CMOs

When The CMO Speaks, Leaders Must Listen: It’s the Time to Synthesize

“People do not buy goods and services. They buy relations, stories and magic.” – Seth Godin

The consumer has morphed into a complex entity today from its simple, gullible self of the yesteryears. The pandemic has changed consumerism and the average consumer in unimaginable ways. Also, there is the generational effect with the growth in the young population.

Plus, markets aren’t kind. Inflation is too high for comfort. Rampant layoffs and the resultant fear of financial security have compounded the discomfort. Economic or financial certainty is only diminishing by the hour.
Net result – today, consumers are aware, shrewd, fiercely individual, and highly conscious.

With markets at their yo-yoing best and the emergence of a transformed consumer, the short- and long-term growth of organizations is at stake. Amid little visibility on financials and few solutions to address the changing market conditions, companies need to tread extremely carefully.

This means taking very calculated decisions in marketing products and services. Marketing should be precise, incisive and effective. Knowing the pulse of the consumer, using emotional intelligence to build relationships, knowing how to tell the story—all are key. One wrong step and it could spell disaster for the bottom line.

You need someone adept in judging how the company’s products/services are positioned in the market; and how to re-posture the company, if required.

Enter Chief Marketing Officer, CMO.

According to the American Marketing Association, the CMO is the highest authority in marketing in a company, responsible for directing the marketing strategy.

As organizations grow, the role of the CMO is also evolving.

Data, the appetizer

The latest (September 2022) 29th edition of the CMO Survey, sponsored by Deloitte, Duke University’s Fuqua School of Business and the American Marketing Association, throws light on how marketing has changed in the post-COVD era.

  • Customers continue to prioritize quality during purchases, but given the inflationary environment, low prices are featuring in the top priorities.
  • Optimism about the US economy has declined below historic averages for most sectors.
  • Marketers are using multiple channels to sell, including face-to-face, direct-to-consumer, digital, and social channels.
  • Close to 43% of marketers in the survey agreed that inflation has led to a decrease in marketing spending. With inflation affecting marketing activities, pricing and value proposition have come under pressure.
  • Because of investment in digital marketing, the marketing budget, as a proportion of a company’s overall budget, has increased significantly. This also underscores the growing importance of marketing across organizations, especially during the pandemic.
  • R&D budgets are just 4.4% higher than marketing budgets.
  • Marketing analytics play a key role in marketing decisions and contribute to company performance. Marketers have nearly doubled their investments in developing marketing-related knowledge.

Given the fluid dynamics in the marketing domain and its growing significance, the CMO has emerged as a high-impact leader.

But, many times, the CMO’s words go unheard. In fact, in some organizations, the CMO is relegated to being a titular head. They are confined to rudimentary advertising for branding and legacy tasks, such as campaign management, in the name of marketing strategy. Worst still, if things don’t go right with the broader management’s ideas, CMOs are made a scapegoat and culled without a hitch.

Why should CMOs be heard?

  • Round-the-clock vigilance. This is the other aspect of a CMO’s job.
    Connect with your CMO at all times, fast or slow growth. Your brand is at stake here. The pace of the economy should not affect its growth.
    In fact, prudent strategizing in collaboration with the CMO during downturns will ensure longevity of the brand. You can use the time to re-connect and interact with your external consumers. Every wise investment in this direction will reap rich rewards.
    Take your CMO in confidence. Strategize on the company’s growth, both long-term and short-term. What should be the market strategy for lean and good times? How to leverage a slow growth or uncertain environment to the organization’s advantage?
    Should you invest in upskilling people and improving internal structuring or functions? Consult and ideate—for, employees are the foremost brand ambassadors. What must you do to improve the internal image and branding? How to proceed? Think and devise.
    Involving the CMO in every step will lend more meat to the CMO’s role and increase its functionality. The end-result will be in the organization’s favor.

To conclude

CMOs are capability builders whose insights can be leveraged to expand the reach of functions.
Amid the ever-changing business requirements, the role of the CMO is evolving, too. Organizations need them to navigate through the complexities of the developing business environment. Like any expert in their domain, the CMO brings expertise to understand consumer trends and respond to the challenges in marketing.
The CMO, therefore, is among the most important members of the C-suite. Organizations that give the CMO their due place and don’t treat the designation as mere optics, thrive.

Participation of the CMO in strategizing should not be piecemeal, confined to marketing initiatives alone. It needs to be synthesized and leaders must work closely with them for the organization to function as a well-oiled machinery.

In the words of renowned American biologist Edwin Conklin, “Life is not found in atoms or molecules or genes as such, but in organization; not in symbiosis but in synthesis.”

