Redefining The Role Of CMOs

Vasuta Agarwal Jan 03, 2022

If we were to note one of the most evident changes encountered during the pandemic, it would be the epoch digital-first shift in consumer behaviour – in turn leading to the evolution of marketing and the role of a CMO. Paradoxically, not long ago, the tenure of a CMO was the shortest among CXOs – challenged by this very rapid digitalisation and behavioural shifts. The pandemic has just put all these changes into perspective. The CMO is now back to being the customer champion, the brand advocate, the innovator driving company growth, and most importantly the custodian of digital transformation within every organisation.

Just over 18 months ago, as face-to-face and on-ground interactions/ data came to a complete standstill, especially for contact-intensive services, CMOs became the key to understanding the changing consumer trends, channelling insights for new product development or enhancement, and adapting to newer strategies while ensuring brand growth and resilience. This presented significant opportunities for brands to be more digitally inclined, and create new methods to create value, and thrive in a new environment. Be it building seamless digital experiences, adapting to regulatory and consumer changes, or doubling down on phygital experiences to bridge gaps.

Below are 3 key elements that CMOs in India should have in mind for their brands in the post-pandemic era:

1. Rekindling the Zeroth-P of Marketing: All the conversations I have had with leaders across the marketing ecosystem around building brand resilience boils down to three indisputable factors: purpose, authenticity, and consistency. The four Ps - Price, Place, Product, and Promotion, have long determined how marketers define their strategies and actions. But in today's rapidly developing world, a new 'P' – Purpose, is increasingly becoming fundamental; above all the four Ps we know and understand. In the current situation where we are all learning to navigate the constantly evolving realities of the new normal, marketers must ensure that purpose takes precedence while driving their strategies. This will not only help them stay truly relevant but also reach consumers authentically.

2. Building Mobile Marketing Maturity: Since the pandemic began, consumers have found themselves more glued to their smartphones than ever before. A larger share of the population is now online via mobile devices, time spent online has increased, an increasing number of consumers are now shopping online, and the physical and digital worlds are enabling and propelling each other forward. India has one of the largest internet user bases and contributes to 25% of all new Internet users globally in 2020, tallying 734 million (according to TRAI). This user base – urban or rural – accesses the Internet using the mobile, with 90% of the time spent on apps. Today, brands must invest in three key aspects when building mobile marketing maturity: Programmatic Marketing, Mobile Video Advertising, and Personalisation at Scale. Brands that are cognizant of their consumer's expectations and maximise the potential of mobile by creating personalised and immersive experiences are bound to rise on top in 2022.

3. Creating a Data Advantage in a Mobile-first World: Putting data to work in this mobile-first era can give a competitive advantage by building a 360-degree view of your consumer, channels, and outcomes. Over the past few months, there has been an unmissable, distinctive chatter in the virtual hallways of the digital advertising ecosystem; the conversation surrounding consumer privacy and data has occupied centre stage in adland. Yet, what seems to have further accelerated the focus on this conversation has been the recent steps taken by tech giants such as Apple and its release of the App Tracking Transparency framework and Google mulling the deprecation of cookies (which has now been delayed). This makes it imperative for brands to build a strong data-value exchange with consumers where consumers receive personalised experiences in return for their data. In the process, brands must invest in marketing technology that ensures complete privacy compliance.

Disruption is the name of the game in the marketing industry. Yet, in spite of the pace and magnitude of change, CMOs have been able to understand, assimilate, and react to these changes. And, as a result, the Chief Marketing Officer is now in the driver’s seat. Going forward, CMOs will need to play the role of a catalyst as brands focus more intently on new sources of customer data, growth through innovation, end-to-end customer experiences, smart media investments, and agile marketing principles. But in the end, the most successful CMOs will need to be adaptable to maximise the power of mobile in this digital age.