Priorities for CMOs
In our recent breakfast meeting, we met with some exceptional CMOs for both networking and a roundtable discussion. It was ‘strategy-writing time’ so our discussion was based on what they saw as a key focus for 2024. So, as this year begins to draw to a close, we're sharing the three things that CMOs have front of mind for the New Year.
1. Brand awareness
We recently reported an increase in brand management roles, so it’s hardly surprising that brand awareness features so highly on our CMOs’ list of priorities. A tough economic climate has really driven up competition, highlighting the importance of differentiation and the need for customer loyalty. In addition, an ever-evolving social media landscape has increased both reach and engagement, which has only intensified brand image. A combination of customer behaviour and the pace of martech development will certainly keep brand where it firmly belongs – at the top of every CMOs agenda.
2. Short-term and long-term strategy
The past few years saw a focus on performance marketing roles and immediate ROI, thanks to the increase in digital opportunities and the need for quick wins in the current economy. However, there has been a lot of discussion on the importance of a long-term strategy, too, and how these two approaches can work side by side. Renowned marketing professor, Mark Ritson, has been highlighting this for years. He talks a lot about how marketers are prone to change and short-term strategies, so articles like 'Consumers don't get tired of ads, only marketers do' are refreshing and many senior marketing leaders are taking these kinds of ideas into the New Year.
3. Investment in marketing
As we know, when times get tough, the marketing function is generally impacted first. A key focus for CMOs, and the marketing team as a whole, is therefore highlighting the value of marketing to the CFO and wider organisation. It's an area that training providers have focussed on this year and a Mini MBA in Management - delivered by Mark Ritson and Marketing Week - launched in September. In the Mini MBA, modules include organisational behaviour, finance and negotiation – well worth considering for successfully taking new strategies forward. It’s also a hugely appealing addition to your CV for future employers.
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