While marketing has always had its ups and downs when it comes to justifying its efforts, this latest cycle seems different. Recent research emphasizes this point. 40% of marketers know that their job will change in the coming years. But, only 14% know how it will change. Furthermore, 80% of CEO’s admit they don’t really trust and are not impressed by the work done by marketers. While in comparison, 90% of the same CEOs do trust and value the opinion and work of CFOs and CIOs. [1]
These statistics are indicative of the change that marketing is undergoing as a professional discipline. The digital revolution has created a landscape of continual change for today’s CMO. Marketers need to acquire a different skill set to keep up with the explosive channels and changes in the marketplace. According to HubSpot, CMO.com and Accenture, the Top Traits of the Modern CMO are as follows:[2]
1) A New Marriage: Marketing departments that communicate with other teams in their organizations see an average of 20% growth in annual revenue. CMOs can stay relevant and productive by gaining insights into customer behavior from Sales and Customer Service, for example.
2) All About Relationships: The shift has moved from a concentration on short-term sales to a focus on long-term loyalty-building by understanding a holistic view of the customer across all digital touch points.
3) Embrace Change: As the number of customer-facing channels increases, CMOs must lead the way for delivering against constantly changing customer behaviors and needs.
4) Passion for Technology: Shift from creative and conceptual tasks to embracing the technological component of their jobs. Tech has become a primary driver of market differentiators and growth.
5) Living for Data: IT and Finance have become key players that provide detailed information on important metrics such as ROI, customer lifetime value and churn. By looking at the right reports, CMOs can get the information they need and justify every decision made and answer the questions.
6) Home vs. Work: The balance between work and home creates turbulent stress. Marketing leaders must learn to balance tasks in order to keep their ability to focus, function and work effectively without experiencing stress overload and burnout.
CMOs must embrace the technological shift and/or create a new mentality in order to stay relevant. This includes an approach of “test, learn, test again, and again and again and again” with the realization that one is never done learning. They must have a certainty and faith (and ensure that the organization holds that same faith) in the technology they are using in that it has the capability to provide the right data across all channels to intelligently aid them in their decision-making. CMOs who are able to espouse the technology revolution, know what problems need to be solved, and break down the barriers between organizational departments will be those who are most likely to evolve into the new CMO.
