Business uncertainty persists, and CMOs have a massive responsibility of redesigning their company strategy and marketing system
In 2019, the average term of a CMO had decreased to merely 43 months. With the post-pandemic situation of increased customer demands and budget cuts, their job has never been more challenging. According to Forrester, successful CMOs in 2021 will be the ones who reinvent themselves and the marketing system, to meet the evolved market demands.
The troubling reality of C suite executives is that they are expected to do more with limited time, money, and resources. Recent research suggests that CMOs will have 30 percent less marketing expenditure as compared to their situation in 2019. With the ever-increasing sales pressure, CMOs are finding themselves in a tough position. They are required to come up with creative commercial and delivery models.
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CMOs must find a way to exponentially use data that can provide insights on sales outcomes and a better customer experience. Despite decreased budgets, technological investment is the best strategy for measurable results. Industry leaders recommend the utilization of hyper automation and AI. An aggressive use of technology is helping CMOs to elevate customer acquisition and retention strategies.
CX workflow has become a significant priority for CMOs as it aids their sales team to enhance service efforts. Many industry giants have already engaged themselves with omnichannel customer insights. With a little help from AI and ML, customers will get real-time offers, which they always appreciate. This can ease every CMOs worry – even if it is only one of the many responsibilities on their plate.
A CMO Strategic Priorities Survey 2021 conducted by Gartner indicates that 73 percent of CMOs will focus on their existing customers to manage their revenue. Of course, No brand can afford to compromise on customer retention. With lowered budgets, it might feel overwhelming to invest in existing customers, but the reality is that a low-risk approach has become a necessity. Even word of mouth marketing should not be excluded.
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In the past, CEOs have not understood the critical role of CMOs. Their post and responsibilities have been part of many debates. This year, with the increasing pressure of the challenge to keep the business running, if not profitable, CMOs have the chance to educate their enterprise on their exact value and power.
Consequently, experts warn CMOs to not be over-ambitious and change too many strategies of their enterprise. They should also not fall victim to a persistent low risk and “do more with less” approach. One of the most beneficial methods is that a CMO must push to reform a strategy to its pre-pandemic ways for every new system that is launched.
After all, with great power comes great responsibility.
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