BY ROBIN GHOSH,
ECONOMIST AND BUSINESS MENTOR.
KOLKATA, 15 JUNE 2024:
The concept of business is undergoing a magnificent change. Business parameters are changing very fast : digital revolution : dominance of younger people as prime customers, concern for climate change, intensity of competition creating a new dynamic of business.
Consequently, the design and marketing of business has thrown up a new set of challenges demanding out of box thinking.
Before we identify the toolbox required to steer through this difficult and topsy-turvy period, let us re-evaluate the role of marketing.
Marketing leadership in a company is in the hands of the CMO or the Chief Marketing Officer. In fact, he is the real conductor of business. He only knows what the customers want, what should be the value proposition, he only knows how to bring products into the market through advertising and promotional materials.
CMOs, truly speaking, are the real conductor of business, driving the engine of growth, driving brand value and the ability to charge a premium price.
Since CMOs are the principal energisers of business – they have to be extra careful and watch their marketing playbook is in sync with the organization’s growth metrics.
1. In the background of this, I feel few cardinal issues pop up and they are : 1.Marketing should not be perceived as a hundred percent cost – it is investment to a great extent.
2.Marketing cost is also an investment to create future demand – engagement with future customers
3.While you focus on sustainability, diversity, equity and inclusion (DEI) but connected with the company agenda and promise to stakeholders.
4.Exploring new technology like AI is welcome but CMOs must keep in mind that creativity is the most powerful tool . Creativity, emotional connectivity, empathy remains the force multiplier for ensuring marketing success.
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