Lomit Patel's Blog, page 100
August 31, 2020
What makes a successful modern CMO?
Lomit Patel, Vice President of Growth at IMVU, provides an overview on what makes a successful modern Chief Marketing Officer (CMO).
30-second summary:
The modern C-suite requires CMOs to be able to touch upon, manage and measure all aspects of a business, drive and optimize customer experience and be able to consistently scale revenue.There are five core skills essential for the modern CMO to succeed: Team Leadership; Adeptness with data; Practiced in Personalization; Proficient in AI and Machine Learning; and Traditional skills.The modern CMO has had to evolve and adapt more than ever before.CMOs must embrace change and use a blend of technology and traditional skills to bring value to an organization.Understanding customer needs and perspectives and relating them to C-suite members will carry the company forward and cement the position of the CMO.
The marketing industry is adapting to new technologies, channels, regulations and changing customer preferences. This reality shapes what we look for in the modern CMO, beyond their traditional responsibilities and skill-sets.
The traditional role of the CMO tends to be more tactical – focusing on the overall marketing plan, brand equity and “voice”, and public relations. The tendency for digital was to rely on vanity metrics like views and clicks.
However, the demands of the modern C-suite require CMOs to be able to touch upon, manage and measure all aspects of a business, drive and optimize customer experience and be able to consistently scale revenue.
The CMO must prove themselves to be integral to the development of an enterprise.
There are five core skills essential for the modern CMO to succeed.
Team leadership
A good CMO needs to be more than just the leader of the marketing team. They represent the voice of the people and need to integrate consumer needs and marketing strategies in such a way as to add value to other departments and teams.
A deep understanding of organizational structure is crucial so that marketing can interact successfully with cross-functional teams. A good CMO will collaborate with the organization and members of the C-suite while explaining ways that marketing inputs can lead to tangible and measurable outputs. It is crucial marketers demonstrate their value and return on investment, and not simply as a ‘black box’ that consumes resources.
Adeptness with data
The concept of ‘data-driven marketing’ has been around for a while but it continues to grow with data sets expanding at exponential rates. Not only are more personal and professional details becoming available, the channels to access this information continue to proliferate.
The modern CMO needs to be adept at not just aggregating data from disparate sources but having the skills and knowledge to interpret it.
The ability to use data and analytics can inform real-time decision-making and strategic planning while also helping to mitigate risk. Marketing teams can adjust and improve on the fly.
The vast wealth of data available to marketers is only as helpful as the ability to interpret and act upon it. It is crucial for the CMO to be able to implement data platforms or management tools and understand how to leverage the technology to derive maximum benefit.
Marketing leaders who understand and can share data knowledge with their peers will be seen as a crucial part of the organization and a key part of driving growth.
Practiced in personalization
Modern customers are increasingly demanding and their expectations continue to grow. It is not enough to simply be delivering adverts for products the customer searches for online.
Organizations have been forced to rethink approaches to customer experience. Brand engagement and personalization should be present throughout the entire customer journey.
Today’s customers expect a more personally tailored experience which builds with every interaction they have with the brand.
The CMO needs to be the master of guiding the brand experience, reflecting individual consumption preferences, values and lifestyles. Analytical tools can be used to track interactions and manage the engagement experience.
By prioritizing the customer and using personal data to create value at every step of the journey, marketers can attract and retain more brand-loyal customers. In this way, the CMO can quantifiably show they are an accelerant for the growth of the business and customer base.
Proficient in AI and machine learning
Digital marketers have long been preaching the value of artificial intelligence (AI) and machine learning (ML). While AI and ML tools are critical for leveraging data and consequent decision-making, using an “AI” is often a misunderstood catch-all buzzword.
It is essential that modern CMOs understand these technologies and how they can be used to maximize experience and engagement.
Advancements in these technologies may lead to unprecedented opportunities for personalization and predictive marketing.
However, until their potentials are realized, CMOs need to be discerning in whether they truly bring value at present. It is another changing field and potential tool that CMOs need to understand and prepare for.
Traditional skills
As the role of CMO continues to evolve and adapt, certain fundamental skills will always be integral to the position. Creative ideas, campaigns, and strategic storytelling are traditional ways to build a strong brand.
These abilities need to be balanced and enhanced with the rise of data-based analysis. The modern CMO needs to balance traditional and technical skill-sets.
The successful CMO knows how and when to use the latest technologies in conjunction with older core abilities. They need to embrace innovation and know what works best for the marketing team and organization at the present time.
The modern CMO has had to evolve and adapt more than ever before. They face new challenges, expectations and opportunities as a result of technological development and changing markets.
