Chief Marketing Officer (CMO)
Chief marketing officer (CMO) is the appointed individual who is responsible for the organisation’s marketing activities.
Any business becomes successful only when it generates revenue. And for that a company has to divert their marketing activities to increase the brand awareness amongst the target audience.
Not every job can be performed by the manager which is why they appoint a team to monitor the execution of processes. A Chief Marketing Officer (CMO) has the primary responsibility to generate revenue by increasing the sales.
A CMO reports directly to the CEO and has to minutely gauge the planning, development and execution of an organisation’s marketing activities. The individual has inputs in all marketing activities like to drive results towards growth.
Sharad was appointed the CMO for the reputed digital marketing agency in the city. The year he joined, the revenue of the company was around Rs.3 crores.
He then used the apt marketing strategies and applied the latest techniques like making a content calendar, creating a writing process, deciding contribution on social media posts, managing writers, etc.
It gave a quick boost to the revenue which turned to Rs.4.5 crores by the year end after he joined.
How should the CMO keep ready for the future?
A chief marketing officer will have to adapt to the changing technology without a hitch. The CMO will have to give deep thoughts to these and then build a marketing strategy for the company:
- Focus on Customers: The art of marketing has to be changed. The marketers will have to shift their focus from brands to consumers. It is believed that customers are loyal to the brands who care for them. Ketchum revealed in a study that consumers change their brand preferences based on the service and value offered.
- Technology: Metaverse, AI, VR and AR can help the brands establish their relevance. It enables brands to increase customer’s engagement with the brand. When in the present times, brands like Gucci, Flipkart, and others have tried their hands on offering virtual environments for shopping, it is important that companies experiment to provide more to the customers.
- Experience: 91% of consumers (Source:www.gdsgroup.com ) express positive sentiments after joining the online events of the brands. This is something CMOs cannot overlook in the future also. The role of a CMO is evolving which took a major turn during pandemic and then again in post pandemic era.
Key Insights of a CMO
These are the key insights about a CMO:
- 26% of CMOs attend board meetings in comparison to that of 100% of CEOs who attend the meetings. (Source: www.thinkwithgoogle.com )
- 68% CMOs confirm that the highest expectations the senior set from them is to be the major growth drivers.
- CMOs have a mandate to respond to the world’s fast forward digital transformation.
Importance of a CMO
These are the responsibilities of a CMO which makes the C-suite member important:
- Control all marketing activities: A CMO has to be a sharpmind to have their hands on all marketing activities. Changing trends and calamities can affect the marketing activities especially in this online age. Hence, they have to keep in line all marketing activities across all the platforms.
- Growth Driver: CMO can be a growth driver once they execute the right strategies for the company. In short, the CMO needs to wear all hats while at work.
- Market for customers: The growth of the company is a result of how many loyal and rising numbers of customers are there. If a customer is satisfied, it is more likely to visit the website. And for that a CMO has to work in the user experience.
- Nurture Creativity: The CMO should cultivate and nurture the creativity of the marketing department. The individual is responsible to observe what the competitors are doing and then upgrade the company’s execution.
Why do you need a chief marketing officer CMO?
Your company will need a CMO to determine the brand’s direction and marketing strategy. The idea is to lead the marketing team to make the brand successful and generate more revenue.
What are the skills that a Chief Marketing Officer should possess?
These are the skills that a CMO must possess:
- Leadership and Communication Skills
- Technical Skills
- MBA or a relevant degree.
What is a primary mission of a CMO?
Primary mission of a CMO is to increase sales and push growth by developing a marketing plan. The intent is to promote the brand and help the organisation grow.
What are the characteristics that a CMO must have to succeed?
A CMO must have these characteristics:
- Analytical Ability
- Growth Potential
- Industry involvement
- Fast communication skills
Which partners bring the best output for a CMO?
These partners bring the best output for a CMO:
- Specialists: SEO, SEM, Trainers, lead generation, and promotional Items.
- Content creators: Copywriters and content writers
- Vendors: List brokers, printers, and mailhouses
- Creative people: Graphic designers, web developers, and photographers
- Partner organisations: Public relations expert, market research firms, and tradeshow services.