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CMOs Need New Measurement Strategies to Cut Through the Noise

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CMOs Need New Measurement Strategies to Cut Through the Noise

Boston Consulting Group,

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CMOs can no longer rely solely on marketing mix models (MMMs) strategies if they hope to remain competitive — Boston Consulting Group research suggests embracing a new, more holistic decision-making approach.

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7

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  • Well Structured
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Recommendation

CMOs must transform their marketing function and expand their modeling capabilities if they hope to connect with consumers across touchpoints. Boston Consulting Group research outlines a four-part agenda CMOs should take to improve data-driven decision-making. Learn how CMOs are responding to challenges — such as increasingly complex customer journeys due to the growing ubiquity of generative AI — and the steps industry leaders are taking to thrive within dynamic markets.

Summary

CMOs must adapt measurement approaches to connect with consumers across multiple touchpoints.

Connecting with customers is becoming more difficult, as CMOs must navigate the following three challenges:

  1. Multiplying touchpoints — Generative AI is producing more touchpoints for companies to measure, as it creates more complex customer journeys.
  2. Shifting consumer behaviors — CMOs and CFOs must collaborate to identify data-supported opportunities to drive growth in unsettled economies through commercial spending investments. This requires clarity on how factors such as geopolitics and inflation impact consumer demand.
  3. Stricter privacy regulations — US states are adopting new privacy laws, following the European Union’s introduction of its General Data Protection Regulation, requiring companies to adopt data collection and measurement approaches that align with shifting norms regarding personal data.

Boston Consulting Group research found that the vast majority — 70% — of companies employ, or are ...

About the Authors

Jessica Apotheker, David Galley, Leila Hamidou, Ray Yu, Shelby Senzer, Jeff Walters, and Karolis Baltagalvis are professionals at Boston Consulting Group.

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