The role of the Chief Marketing Officer (CMO) has evolved significantly in the past few years. Earlier CMOs used to be primarily accountable for marketing strategy, but now they must also be analytical problem solvers who understand how data will influence future decisions in order to provide a superior user experience.
According to a recent report by Forrester, “Rethink the role of CMO”, 88% of firms agree that the CMO’s position has changed in recent years and will continue to change in the next two years.
As technology evolves and the competitive landscape shifts, the role of the CMO is transforming rapidly. To keep up with the ever-changing marketing environment, CMOs in 2022 will need to integrate technologies like AI into their workflows. Also, they should have a complete understanding of their consumers’ wants and needs.
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The CMO’s role is more complicated than ever before
As companies focus on creating value through their marketing activities, the role of the CMO is getting increasingly difficult. CMOs must understand how data influences business decisions and have a clear vision for where they want their company’s marketing to go in order to be successful. To acquire buy-in for their objectives, they should also develop good relationships with other senior executives. With high-performing sales funnels and a Return on ad spend (ROAS) of around 10%, the challenges facing the marketing department have become much more complex.
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The world of marketing is expanding
Marketing activities should become increasingly sophisticated when businesses expand worldwide. CMOs should concentrate on how their products are used in different parts of the world and build market-specific strategies. This entails developing distinct brand identities, conforming to various cultural standards, and comprehending how people interact with brands in various parts of the globe.
The CMO is in charge of the company’s sales and growth
Since sales teams can no longer contact customers face to face, they are turning to the market for help not just with sales enablement, but also with sales generation. Thanks to their digital fluency and already-honed skill in building relationships via online channels, the post-COVID CMO must go beyond just generating leads and vigorously try to make transactions and income happen.
CMOs must search for ways to improve the entire sales process, not simply audience engagement, today and going forward.
Marketing leaders are exceptional in that they own not only marketing operations but, increasingly, the entire company’s go-to-market strategy. This, combined with fierce rivalry for markets and customers (and dwindling channels), makes marketing’s role in increasing market share more direct, immediate, and pressing than ever before.
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The CMO as a cultural revolutionary
CMOs are working hard today to give their employees more certainty. They are intentionally designing a culture that is programmed for success across not just marketing, but the entire organization, by competing for and driving the most appropriate capabilities, notably digital.
In short, COVID-19 and the resulting demand for digital business have broadened the scope of marketing aims beyond what they were previously. The CMO is now assisting the entire organization is going to market, and CMOs must reinvent themselves and their teams in order to deliver more to the business and propel it ahead.
At its core, CMOs must address from a business, consumer, workforce/employment, and broader viewpoint — the fact that organizations are facing unprecedented unpredictability and volatility makes it imperative that they must find answers or routes, to navigate through it.
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