The role of chief marketing officers (CMOs) is always evolving. With rapid tech advancements, rising customer expectations and stretched marketing budgets, today’s CMOs face a complex landscape. They should navigate these marketing challenges while driving innovation, aligning their strategies with both company goals and customer needs.
Bridge Marketing Strategy and Operations
In a survey of 395 CMOs conducted in February and March 2024, respondents said they devote almost 40% of their budget to activities focused on change and transformation. The problem is that constant disruption diverts attention from long-term goals. CMOs must identify where tactical thinking has replaced strategic discipline and dedicate resources to ongoing strategy management, such as staff time, training and tools.
Fine-tune your marketing tech to unlock value
The influx of new technologies like GenAI expands the capabilities available to marketing leaders. By translating analytics into insights, you can better adapt to the changing preferences of your customers and deliver an enhanced experience. You can elevate customer journeys by leveraging data, creating individualized connections and anticipating evolving needs.
In fact, 7 out of 10 CMOs surveyed by PwC said their company is behind the competition in adopting new technologies. Meanwhile, marketing leaders are under immense pressure to deliver stronger results from current tech investments. Demonstrating ROI remains crucial for securing marketing budget. Consider your existing resources and invest in fewer, high-quality solutions. As responsibilities overlap with your tech and data leaders, collaborate on a shared vision that drives outcomes for your business.
Marketing teams can also leverage tech such as GenAI to quickly and cost-effectively create hyper-personalized customer content, journeys and experiences that help fortify your brand and foster unwavering loyalty.
AI stats that will make you rethink your marketing strategy:
- 94% of marketing leaders say AI has had a positive impact on their ability to grow revenue over the past year (source: Invoca).
- 65% of respondents report that their organizations are regularly using generative AI, nearly double the percentage from the previous year (source: McKinsey & Company).
- 30% of CMOs in the US are directly leading their marketing organizations’ AI efforts (source: Forrester).
- Over 80% of CMOs have deployed generative AI to enhance internal processes, particularly in content creation and social media engagement (source: BCG).
- 41% of marketing leaders believe their usage of AI is “very advanced” compared to other organizations (source: Invoca).
- 92% of marketing leaders say they’re more optimistic about AI than they were a year ago (source: Invoca).
- 91% of marketing leaders believe AI will have a positive impact on their careers (source: Invoca).
See the importance in Brand trust
Communicating your company’s Responsible AI strategy can also build trust as these tools become more integrated into your marketing. Additionally, as your tech delivers data, privacy should be a priority — 88% of consumers said it’s important for companies to disclose data privacy policies but only 32% of executives said their companies do it. Transparency can go a long way in building and reinforcing trust at every turn
Lead Marketing to Deliver Differentiation
Many CMOs are not fulfilling their growth potential – both in terms of delivering business results and maximizing their leadership effectiveness. In a survey of 125 CEOs and CFOs conducted in August and September 2024, executive leaders reported that only 14% of CMOs are effective at market shaping, or influencing market dynamics by identifying and fulfilling unmet customer needs. Companies where CMOs are effective at market shaping are 2.6 times more likely to exceed revenue and profit goals.
Prioritize Customer Journey Investments
With customer understanding being a significant driver of marketing-led growth, CMOs should be concerned that many customers feel misunderstood by brands. In a survey of over 6,000 U.S. consumers conducted in July and August 2024, 58% reported that the companies trying to sell them something don’t have a good understanding of their needs and preferences. The consequence is that many marketing campaigns underperform, wasting budgets, resources and opportunity.