The chief marketing officer position is changing and expanding. It’s not just about brand promotion anymore. These days, CMOs are expected to champion growth strategies in their organizations and drive revenue.
According to a report issued by the Chief Marketing Officer Council and Deloitte, CMOs need to be change agents and customer experience advocates. Of the 200-plus marketing decision makers surveyed for the report, nearly 70 percent say other senior execs in their organizations look to marketing as a growth-driver.
Those new expectations have some CMOs feeling uncertain. The job demands they dive into data-driven analytics in order to create new revenue streams. Online video is one tool CMOs are using to accomplish their goals.
“The beauty of where and how the CMO is looking to drive growth is that it demands a refocusing of strategies around those channels, experiences, and engagements that truly drive value for our customers—and, more specifically, drives value as defined by the customer and not by how much we marketers want a campaign to resonate,” says Liz Miller, senior vice president for the CMO Council. “This will mean shifting strategies, including content strategies, to right-size around the customer
“We need to ask ourselves how our customer wants to engage and consume. This is especially true when we think about online video and will also hold true for new innovations like VR. We continue to see that customers are gravitating to the quick consumption of compelling online video. So we, as marketers, look to drive value for the customer with the distinct goal of growing and building a profitable relationship.”
Today’s CMO is torn in several directions. About half say it’s their role to plot a vision and direction for the company, leading change management. But they need to head up short-term revenue-generation campaigns, as well. If they don’t drive growth from the start, they’re likely to be out of work before long.
“The CMO can’t just say they are the growth driver,” Miller adds. “Now is the time to prove it by embracing the role of customer experience orchestrator, being the voice of the customer across the organization, and broadening the definition of customer experience beyond the walls of marketing and across every valued touch point that the customer defines.”
The coming year holds a lot of opportunities for CMOs, the report says. They’ll play larger roles in their companies, but need to stay on top of new technology, customer-centric shifts, and product development.
Research for the report was conducted in Q3 2016. Download the full report, “The CMO Shift to Gaining Business Lift,” for free (registration required).