Top five priorities for CMOs
Key priorities are always a challenge because there are arguably so many. However, there are five that should be top of mind for CMOs, certainly for the year ahead.
The first one is no surprise for marketers, considering the economic times we’re in:
1. Managing and protecting budgets
At times of fundamental change and environmental pressure, the marketing budget will likely be squeezed. I will always be passionate about the marketing budget and how we defend it, but within that is really understanding what objectives that budget is allocated to and how you can defend them specifically. For example, brand-building – an easy target because it’s not focussed on quick wins. However, by explaining the importance of brand-building, how damage to brand equity will be felt when the environment changes and normalises, we can defend that spend.
2. Understanding customer loyalty
What does customer loyalty look like for the future of the business? How do we build communities? We can see what is happening in retail at the moment – the transformation of loyalty schemes, the link between loyalty and value, and locking consumers into spend by offering better prices. If loyalty schemes are part of your business, understanding what the customer loyalty dynamic means to both parties is going to be critical.
3. Harnessing new technology
...without getting lost in it all! There is understandably a huge amount of excitement around AI right now and there will be some incredible opportunities in terms of what it can do for businesses. The challenge for marketers, certainly strategically, is using that technology to deliver against our priorities – not just as a new toy to wave around. So, how can we use AI to help us lower costs? How can we use technology to drive customer loyalty? It’s about how we can use technology in a way that benefits both the business and consumers without getting lost in the detail of this shiny new thing.
4. Attracting, developing, and retaining talent
I scratch my head a lot about what hybrid working means for the future. We’re going to have subsets of employees, whole parts of our workforce, that have only known hybrid and working from home as well as those more experienced team members who have fully adapted to the new norm. How do you build that into a future model that captures the benefits of hybrid and working from home to attract talent, but also finds space for collaboration when you need it? Building the right frameworks that don’t return us to the old norm of five days in the office, because that’s not the future, but that gives the right level of structure to maximise the benefits of home and office working will be crucial.
5. Embedding sustainability
Finally, what does sustainability mean for marketing leaders and how does that fit within the wider business? Sustainability has moved from an initiative to a fundamental part of every business’ DNA. It’s important that senior marketers understand how that forms part of our day-to-day – not just what it means for us internally but, more importantly, what it means for our customers. We have to look at how consumers are thinking and acting around sustainability and what that means for the products and services that we offer. It’s no surprise to see sustainability messaging becoming front and centre of packaging and communications. The challenge is how we make sure it actually delivers on our promise and is not just another promotional tactic – rather, becoming a strategic element of how the business is positioning itself.
About Graham Baughan
Graham is a respected strategic marketer and supportive team leader. His most recent role was Group Marketing & eCommerce Director for Greencore. Graham has also consulted as an External Adviser for BAIN - a global consultancy that helps the world’s most ambitious changemakers define the future. For more than 10 years, Graham also enjoyed leadership roles at Aldi UK, including Director of Brand & Category and Corporate Buying Director.
A big thank you to Graham for this insightful article.
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