CMOs: Are you feeling the pressure to perform? You’re not alone!
As the economy becomes less certain and inflation becomes more disruptive, Chief Marketing Officers (CMOs) across the country are scrambling to drive results and create customer value.
If you’re feeling the pinch—and the pressure—here’s how you should respond to the latest market shifts:
1. Be ready to evolve faster than ever
Consumer buying behaviors are shifting at the speed of the internet—and that’s pretty darn fast!
This presents a new challenge for CMOs. Not only do they have to keep up with their audience’s constantly changing habits, they must adapt their marketing strategies to match these quick-changes. It’s not enough to create new content. Today’s CMOs have to create new kinds of content, based on a never-ending stream of information.
The big idea: There’s no question, CMOs must invest in customer-centric digital experiences. The only way to survive a turbulent market is to stay front-and-center, and that’s exactly what effective technology-first tactics do! Show up on multiple digital channels. Get better data. Gather feedback and use that information to create a tailored user experience. By putting digital first, you’ll ensure your brand won’t be last.
2. Put your $$$ where your marketing is
There’s a stat from Gartner (a marketing research firm) that really drives this strategy home. A March 2022 study that surveyed over 400 senior marketing leaders showed that those who are given the resources they need to run their marketing department independently outperform collaborative, cross-functional marketing teams by nearly 25%!
The big idea: In many ways, collaboration is beautiful, helpful, and successful. And CMOs should take every opportunity to create a unified vision and shared understanding of their marketing goals. But if your marketing budget is stretched thin because of too many competing, cross-departmental priorities, you run the risk of losing your potency.
3. Be ready to prove your brand value
It used to be enough to be the main player in your market. Once you became a household name, you could sit back and watch your customers line up around the block. But thanks to social media and changing shopping habits, now underdogs rule.
That’s great news for emerging companies. It’s never been easier to become the new “It” brand! But for long-time brands who don’t build clear brand value, customers are quick to go out with the old.
The big idea: This year, CMOs should place a high priority on strengthening their brand value. Investing in better customer service systems, building trust with customers by offering guarantees and warranties, and creating personalized experiences are three good places to start! Remember, it only takes one meaningful brand experience to create a loyal customer.
MediaSpark is your steady hand in turbulent markets
We know uncertain times put extra pressure on your marketing team. That’s why we develop effective, personalized strategies that leverage real customer data and real world experience. Chat with our team to learn more about what MediaSpark can do for you!