This is not an exhaustive list as the skills and knowledge necessary for success are as varied as the industries they navigate.
CMOs must embrace change and use a blend of technology and traditional skills to bring value to an organization. Understanding customer needs and perspectives and relating them to C-suite members will carry the company forward and cement the position of the CMO.
Marketers can be a force for good and impact the world in a way that benefits everyone. I am proud to work in this field and hope you all feel the same way.
Lomit Patel is the Vice President of Growth at IMVU. Prior to IMVU, Lomit managed growth at early-stage startups including Roku (IPO), TrustedID (acquired by Equifax), Texture (acquired. by Apple) and EarthLink. Lomit is a public speaker, author, advisor, and recognized as a Mobile Hero by Liftoff. Lomit’s new book Lean AI, which is part of Eric Ries’ best-selling “The Lean Startup” series, is now available at Amazon .
This article first appeared on ClickZ.
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August 26, 2020
Growth Through AI
In this episode of Mobile Growth & Pancakes, Esther Shatz is joined by Lomit Patel, the VP of growth at IMVU, the world’s largest avatar-based social media app. They discuss why the best UA strategies must balance acquisition and retention, Lomit’s use of AI and wholistic growth teams. Lomit shares how he joined IMVU at a time when the growth graph was heading in the wrong direction, yet with his deep-set passion for AI, he was able to implement automated systems that enabled his growth team to break new ground.
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August 24, 2020
Leading with Gratitude with the Apostle of Appreciation, Chester Elton
Excited to be on Leading with Gratitude with the Apostle of Appreciation, Chester Elton to discuss my book Lean AI and so much more.
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Lean AI w/ Lomit Patel – Leading with Gratitude with the Apostle of Appreciation, Chester Elton
Lean AI w/ Lomit Patel – Leading with Gratitude with the Apostle of Appreciation, Chester Elton
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August 22, 2020
How Startups are Leveraging Artificial Intelligence to Grow
The inspiration behind writing the book Lean AI
AI: A simplified overview from a sales and marketing perspective
Some of the biggest challenges AI can solve for startups
Leveraging AI for enhanced growth
Ways startups can follow to implement AI in their businesses
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August 13, 2020
Leveraging AI to Grow Your Business
Mike and Lomit cover a ton of great stuff in this episode like how Lomit broke through his shy youth and found more meaningful conversations with strangers, what happened when he started exploring why people make the decisions they do, how media and movies drive fear about artificial intelligence when in reality, AI can streamline companies for rapid growth, his focus on empathy and understanding, his point of view on leadership and mentors, and much more.
Lomit’s bestselling book called Lean AI, is about how startups can use artificial intelligence to grow. In the book, he provides practical advice on how startups can scale up growth significantly faster when you combine a lean team with the judicious use of artificial intelligence and automation – focused on growing your customers and growing your revenues
Lomit Patel, VP of Growth, Leveraging AI to Grow Your Business – Episode 110
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August 9, 2020
The Factor with Sonny Mayugba & Special Guest Lomit Patel
In Episode 3 of the Factor, Special Guest Lomit Patel, VP of Growth at IMVU, discusses user acquisition, retention and monetization. Lomit is a black belt in guiding companies to the highest levels of exponential growth. Sonny and Lomit rewinds back to the memorable turning points in Lomit’s career then riff on what’s next in the metaverse of 3D social networking at IMVU. Plus, Lomit shares how he approaches startup growth with the aid of artificial intelligence, all of which are included in his bestselling book, “Lean AI.”
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August 7, 2020
The Rise of AI: How Will Machine Learning Change the WORLD
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August 6, 2020
Growth metrics that matter
In this episode of the Growth Show we have the pleasure to talk with Lomit Patel, VP of Growth at IMVU and bestselling author of Lean AI, which is part of Eric Ries’ “The Lean Startup“ series.
We are talking with Lomit about…
… his greatest AHA moment as professional in growth marketing, his craziest campaign so far, the greatest challenges in reaching multiple million dollar in annual subscription business at his former growth marketing job at Texture, Leadership and of course sneak peek into his book Lean AI as well as growth metrics that matter for founders and much much more.
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#29 Growth metrics that matter
In this episode of the Growth Show we have the pleasure to talk with Lomit Patel, VP of Growth at IMVU and bestselling author of Lean AI, which is part of Eric Ries’ “The Lean Startup“ series.
We are talking with Lomit about…
… his greatest AHA moment as professional in growth marketing, his craziest campaign so far, the greatest challenges in reaching multiple million dollar in annual subscription business at his former growth marketing job at Texture, Leadership and of course sneak peek into his book Lean AI as well as growth metrics that matter for founders and much much more.
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