CMOs need to be agile enough to seize opportunities that link brand values with consumers, while also being willing to pivot at any time.
The role of the Chief Marketing Officer (CMO) role was already in a state of flux prior to the pandemic, with numerous high-profile brands moving away from the position. Several high-profile brands were opting to leave the CMO position vacant.
However, the situation is changing dramatically as the pandemic progresses. Fast forward to March 2020, and the CMO position has regained popularity. Businesses are adopting strategic actions that indicate the CMO now has a bigger voice at the table as global economies adjust to a new normal. A slew of recent hiring in a variety of businesses indicates that the once-dormant CMO post is making a comeback.
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So, how did the perilous position of CMO go from being on the verge of being phased out to becoming an essential component of business development?
Marketing to today’s customer
Businesses have seen unusual and drastic shifts in customer attitude that the pandemic has brought about. Everything businesses understood about customers has changed in the last 18 months, from how they spend and save money to the types of things they want to buy and how and where they like to shop. It has altered people’s attitudes toward their work, their financial security, how and where they consume media, and what they do in their spare time. In 2021, businesses are dealing with a totally different type of customer than they were in 2019.
The pandemic has had a particularly negative impact on brand loyalty. Due to scarcity and financial worries, buyers are switching brands and “trading down.” And, while brand loyalty is still alive and well, its drivers have evolved. Consumers are more likely to support companies whose values fit with their own, and avoid purchasing with those that don’t. In order to attract customers seeking brands that share their values, businesses will need to stand for something in order to remain competitive in a changing world.
Organizations must re-evaluate their marketing and communications operations in order to stay relevant, and CMOs are best positioned to drive this transition. A CMO who fully appreciates the importance of connecting with customers and staying on top of rapidly shifting consumer trends can intelligently inform a company’s strategic decision-making and planning.
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Consumer insights
The only constant for brands now is change, following one of the most unprecedented and unexpected times in modern history. Consumer insights are the new currency, and CMOs must remain on top of them in order to adjust their strategic decision-making accordingly.
Today’s CMO must be adaptable enough to capitalize on initiatives that align their brand values and communicate these values to today’s consumer, while also being willing to pivot at any time. Businesses must recognize that they are working through what is effectively a live event, altering and correcting on the go, because the world has changed.
Marketing has always acted as a strategic pillar for enterprises, but in today’s consumer-driven, pandemic-shaped environment, businesses now understand that the CMO is the person who can help them succeed. While it may have appeared that the function of CMO was dwindling in the past, this is no longer the case. As organizations strive to increase market share and build consumer loyalty in 2021 and beyond, the demand for quality CMOs will only grow.
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