New report from Vivaldi Partners Group on the changing role of marketing in organisations says marketers need analytics acumen, commercial insights and collaboration skills to stay relevant
A new consultancy group’s report on the changing role of marketing has stressed the importance of courage, collaboration and commercial instinct if marketing leaders want to continue to be successful.
The Vivaldi Partners Group study, The Changing Role of the CMO was based on interviews with senior marketing executives globally and found respondents are now accountable for market success, not just market perception. CMOs have also adopted a critical role in shaping the strategy for products as well as driving the agenda of the management team, with a P&L mindset geared towards optimising marketing investment.
The report also highlighted the shift of brand power to consumers and pointed out channel-centric planning has been by replaced by real-time, consumer-centric planning.
“Successful CMOs morph into their customers and become their voice,” the report authors stated. “Telling one story is not enough – it is about understanding the consumers’ paths to purchase, being there at the right time, and bringing these stories together in a seamless and relevant way.
“Marketing is moving from a persuasion to an influencer model.”
Other major areas of change impacting the role of the CMO are organisational and operational transformation, and technology innovation.
As a result of its interviews, Vivaldi’s report identified three key skillsets CMOs must have to manage the levels of change being experienced today: Analytics acumen, collaborative mindset, and commercial instinct.
Partnerships are another important component of success across the organisation, particularly with the CIO, as is an ability to collaborate with and lead multi-disciplinary teams including technology, digital, social, CRM, sales operations and strategic talent.
Related: The changing role of the CMO
In addition, the report stated that CMOs must be able to shape the value chain, working with sales on increasing yield, utilise big data from social and multi-channel sources, and shift their thinking from pre-purchase messaging to customer experience design.
“When we asked about key qualities for a successful CMO, one answer that was striking was ‘courage’- courage to experiment, to take risks, to incubate and push boundaries,” the report authors added.
Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, or join us on Facebook: https://www.facebook.com/CMOAustralia
The second episode of CMO’s 3-part video series on how CMO50 luminaries are achieving greater marketing agility has landed!
The humble unboxing video is a powerful tool. Correctly executed, it harnesses consumer fandom, viral authenticity and brand design magic to deliver a high-impact message to a tightly targeted cohort of consumers.
Purpose is the ultimate statement of intent for many organisations. Why are we here? What are we trying to achieve?
Warren Buffet is an unlikely ally for marketers. But his belief businesses need strategic moats that increase their value in the market while acting as barriers to competitors can offer marketers a new playbook for brand building and driving growth.
Undoubtedly, Robotic Process Automation enables marketing teams to accomplish repetitive tasks with fewer resources at a great accuracy.
Raj
What marketers need to know about robotic process automation
who wants to date me I am 9 years old and i am a boy
Jeremy Hawkins
Sink a sub gaming experience signals Subway's renewed brand push
Great read. I agree that it should be a perfect balance between interacting with your customers and knowing your brand. As a business, yo...
Caroline Scott
7 ways CMOs can improve their customer engagement game
Very true. Team development helps improve collaboration among the team members. I was able to improve my team's collaboration skills by t...
Quent Sinder
Why empowering others can help make you a great leader
CRM is a very good software that can help you succeed in your business. In my company, this system has allowed me to improve customer rel...
Anna Janicka
Sensis rebrands to Thryv and brings business software to Australian SMBs