As today’s organizations are focused on becoming more customer-centric, the role of today’s CMOs is also undergoing a major shift compared to a decade ago. CMOs have a lot on their plate these days. Instead of just working with advertisers on campaigns, CMOs in 2020 must be visionary enough to concentrate on building customer-bonding to redefine customer experience. They should always be on their toes to tackle all aspects of a brand, multiple teams and their challenges. Wearing many hats would simply be the norm for the modern CMOs. This transition would unveil new opportunities on one hand, while also being demanding on the other hand. Harvard Business Review opined that 80% of CEOs are unhappy with their CMOs to the point of laying them off. Probably as a direct consequence of this the average tenure of 40% of today’s CMOs is less than 2 years. But for CMOs who adapt to changing business needs and move swiftly, the window of opportunity is great.
Every CMO Should Possess the Following Qualities:
The marketing department should not operate in silo; it should be in sync with other departments like customer service, IT, etc. Hence, a CMO should co-ordinate with different departments of an organization and stay updated with relevant information from these departments that impact marketing success and customer relationships.
2.An Eye on Technology
Industry trends show that 2020 onwards will be a technology-driven era. Technological know-how is just not an option, it is necessary to survive in the market and stay successful. A CMO has to be fluent with multiple programs in addition to heading marketing campaigns. A CMO needs to serve as a CTO as well and get well-versed with advanced technologies and the latest trends to stay ahead of the game.
In this data-driven era, every action should be based on accurate data. With advancement in AI-technology, marketers are exposed to accurate information about their customers. They are well-informed and confident to communicate their story efficiently. CMOs must leverage powerful analytical tools to drive better strategy and decision making.
Engaging and understanding customers’ behavior is the route to becoming a successful CMO. They must make an effort to understand gen-y and go beyond traditional marketing techniques to attract them. Customers are more likely to connect emotionally with a brand which serves a social purpose. Serving customers with honesty has a direct co-relation to the business’s ROI. Always ask for feedback from the customers to improve performance. The best way to retain existing customers and win new ones is to build customer trust.
Today’s marketing is not limited to a single channel anymore. It is a function of multiple channels that customers utilize to communicate and interactwith a brand. It is mandatory to maintain consistency across all the channels for easy brand identification and consistent brand identity and values. CMOs should focus on omni-channels to form connections with all the customers for better visibility.
With companies having too many areas of marketing activities to take care of, the resources are thinly allocated thus diluting the result of marketing spends.Customer experience is the key to results and thus, it is a prominent area which needs sufficient focus. Oftentimes, it is observed that the allocated budget for customer experience is concentrated elsewhere. Hence, CMOs should show tangible results to justify marketing spend to drive better results from marketing efforts.
7.Innovation is Crucial
Playing safe will not fetch great results. Companies must take calculated risks and do the unexpected to get to the top. CMOs must not shy away from experimenting. They should have the vision to think globally, surpassing physical borders in order to make better strategy.This entails innovation in terms of strategy as well as harnessing the latest technology to gain a competitive edge.
8.Building a Great Team and Superior Work Culture
Marketing is a team effort. CMOs need to develop future talents to setup the next generation of marketing leaders. CMOs should direct the vision and direction for the company and encourage everyone to participate in the process. Stimulate internal branding to create great working culture inside the company in order to serve customers better.
Organizations cannot operate in a conservative format anymore.Working with the focus on a micro- or macro-level is not sufficient. This fails to tap new opportunities for greater marketing success. Hence, CMOs should embrace a global approach in their thought pattern and design marketing strategies contemplating the big picture for the market they target. This can span demographics, borders, genders and more – it takes a skilled eye and mind to look at the whole picture and all the data available and tailor marketing efforts to the opportunities available. Technology also plays a role in leveraging data for big-picture marketing thinking and efforts.The CMO must take the responsibility to define the vision and course which uniformly percolate across the organization.
10.Stand Out from The Crowd
Marketing is a competitive world. The key to survival is to keep experimenting and innovating. Following a set approach throughout will put the company at risk of extinction. To stand out from the crowd, a CMO must carve out a unique identity that instantly connects with their target audience. This identity can be structured around the values of the product or service the brand provides, or other differentiators that make the brand stand apart.
Winners are not only hard-workers but also smart workers. CMOs of 2020 need to be proactive to take charge of responsibilities related to heading marketing, as well as a more holistic approach for all-round growth and development. In addition to the right skill-set, the latest technology can help provide the visibility and analytics needed for successful marketing campaigns. If you’re interested in a solution that is capable of providing convenient snapshot visibility of all campaigns and serves today’s modern CMO’s holistic requirements, eConnect, with its extensive experience with B2B, AI-driven analytics, can help you. Our solutions drive greater success, efficiency and ROI. To learn more, please get in touch and our experts would be glad to help.