As we approach the end of the year, Chief Marketing Officers (CMOs) are focusing on prioritizing profitability expansion and adaptability in order to navigate the rapidly changing landscape. Forbes Communications Council members have offered insights into the key priorities that should be on every CMO’s plate heading into Q4.
One important consideration for CMOs is assessing the success of marketing programs implemented earlier in the year. By reviewing the outcomes and determining whether they delivered the desired results, CMOs can make informed decisions about which strategies to repeat and which to discard.
Despite economic downturns, CMOs should prioritize profitability expansion. Cutting marketing budgets during challenging times is not advisable, as investments in marketing often pave the way for future growth. By reallocating budgets towards the most profitable marketing actions, CMOs can effectively navigate fluctuations and ensure long-term success.
The tension between brand and performance marketing is another area that CMOs should address. While performance marketing may seem more attractive due to its ability to attribute clicks and calls, brand marketing plays a crucial role in driving long-term growth. Investing in effective branding efforts can significantly impact a company’s overall performance.
CMOs should also prioritize internal marketing to company employees. Customers are more likely to believe what employees say about the brand rather than official marketing messages. Engaging employees who are brand advocates can lead to better brand building and overall growth. If employees become fans of the brand, it sets the stage for turning customers into fans as well.
Understanding customers’ needs and continuously listening to their feedback should be a top priority for CMOs. With customer preferences and behaviors evolving rapidly, it is essential to empower teams to gather feedback at every stage of marketing campaigns. By investing in customer listening and understanding, CMOs can make more confident marketing decisions.
Diversity, equity, and inclusion should also be high on the agenda for CMOs. Customers expect to see their values reflected in the brands they support, and companies that authentically engage diverse audiences can gain loyalty and positively impact their bottom line.
Furthermore, CMOs need to consider how their business wants to innovate its brand and product offerings in the coming year. It is crucial to effectively communicate the value of these offerings to target audiences. CMOs should collaborate with other key stakeholders within the organization to craft a compelling brand story that puts customers at the forefront.
Balancing short-term goals with long-term strategic planning is a challenge for CMOs in Q4. In addition to meeting year-end targets, they must also make strategic plans for the following year. Reflecting on marketing approaches and aligning them with changing economic conditions, emerging technologies, and organizational needs is crucial.
Artificial intelligence (AI) should also be a top priority for CMOs heading into Q4. Developing an AI strategy that focuses on improving the quality of marketing and the overall value of the business is essential.
In a constantly evolving business landscape, optimizing customer experience (CX) is key to sustainable success. CMOs should prioritize investments in CX to secure future growth.
Lastly, data-driven marketing should be a top priority for CMOs throughout Q4 and beyond. Analyzing data from the previous year and using it to craft a customer-centric strategy will help brands stand out in the competitive digital landscape.
By implementing these priorities, CMOs can navigate market dynamics, capitalize on emerging trends, and ensure their organizations remain agile and competitive in a rapidly changing environment.