Modern Chief Marketing Officers (CMOs) are constantly adapting to new technology, regulations, and consumer preferences. Beyond traditional skill sets and responsibilities, this reality impacts what the industry looks for in a modern CMO.
Traditional CMOs are more tactical and focused on the overall marketing strategy, public relations, and brand equity. The tendency is to depend on vanity metrics like views and clicks in the digital world.
CMOs must understand, manage, and monitor all parts of a business, drive and optimize the consumer experience, and scale revenue to meet the requirements of the current C-suite. The CMO must demonstrate that they are an essential part of a company’s growth.
Here are five essential skills modern CMOs need to succeed.
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CMOs Should Be Data-Driven
Data-driven marketing has been around for a while, but it is gaining significant traction as data sets expand quickly. The modern CMO must be skilled at combining data from various sources and interpreting it.
Data and insights can help with strategic planning, real-time decision-making, and risk mitigation. Marketers must be agile to respond and iterate in real-time.
A large amount of data accessible to marketers is only as good as the ability to analyze and act upon it. Customer Data Platforms (CDPs) or management tools must be implemented, and the CMO must know how to leverage the technology for optimum benefits.
CMOs that understand data and can share that knowledge with their peers will be recognized as critical to the growth and success of the organization.
CMOs Must Possess Cross-Functional Leadership skills
A strong CMO must be more than just the marketing team’s leader. They are the people’s voice and must integrate consumer requirements and marketing objectives to benefit other cross-functional teams and departments.
Marketing must have a thorough awareness of the organization’s structure and be politically astute to connect successfully with all cross-functional teams. A smart CMO will work with the rest of the company and members of the C-suite to demonstrate how marketing inputs can lead to meaningful and measurable results. Instead of simply consuming resources, marketers must demonstrate their value and Return On Investment.
CMOs Must Understand Digital Transformation
Today’s CMOs must be updated about all the latest technology, such as Artificial Intelligence and Machine Learning, and Automation and how to implement them to improve revenue growth, user engagement, and experience. They should collaborate across silos with peers such as the CTO, and the CISO to stay competitive.
Advances in these technologies could open up previously unimagined possibilities for predictive marketing and personalization. CMOs must be aware of and prepared for yet another rapidly changing industry.
CMOs Need to Master Personalization
Businesses have been pushed to reconsider their customer experience strategies. From acquisition to retention to monetization, brand engagement and personalization should be evident throughout the customer experience.
Customers today demand for a more personalized experience that grows with each engagement with the company. The CMO must be an expert in guiding the brand experience, taking into account specific consumer preferences, needs, lifestyles, and values.
Marketers can attract more loyal customers and retain them by prioritizing the customer and using personal data to deliver value at every stage of the customer journey. In this method, the CMO can demonstrate that they are a catalyst for the company’s growth and consumer base.
CMOs Require Traditional Skills
While the role of the CMO will continue to evolve, specific core skills will always be required. Traditional methods of building a good brand include advertising, creative concepts, and strategic storytelling. With the advent of data-based analysis, these skills must be balanced and strengthened. The modern CMO must balance technical and traditional skill-sets.
The successful CMO understands when and how to combine the latest technologies with traditional core competencies. They must embrace innovation and understand what is currently working best for the marketing team and the company.
To add value to an organization, CMOs must accept change and use a mix of technology and traditional abilities. Understanding and sharing customer viewpoints and demands to C-suite members will push the organization forward and solidify the CMO’s position.