2020 has forced CMOs, who were mostly seen as chief storytellers, to finally become drivers of growth. However, the lines related to driving growth of a brand in keeping with its mission are still blurry. This makes it difficult for CMOs to develop effective marketing strategies.
Since 2020, the marketing landscape has drastically changed, putting a lot of strain on CMOs and the marketing teams to reassess their strategies to address the changing business environment and evolving customer expectations.
From delivering messages that meet the changing behavior of the customers to leveraging the latest marketing technology for delivering an exceptional experience, the journey of the CMOs has become a lot more difficult than their counterparts. On top of that, many brands and enterprises are cutting down their budget and marketing teams, leaving CMOs with no choice but to operate on a stringent budget and strict deadline to drive the brand’s growth. But the scenario has changed in 2021.
Many brands have realized the crucial role that their marketing department played in their survival and have promised to increase their budget as well as open to experimentation. In fact, according to The Annual CMO Spend Survey Research, roughly 2 in 3 (68%) CMOs expected their budget to increase in 2021. With such positive factors on their side, CMOs must reassess their marketing strategies and align them with the current marketing ecosystem.
Below are a few steps they can follow:
Rethink brand identity
With so many brands using digital platforms to spread their message, it has become essential for them to be authentic to catch and hold the attention of their customers. Principles that today’s brands should live by include loyalty and identity, which will help them create deeper connections with their customers as they will view the brand’s values and ideals to be in tune with their own core ones. Also, it will help brands strengthen their relationship with their customers.
Enhance customer journeys
CMOs must commit themselves and their teams to enhance the customer experience at every step of the buyer’s journey. One of the best ways for them to do this is to continuously learn the art of assuring excellent customer experience. Meaning, they should put themselves in the shoes of their customers by regularly going through the buying process.
Beyond assessing whether the brand’s customer experience authentically delivers on the brand’s purpose and strategy, CMOs must become advocates for the customers and visualize how they can make it a seamless experience for them.
An interconnected strategy
Today it has become increasingly clear that operating in silos can hurt the progression of a business in both short and long term. Thinking about data and analytics as separate elements from the overall brand strategy can stop a brand from making steady progress. Hence, to take advantage of positioning, storytelling and branding for building a strong revenue engine, CMOs should take steps that are both well-crafted and well-measured.
Also Read: Top Retail Customer Acquisition Strategies
They should leverage data and analytics for analyzing everything a brand does. This will also help them to understand the impact of all the marketing activities on the brand’s revenue.
As the marketing environment continues to evolve, CMOs will have to address complex challenges that lie ahead. By constantly evaluating and assessing their marketing strategies, they will not only be able to seamlessly navigate them but will also be able to lay a strong foundation for delivering an exceptional and personalized experience their customers’ desire.
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