BY ROBIN GHOSH ,
ECONOMIST AND BUSINESS MENTOR
KOLKATA, 11 JULY 2024:
If you are working as a Chief Marketing Officer (CMO), it is time for you to fundamentally change your outlook.
Business today is on a spin. Fundamental changes are happening both from the supply and demand side.
On the supply side, new elements are arriving almost every other day. Hardware, cloud systems, software is creating a multilayered infra which requires a new class of skill and intelligence.
The other paradigm shift that has happened is – in the area of advertising – social media and social commerce has introduced a new marketing world requiring a new marketing intelligence.
On the demand side, a new generation of customers with new buying practices and brand driven psyche has arrived – 60% of the customers are young falling between the age group of16 to 35.
Therefore, the new CMO has to be new Avatar. Apart from being a brand custodian, he has to be a data strategist, the sustainability strategist, brand strategist and technology strategist.
In a recent presentation at the Brand World Summit, Hindustan Unilever’s Deepak Subramanium took a master class on what it takes to be a CMO in the near future.
Listen to what he says “CMOs of the future will be ‘audience first thinkers’ and ‘channel first thinkers’ who become an omni channel leader. This can only be possible if the CMO is also a unifier in the organization that eliminates organizational silos.”
Further he says – “I think one of the hardest things for a CMO and a marketer to do is to be able to clearly and simply separate what are the functional benefits, what are the emotional benefits, what are the psychological benefits of a brand.”
To conclude, marketing in the near future will greatly depend on data acquisition and data based strategy blended with new market technology.
So, Cheer up and define your marketing strategy in the light of the new market environment.
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