  • Where does your strength lie – in mass, or in agility? The right answer is agility.
    A CMO with long years of experience but an archaic approach does not stand a chance before a relatively young CMO with a flexible thinking.
    Marketing pursuits are changing at a feverish pace. Go for a CMO who is aware and willing to try out novel approaches. Disruptions in platforms as a medium of engagement and emergence of new technologies—something as transformational as Chat GPT—demand a forward-thinking individual. Opt for one who is up-to-date with the latest developments and is daring enough to explore new messaging to increase engagement and efficiency.
    “It’s all that the young can do for the old, to shock them and keep them up to date.”
    -George Bernard Shaw
    The CMO needs to be on the run always – figuratively speaking. How are trends in consumer behavior taking shape? How to improve emotional intelligence in marketing? What does market intelligence data say? How to interpret marketing analytics to draw actionable insights? Are these reflecting in execution?
    360-degree thinking promotes effortless productivity.
  • Round-the-clock vigilance. This is the other aspect of a CMO’s job.
    Connect with your CMO at all times, fast or slow growth. Your brand is at stake here. The pace of the economy should not affect its growth.
    In fact, prudent strategizing in collaboration with the CMO during downturns will ensure longevity of the brand. You can use the time to re-connect and interact with your external consumers. Every wise investment in this direction will reap rich rewards.
    Take your CMO in confidence. Strategize on the company’s growth, both long-term and short-term. What should be the market strategy for lean and good times? How to leverage a slow growth or uncertain environment to the organization’s advantage?
    Should you invest in upskilling people and improving internal structuring or functions? Consult and ideate—for, employees are the foremost brand ambassadors. What must you do to improve the internal image and branding? How to proceed? Think and devise.
    Involving the CMO in every step will lend more meat to the CMO’s role and increase its functionality. The end-result will be in the organization’s favor.

To conclude

CMOs are capability builders whose insights can be leveraged to expand the reach of functions.
Amid the ever-changing business requirements, the role of the CMO is evolving, too. Organizations need them to navigate through the complexities of the developing business environment. Like any expert in their domain, the CMO brings expertise to understand consumer trends and respond to the challenges in marketing.
The CMO, therefore, is among the most important members of the C-suite. Organizations that give the CMO their due place and don’t treat the designation as mere optics, thrive.

Participation of the CMO in strategizing should not be piecemeal, confined to marketing initiatives alone. It needs to be synthesized and leaders must work closely with them for the organization to function as a well-oiled machinery.

In the words of renowned American biologist Edwin Conklin, “Life is not found in atoms or molecules or genes as such, but in organization; not in symbiosis but in synthesis.”

  • What lies at the heart of achievement? Team. Have you provided that to your CMO?
    Help your CMO build a strong team to give effect to plans. Again, this can happen through external hiring with the help of hiring experts like Vantegde Search, or through internal sourcing/upskilling. The aim is to have a team that is aligned with the organization’s objectives, is manned by people with high caliber and the required capability, and is quick in action.
    This will also arm the CMO to collaborate effectively with other cross-functional teams.
  • Where does your strength lie – in mass, or in agility? The right answer is agility.
    A CMO with long years of experience but an archaic approach does not stand a chance before a relatively young CMO with a flexible thinking.
    Marketing pursuits are changing at a feverish pace. Go for a CMO who is aware and willing to try out novel approaches. Disruptions in platforms as a medium of engagement and emergence of new technologies—something as transformational as Chat GPT—demand a forward-thinking individual. Opt for one who is up-to-date with the latest developments and is daring enough to explore new messaging to increase engagement and efficiency.
    “It’s all that the young can do for the old, to shock them and keep them up to date.”
    -George Bernard Shaw
    The CMO needs to be on the run always – figuratively speaking. How are trends in consumer behavior taking shape? How to improve emotional intelligence in marketing? What does market intelligence data say? How to interpret marketing analytics to draw actionable insights? Are these reflecting in execution?
    360-degree thinking promotes effortless productivity.
  • Round-the-clock vigilance. This is the other aspect of a CMO’s job.
    Connect with your CMO at all times, fast or slow growth. Your brand is at stake here. The pace of the economy should not affect its growth.
    In fact, prudent strategizing in collaboration with the CMO during downturns will ensure longevity of the brand. You can use the time to re-connect and interact with your external consumers. Every wise investment in this direction will reap rich rewards.
    Take your CMO in confidence. Strategize on the company’s growth, both long-term and short-term. What should be the market strategy for lean and good times? How to leverage a slow growth or uncertain environment to the organization’s advantage?
    Should you invest in upskilling people and improving internal structuring or functions? Consult and ideate—for, employees are the foremost brand ambassadors. What must you do to improve the internal image and branding? How to proceed? Think and devise.
    Involving the CMO in every step will lend more meat to the CMO’s role and increase its functionality. The end-result will be in the organization’s favor.

To conclude

CMOs are capability builders whose insights can be leveraged to expand the reach of functions.
Amid the ever-changing business requirements, the role of the CMO is evolving, too. Organizations need them to navigate through the complexities of the developing business environment. Like any expert in their domain, the CMO brings expertise to understand consumer trends and respond to the challenges in marketing.
The CMO, therefore, is among the most important members of the C-suite. Organizations that give the CMO their due place and don’t treat the designation as mere optics, thrive.

Participation of the CMO in strategizing should not be piecemeal, confined to marketing initiatives alone. It needs to be synthesized and leaders must work closely with them for the organization to function as a well-oiled machinery.

In the words of renowned American biologist Edwin Conklin, “Life is not found in atoms or molecules or genes as such, but in organization; not in symbiosis but in synthesis.”