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For example, we see how we went from Blockbuster to a streaming service like Netflix; or how Nike or Under Armour have become more than just brands with impactful messages capable of reaching their target audience. It is no longer just about buying and selling, but about generating unforgettable and lasting relationships with the market.
With such sudden and momentous changes, it is inevitable to think that CMOs are going to disappear; however, contrary to what many may think, marketing leaders are becoming more indispensable than before. Only now, just like brands, they need to develop some tactical lines to improve their performance.
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New trends that influence the role of the CMO
As a CMO, you probably work every day to put out fires, and when you decide to start working under the parameters of the changing digital market, you find that there are new trends that influence your role. For example:
Digital transformation within the company
Technology is not giving us a chance to look back, absolutely everything around us is being transformed in the digital age. What better example than Blockbuster and Netflix? Think back and try to remember how and when we stopped renting movies to watch them streaming?
But not everything is as rosy as it seems, because to promote digital transformation within a company or brand, many resources are needed to get off to a good start. According to Harvard Business Review , in 2007 only 33% of CEOs were digital advocates, and by 2017 that figure had doubled to 68%, but what about the rest?
The emergence of Big Data
Once inside the digital environment, a second trend is added: Big Data. While it is true that this is one of the most important factors for setting goals, knowing our audience, planning future actions, among other equally important aspects.
Marketing Managers are under a complete obligation to go beyond their academic attributes , and need to develop several skills such as:
Becoming data readers.
Be proactive after data analysis.
Disengage a little from your academic attributes and stick more to an attitude of trial, error and learning.
Marketing Personalization
Among the strongest trends is marketing personalization, which also functions as one of the most important pillars of digital marketing , as is big data.
Marketing personalization goes beyond sending offers to a customer’s inbox on their birthday, and of course, it’s much more than calling your potential customers by name during a chat with your chatbot.
Certainly, the data is there to make CMOs' jobs easier, but bringing it all together and translating it into actionable and applicable information is the biggest challenge that must be faced with this magnificent digital marketing trend .
Even the CMO makes the business grow
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The way we promote ourselves is changing, and so the way CMOs act must change as well. In other words, a Marketing Manager must move away from hard tactics and learn to be more receptive and interpretive of changes in the industry.
And it seems that this is already happening. A study by McKinsey & Company revealed that 83% of CEOs believe that Marketing can be an important driver of company growth .
