As retailers pivot to place the customer at the heart of their universe, the onus is on the chief marketing officer (CMO) to craft and grow hyper-personalised connections, amplify customer advocates, and turn loyalists into evangelists.
Showcasing insights from 100 leading retailers, Payments Consulting Network and Merchant Advisory have partnered with Worldwide Business Research to release the eTail Australia Defining the Role of Modern Retail CMOs report to better understand the evolution of the role.
Worldwide Business Research, Managing Director APAC, Danny Levy said,
“With inflationary pressures and the potential of an economic slowdown companies are often of the opinion that marketing spending should not be increased. The opposite is in fact true with a downturn offering the perfect opportunity to expand. And with consumers prepared to pay a higher price for companies that are seen to have a more desirable brand it’s no surprise to see brand building as the biggest area of spend for CMOs in 2023.”
From being the leader of marketing campaigns and brand building, the responsibility of the CMO has expanded to include every aspect of the customer experience, account growth, the company’s bottom line, and now an array of fast-changing and leading-edge technology. This includes the assessment of payment relevance and reliance.
Payments Consulting Network and Merchant Advisory Managing Director, Mangala Martinus said,
“Payment processing costs are rising due to the increasing volume of electronic payments and higher fraud management and compliance costs. However, these transaction costs are relatively small compared to the opportunity cost of a lost sale. So while the CFO often drives the payment service provider (PSP) selection decision, the CMO as a key influencer needs to ensure a frictionless checkout experience to increase the likelihood of a sale occurring by offering customers the ability to pay wherever and however they prefer.”