The modern CMO role is constantly evolving with the emergence of new technologies and changes in the market. To understand the biggest trends, changes, challenges, and opportunities for modern marketing leaders. The survey received responses from over 700 current marketing leaders and nearly 300 aspiring marketing leaders.
Like other C-suite executives, the CMO plays a critical role in the success of the company. They must have a deep understanding of customers, inform the direction of other departments, and communicate externally to educate the public about the company’s brand, value, and offerings. The survey results indicate that creative thinking and flexibility are key skills for modern marketing leaders to continue providing value to their organizations despite rapidly changing markets, customers, and economies.
While the survey painted a largely optimistic picture of modern marketing leaders, it also highlighted several challenges that leaders must prepare for. The survey results provide valuable insights into the core skills that make people successful as marketing leaders, the technologies that can elevate their strategies, and other factors that affect their success. Marketing leaders can use these insights to inform their paths forward and better position themselves for success.
CMO’s Most Vital Skill: Creative Thinking
Marketing leaders need to constantly evolve their skills to adapt to the ever-changing world around them. The COVID-19 pandemic, for example, required leaders to quickly adopt digital-first thinking, rendering past strategies obsolete. As new technologies and trends emerge, CMOs must be willing to change their decision-making processes.
However, despite the need for new skills, there are some essential competencies that remain unchanged. Creative thinking is the most important skill for marketing leaders. Marketing leaders must also possess strategic management and resilience. Additionally, the ability to collaborate and communicate effectively with other departments, including sales, IT, and executive leadership, is crucial for successful marketing. Good customer experience has a far-reaching impact on a company’s brand recognition, reputation, and ability to attract new business, making cross-functional collaboration a key component of the CMO role.
The Changes on a CMO’s Radar
The marketing leaders who participated in the survey have, on average, 15 years of experience in the field and nine years of experience in leadership positions. They are well-versed in responding to emerging trends and predicting the direction of the industry. The survey found that many respondents believe their roles have undergone significant changes in recent years, with over a third reporting increased pressure to partner with sales and improve customer experience, as well as being tasked with digital transformation. As a result, about a third of respondents had to significantly increase their technical competencies in the past three years.
Marketing leaders primarily develop new skills through webinars, networking, and courses. Executive leadership, analytics, and creative thinking are among the top competencies they aim to develop. Aspiring marketing leaders also recognize the importance of honing their creative thinking skills. Respondents also identified the technical skills they aim to improve in the next two years, with data-related skills being the top priority. Sixty percent of leaders want to improve their ability to use data analytics/predictive analytics to make informed decisions, and 51% want to enhance their ability to measure the effectiveness of their marketing strategy.
Looking Toward the Future of Marketing
Marketing leaders are constantly adapting to new changes and trends in the industry, which can sometimes require the development of new skills. For example, the COVID-19 pandemic led to a rapid shift towards digital-first thinking, requiring leaders to change their strategies. However, some skills remain essential, such as creative thinking, strategic management, and resilience. Good cross-functional partnerships and collaboration are also important, as marketing is a team effort that involves input from various departments.
According to a survey of over 700 marketing leaders, the role of the CMO has changed significantly in recent years, requiring increased cross-functional partnerships, a focus on improving the customer experience, and digital transformation. To keep up with the changing landscape, many CMOs rely on webinars, networking, and courses to develop new skills, with executive leadership, analytics, and creative thinking being some of the top competencies they want to improve.
To stay ahead of the curve, marketing leaders must focus on developing a future-proof strategy that can quickly respond to unexpected changes, such as changing privacy regulations. With data collection and analytics becoming increasingly important, marketing leaders must also focus on measuring ROI effectively to address real needs within their organization.
Conclusion on the ‘State of the CMO’
As the marketing landscape changes, the role of the CMO will also evolve. The inaugural “State of the CMO” survey revealed several positive trends, such as the CMO’s capacity to continuously acquire new skills, adapt to challenging trends, and enhance their organization’s use of analytics effectively. However, there are also challenges that marketing leaders must face, such as the significant effort required for true digital transformation.
