The role of CMO’s evolved to influence business outcomes and overall company growth
By MYBRANDBOOK
Vinny Sharma
Marketing Director - Asia Pacific and Japan, Securonix
The evolving role of CMOs
The role of the Chief Marketing Officers (CMO) has undergone a paradigm shift in the last decade. CMOs are frequently referred to as "Chief Customer Officers" due to their changing roles and increased importance. According to numerous reports, three fourths of CMOs are now in charge of contributing to business growth and the use of data and technology. One could easily argue that all businesses have become more customer-focused in recent years, operating directly under the banner of customer experience. It is safe to say that the role of the CMO has evolved to a deeper level, which directly influences business outcomes and overall company growth.
Contribution towards strategic business discussions
The CMO's primary role is to be customer champions, frontline brand defenders, stewards of internal morale and culture, and drivers of company growth initiatives. However, this has recently changed within the C-suite, as CMOs are now expected to deliver more growth and resilience than ever before. Because of their increased importance and active participation in the day-to-day operations of the company, CMOs now wield considerable power within their organisations. It is also important to note that the scope of the CMO's role varies across the organisation depending on the size and function of the company. However, many CMOs today face the challenge of managing the intersections, and sometimes collisions, with other C-suite roles.
Real-time marketing to drive sustainable growth
It is not incorrect to state that CMOs should enable real-time marketing to drive sustainable growth because of changing marketing dynamics. Upskilling and adapting to new technology, especially in the post Covid world is a top priority for all CMOs. As we are headed to digital transformation, brands are looking for unique virtual platforms to engage customers. So, marketers have to rely heavily on tech to decode data, use AI to simulate experiences and drive efficacies in marketing using data analytics. Regardless of the CMO's new data-focused responsibilities, only 12% of marketers have the necessary data access, capabilities, and talent to drive and extract high value from real-time marketing. Despite the increased adoption of real-time marketing, some CMOs continue to perceive the traditional approach, for which they must modernise their data capabilities and up-skill and re-skill their workforces to compete with these data-driven marketers and generate sustainable growth.
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