2013: Why CMOs needn’t change

Sunday 06th, January 2013 , ,

Considering the current state of competition, do CMOs need a change in strategy to boost their marketing RoI? This post provides insights.

Apart from changing the last two digits in your date from 12 to 13 is there anything else that CMOs need to change? Technically the answer is NO, pretty much nothing has radically changed in the past week or month that compels marketers to change. Mature marketers have already changed and are riding the benefits curve and maximizing marketing RoI, the responsive ones have already initiated the change engine are on their way and as for the rest, well they’re already on a downward spiral!

Fundamentally CMOs need to view the change-velocity equation from the lens of:-

A. Consumers ~> The current day consumer has traversed the traditional media, communications and marketing space long back. Brands continue to treat them the same way as they used to decades back, only to prove Marshall’s Law of diminishing returns to scale correct.Consumers realized they have the upper hand in determining buying experience and in 2013 we can only expect this equation to continue through 2103.
Customer centricity and true mapping of customer goals to business goals as a pursuit will dominate on the marketers’ priority list. Regardless of higher or lower transactional velocity and category of business i.e. B2B / B2C, brands will start focusing on relevant and high performance marketing frameworks like Customer Value Maximization.

B. Marketing variables ~> While the marketing ecosystem and variables haven’t changed as radically as the Consumers space, the changes are imminent. To boost marketing RoI in 2013, marketers will need to be precise about what they want to achieve from their Strategic Brand objectives and Tactical programs. They will have to find a way to balance mediums, channels, and exploding data streams from a short-term
quick win versus long-term brand health and trigger the right action. Omni-channel marketing, Big Data insights and So-Lo-Mo [Social- Local-Mobile] are the realities of today that marketers will have to address in managing the Media, Creative, and Technology variables.

Through a deep understanding of what consumers want and need, marketers will be able to develop compelling propositions and deliver business goals, maximizing marketing RoI along the way.
And yes, coming back to our moot question, CMOs need to remember to change the last two digits in their dates and be cognizant that the months in the Calendar are closer than they actually appear!

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