As a Chief Marketing Officer (CMO), it is essential to have a clear vision and comprehensive knowledge of the marketing function. This includes digital and traditional channels, purpose, creativity, analysis and AI, agile marketing, customer acquisition strategies, and business innovation. Benchmarking with peers and competitors is also an important priority when developing the strategy and budget. However, strategic priorities such as brand management, organizational alignment, and specialized program metrics such as personalization, innovation, and customer experience go beyond budget allocation.
Today's CMOs are expected to play a key role in the transformation of their company. This is because their mandate has been extended beyond traditional marketing functions. It is now necessary to re-establish that the marketing function goes beyond demand generation, advertising and promotion. As a revenue generator, the CMO must focus on acquiring new customers as well as on the retention, loyalty and enrichment of current customers.
Forrester research shows the strong correlation and interconnection between brand experience, customer experience and employee experience. Therefore, it is essential to promote and connect these three attributes for business transformation and growth. However, nearly half (46%) of US B2C marketing executives believe that improving the customer experience will cost more than the benefits they will get from it. The CMO must have a strategy to demonstrate the value of their marketing and defend their marketing budget.
This requires fundamental changes in the role of the CMO and a broader strategic vision to effectively integrate and operate sales, product and marketing functions. As marketing decisions are increasingly made in real time, the distinctive functions of the CMO are likely to become even more complex. These skills will help marketing leaders make effective decisions in all types of digital business initiatives. To demonstrate the value of marketing in uncertain times and get recommendations on actions to take in times of inevitable budget cuts, use these three techniques: benchmarking with peers and competitors; setting realistic budgetary expectations; and creating scenarios that anticipate different levels of cost reduction.
The role of a Chief Marketing Officer is complex and ever-evolving. To be successful in this role, CMOs must have a clear vision for their company's marketing strategy that goes beyond traditional demand generation activities. They must also understand how brand experience, customer experience, and employee experience are interconnected in order to promote business transformation and growth. Additionally, CMOs must have a strategy to demonstrate the value of their marketing efforts in order to defend their budget allocations.
By benchmarking with peers and competitors, setting realistic budgetary expectations, and creating scenarios that anticipate different levels of cost reduction, CMOs can effectively manage their budgets while still achieving their goals.