The Rebirth of CMO Role in the Economic Crisis

    CMO Role in the Economic Crisis

    In recent years, it has been speculated that the CMO role is on the verge of extinction. However, the rise of the pandemic, which leads to uncertainty in the economy, has brought forth the importance of the CMO role for businesses across all spectrums.

    The proliferation of COVID-19 has prohibited the growth of businesses across all sectors. Brands and enterprises are struggling to keep the loyalty of their customer base. In such an extreme scenario, these businesses are turning to the smart CMO to drive revenue and growth.

    Long considered an endangered species in the business world, the CMO role now seems to be gaining the attention and importance it deserves. As businesses see a massive dip in the growth and revenue charts, it has become crucial for them to have a leadership role in re-establishing a strong business momentum.

    The pandemic has also brought forth the notion that ideas related to CMO’s responsibilities are outdated and what their job is only for gaining traction in the market.

    To effectively drive the growth of the business, brands must keep the below things in mind:

    Why the job of your Marketing head is not the same as the Sales Head

     Often the notion that is deeply ingrained in enterprises is that marketers and salespeople have somewhat similar jobs. It’s not true. Though their responsibilities overlap, both have different skills and experience while driving the brand’s revenue.

    Marketers and Salespeople both use specific tools to perform related but specialized tasks to achieve the brand’s end goals. These are then being overseen by a chief revenue officer. In the long haul, one person overseeing similar but very distinct departments, while only having an inclination towards sales, can hurt the efficiency of a business for a brand.

    Also Read: Spend Less and Save More: The New Consumer Mantra amid Economic Crisis

    Not only that, but even top-tier marketers also shy away from such organizations as they do not want to work for people who don’t understand what they really do.

    Hence, brands should align both these departments around a data source which will facilitate collaboration while simultaneously respecting the clearly distinct responsibilities of this specialized knowledge and skills.

    Similarities that helps to Align

    There are certain points of meeting between the sales and marketing teams. While the CMOs have the freedom and understanding their needs, they can align a marketing and sales team’s goals.

    When provided with a shared data source, the Marketing and Sales team can collaborate more effectively across the board. They can bridge the gap in their tech stack by utilizing the CRM system to track data and generate reports. They can share their insights related to lead generation to achieve sales targets, monitor the lead qualification at every stage of the buyer’s journey, and locate address process inefficiencies to keep leads progressing and revenue growing.

    Resurrecting the Role of CMO in the post-pandemic era

    The economic crisis and its unpredictable nature in the coming future will demand an agile approach from both marketing and sales teams. This will give more emphasis on the importance of specialized marketing knowledge, retooled with technology that enables collaboration and data-driven decision making.

    The situation requires a greater collaboration between marketing and sales that recognizes each leader’s expertise in terms of fueling the company’s growth and revenue. And the CMO will be a perfect fit to bridge the gap between these departments to drive the brand’s development and revenue as desired.

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