Over the past ten years, the Chief Marketing Officer’s (CMO) function has seen a dizzying metamorphosis. Many CMOs of today are in charge of every aspect of the Customer Experience (CX), including technology, customer data and analytics, existing account growth, and, ultimately, impact on the bottom line. They were once the leaders of all things creative and brand-related.
The CMO role has significantly changed as rapidly changing technology and customer behaviors clash, enhancing the CMO’s visibility and potential for leadership and power. Chief Marketing Officers aggressively seek to establish themselves as the strategic leaders of the entire organization, yet legacy jobs like tactical campaign management sometimes overburden them.
Depending on the demands of the business, a CMO can do multiple tasks. Chief Marketing Officers can support the marketing team and exercise good leadership by being aware of these roles. CMOs can better position themselves for success at work by becoming familiar with the duties associated with each role. Here are some typical functions CMOs may play within a business.
Innovator
It is frequently the duty of a CMO to look for innovative ideas because they are the top marketing representative inside a firm. The knowledge of market trends might aid Chief Marketing Officers in coming up with new concepts. Additionally, this might assist them in locating possible marketing possibilities and organizing upcoming advertising campaigns. The CMO of a company may also give business executives insights into what customers want and need, as well as create innovative marketing strategies for the team to try.
Growth driver
The obligation to generate and manage profitable growth was one of the key focus areas when firms first categorized the CMO duties. Large discrepancies between the ideal condition and reality have been uncovered in subsequent discussions about the position of the Chief Marketing Officer as a development driver. For instance, in interviews with several C-suite executives, both inside and outside the CMO function, 50% of the interviewers stated that having an enterprise-wide mentality was one of the most crucial elements in a CMO’s success. However, only 6% of Chief Marketing Officers said they aggressively pursued revenue growth across all international commercial endeavors.
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Similar uneasiness CMOs exhibit in embracing the position of growth driver is revealed in another Deloitte report. The majority of respondents in this study of senior marketing executives (95%) cite revenue as the key indicator of growth inside the company, and 70% of them express the most tremendous confidence in using the revenue to drive growth. However, only 32% and 20% of respondents, respectively, feel ready to influence market share and drive gross margin, despite the fact that both of these are regarded by the company as essential growth areas.
Customer advocate
Chief Marketing Officers frequently help their company’s customer base by providing assistance and fighting for the needs and wants of the target market. In order to find ways to make marketing more enticing to consumers, they may evaluate and analyze consumer purchase patterns.
Customers’ perceptions of a company can be improved by taking their interests into account when creating marketing campaigns. This can encourage customers to make purchases and boost a company’s sales.
Storyteller
Marketing a business to the public can be done successfully by developing a captivating story around it. Telling an engaging tale on social media, in conferences, in advertisements, and in other means of communication may be the responsibility of the Chief Marketing Officer of a firm. CMOs can use these tales to explain new breakthroughs, introduce customers to new goods and services, and express the company’s values. CMOs can use their comprehensive knowledge of the business’s marketing objectives to provide a consistent message for all storytelling initiatives. This can assist the business in telling a unified narrative to customers.
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