The Evolving Role of CMOs in a Changing Landscape of Marketing and Technology: Insights from Experts on Social Awareness and Innovation

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The role of the chief marketing officer (CMO) is changing rapidly in the face of economic and social changes and advancements in technology. CMOs are tasked with safeguarding and growing brands in an environment of polarized social attitudes while facing budget constraints and increased demand for personalization from customers.

A recent report by Gartner indicates that marketing budgets have decreased from 9.5% of company revenue in 2022 to 9.1% in 2023, with 75% of CMOs reporting being asked to do more with less. To explore the changing role of CMOs, Insider spoke with five top CMOs and a Gartner expert.

Alex Schellenberger, the CMO of premium, midscale, and economy brands at Accor, believes that the CMO has become the driving force behind a company’s commercial performance and that the job’s pressure will continue to increase as the need to deliver quantifiable value to customers and owners grows.

The role of creativity is also rapidly changing due to advances in technology and offerings like ChatGPT. The CMOs interviewed agree that these new tools are primarily efficiency tools for now, with humans still driving creative decisions.

While there is a growing expectation for brands to engage with social and political issues, taking a stand can also damage business, especially in today’s polarized environment. CMO Jessica Jensen of Indeed believes that social issues are central to the company’s presence, and inclusivity and diversity are fundamental business goals. However, Alex Schellenberger of Accor is more cautious, noting that taking a stand on social issues is attached to risk.

Despite the growing dominance of social platforms, traditional media still plays a key role in reaching consumers. Netflix’s CMO Marian Lee Dicus says traditional media is still 100% relevant and that the company relies heavily on it for content with engaged audiences.

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Maintaining creativity is essential, but Indeed’s Jensen warns against over-indexing on brand and creativity and under-indexing on math. In contrast, Gartner’s Ewan McIntyre highlights the importance of fiscal responsibility in decision-making during budget constraints.

Overall, the role of the CMO has become more critical and demanding. They must manage brands in an environment of polarized social attitudes amid economic headwinds while simultaneously incorporating new technology and delivering quantifiable value to customers.

Frequently Asked Questions (FAQs) Related to the Above News

What is the role of the chief marketing officer (CMO) in today's changing landscape?

The role of the CMO is becoming increasingly important and demanding. They must manage brands in an environment of polarized social attitudes amid economic headwinds while simultaneously incorporating new technology and delivering quantifiable value to customers.

How have marketing budgets changed recently?

According to a recent report by Gartner, marketing budgets have decreased from 9.5% of company revenue in 2022 to 9.1% in 2023, with 75% of CMOs reporting being asked to do more with less.

What is the current role of creativity in marketing?

The role of creativity is rapidly changing due to advances in technology and offerings like ChatGPT. The CMOs interviewed agree that these new tools are primarily efficiency tools for now, with humans still driving creative decisions.

How do social and political issues impact marketing strategies?

There is a growing expectation for brands to engage with social and political issues, but taking a stand can also damage business, especially in today's polarized environment. Some CMOs believe that social issues are central to the company's presence, while others are more cautious and note that taking a stand on social issues is attached to risk.

What is the role of traditional media in today's marketing landscape?

Despite the growing dominance of social platforms, traditional media still plays a key role in reaching consumers. Some CMOs believe that traditional media is still 100% relevant and that their companies rely heavily on it for content with engaged audiences.

What are some considerations for CMOs during budget constraints?

CMOs must balance creativity and brand with math and fiscal responsibility during budget constraints. Indeed's Jessica Jensen warns against over-indexing on brand and creativity and under-indexing on math, while Gartner's Ewan McIntyre highlights the importance of fiscal responsibility in decision-making.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Advait Gupta
Advait Gupta
Advait is our expert writer and manager for the Artificial Intelligence category. His passion for AI research and its advancements drives him to deliver in-depth articles that explore the frontiers of this rapidly evolving field. Advait's articles delve into the latest breakthroughs, trends, and ethical considerations, keeping readers at the forefront of AI knowledge.

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