In 2023, the CMO needs to become a different animal.
Facing a lot of pressure to do more with less, this is the time for the CMO to evolve into a new type of enterprise leader. No longer can he be complacently involved with just keeping the various wheels of the marketing department turning, he must focus more on becoming a business-focused leader with an eye firmly fixed on profits and growth.
As past experiences have shown, merely investing in a new and shiny martech stack or AI is not going to solve anything. The important thing is to use it to its full potential and maximize ROI. More tech is not always better. Greater expertise is! And what counts is what the marketer of today, does with the tech that he already has! Trading off new tech for expertise (people) will not cut it at all. On the other hand, being able to understand the potential the martech stack or new tech has, and then tapping into the power of the machine is what is required.
Video content is something that has really taken off since the pandemic –and there has been no looking back ever since. Focusing on videos is then, something that every brand must do!
Social media is where the attention is – and rightly so. The present younger generation lives and moves on social media. And their purchasing power is gradually getting stronger. So it is the right way to go to be where the biggest audience is! In fact Gen Z interacts with its circle more online, than directly! Whether It is YouTube or Instagram or TikTok, that is where they are and that is where brands need to be.
To conclude, CMOs must pivot forward and play a new role – with eyes firmly on growth and profit generation. Everything else is secondary. Their every move and strategy must be based on achieving profit and growth. Apart from this, they must work hard to future-proof the brand in the face of a difficult economy and a looming recession. That and only that is the need of the hour!