimize the growth activities of his or her team.
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