Today’s Chief Marketing Officers (CMOs) must take the lead in connecting the organization, advancing purpose to drive the overall enterprise business strategy, and predicting and responding to market opportunities.
The world has experienced change at an unprecedented rate and scale. The pandemic led to digital-first and decentralized business engagement models that continue to influence the future. Over the past two years, there have been significant changes in marketing and IT, including adjustments to plans, goals, opportunities, and challenges.
Individuals and businesses must adapt and develop their plans and roles to succeed in this new environment.
Over the past few years, the Chief Marketing Officer (CMO) role has undergone significant change as well, adding additional responsibilities and a new focus.
Here are three ways in which the CMO role has evolved to promote growth and innovation throughout the organization:
CMOs Act as the Key Connector Across the Enterprise
In order to increase engagement and provide value, CMOs are now uniquely positioned to create connections among all stakeholders, including employees, consumers, and shareholders. The responsibility of acting as a “connector” for all internal and external stakeholders falls primarily on the shoulders of the CMO.
Marketing is now more critical than ever in attracting and retaining talent for the company and increasing demand for the product or service. Employee empowerment and engagement should be one of the success criteria and top priorities for the marketing team. They experience a sense of pride and kinship with the company. This is equally crucial to the business’s ability to generate revenue. Employee engagement, performance, and customer satisfaction will increase if they are proud of their organization. The key is to establish this connection point.
Creating strong connections extends to all internal and external stakeholders – from partners, shareholders, and customers to colleagues in IT, HR, Sales, and Finance. CMOs can serve as the connecting thread for delivering the best experiences and value for customers, employees, and other stakeholders through these crucial relationships.
CMOs Must Predict and Adapt
The way people live, work, learn, and play has changed forever. Customers expect businesses to be there for them wherever they are, to anticipate or foresee their needs, and to provide a superior experience. The industry is bringing about a digital transformation by developing entirely new digital touchpoints for how brands interact with and cater to their diverse global audiences.
By understanding the needs of the customer and utilizing insights from data, companies can predict website analytics, purchasing history, audience behavior, and other areas to forecast the results of marketing approaches.
CMOs Are Ambassadors of the Brand Mission
There has been a change in how people reflect personally and professionally over the past two years. People now have a fresh perspective on who they are and what they contribute to the world. Employees are starting to seek more personal meaning and purpose as a result of this.
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Employees want to work in an atmosphere where they can contribute more to society and share common values. This social capital has made it possible for employees to collaborate to accomplish a common goal. In addition to giving teams a new voice, this purpose acts as the organization’s compass and fosters success by creating a sense of mutual respect and shared values. And when everyone is aware of the company’s purpose, it gives them a sense of direction, motivates everything they do, and attracts talent who are drawn to and linked to that purpose.
The time when the marketing department served as the company’s “order taker” is long gone. To drive the overall business strategy, CMOs today must guide the organization in connecting the enterprise, responding to and predicting market opportunity, and furthering purpose. The CEO and the entire executive team view CMOs as crucial business partners who help the brand and the audiences they cater to grow. A CMO can better promote innovation and growth across the company with these three shifts.
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