The modern chief marketing officer (CMO) is always adapting to new technologies, channels, regulations, and changing customer preferences. This reality shapes what the industry looks for in the modern CMO, beyond their skill-sets and their traditional responsibilities.
The old school CMOs were more tactical, focusing on the overall marketing strategy, brand equity and “voice,” and public relations. In the digital world, vanity metrics like views and clicks were common.
CMOs need to, however, be able to touch upon, manage, and monitor all parts of a business, as well as drive and optimize customer experience and constantly scale revenue, to meet the needs of the current C-suite. CMOs need to demonstrate that they are critical to the development of a company.
Here are five essential skills for the modern CMO to succeed.
CMOs should be data-driven
The term “data-driven marketing” has been around for a while, but it’s still gaining traction as data sets grow at an exponential rate. Not only must the modern CMO be capable of accumulating data from various sources, but he or she must also have the knowledge and skills to interpret it.
The large amount of data available to marketers is only as good as their ability to interpret and act upon it. It’s critical for the CMO to be able to implement management tools or customer data platforms, as well as understand how to get the most out of technology.
Marketing executives who understand data and can share it with their peers will be recognized as a crucial part of the enterpriseand a vital driver of progress.
CMOs require cross-functional leadership skills
A good CMO must be more than just the marketing team’s leader. They represent the voice of the people and should integrate marketing objectives and consumer needs in a way that adds value to other cross-functional teams and departments.
It is crucial to have a deep understanding of organizational structure but at the same time it is important to be politically savvy as well, so that marketing can connect successfully with all the cross-functional teams. A great CMO will collaborate with the members of the C-suite to explain how marketing inputs can be translated into meaningful and measurable outputs. Marketers must demonstrate their value and return on investment, rather than being viewed simply as a “black box” that drains resources.
CMOs must grasp the concept of digital transformation
Modern CMOs must be aware of all the latest technology, such as artificial intelligence, and how to apply them to improve engagement, user experience, and revenue growth. They should collaborate across silos with peers such as the Chief Technology Officer (CTO) to drive innovation in order to stay competitive.
Advancements in these technologies could open up previously unimagined possibilities for predictive marketing and personalization. However, until their full potential is reached, CMOs must assess if they are currently adding value.
Personalization is a skill that CMOs must master
Customers today are more demanding than ever before, and their expectations continue to rise. Delivering advertisements for products that customers look for online isn’t enough.
Organizations have been compelled to reconsider their customer experience strategies. Brand engagement and personalization should be present all through the customer journey from acquisition, retention, and monetization.
Also Read: Three Traditional B2B Marketing Mistakes
Customers nowadays want a more personalized experience that builds with each engagement with the company. The CMO should be the master of leading the brand experience, taking into account specific consumer preferences, lifestyles and values.
Marketers can attract and retain more brand-loyal customers by prioritizing the customer and leveraging personal data to deliver value at every step of the journey. This way the CMO can demonstrate that they are a catalyst for the company’s growth and customer base.
More than ever before, the modern CMO has had to evolve and adapt. As a result of changing markets and technological advancements, they face new difficulties, expectations, and possibilities.
To add value to their organizations, CMOs should accept change and use a combination of technology and traditional skills. Understanding and communicating customer demands and viewpoints to C-suite members will propel the organization ahead and solidify the CMO’s position.
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