Key Takeaways on Efficient Growth in an Ever-Evolving Marketing Landscape
I recently delved into Gartner's Chief Marketing Officer Q1 2023 report. If it's not on your reading list yet, I highly recommend it. Gartner's data-driven insights and thought-provoking content effectively stimulate reflection on both immediate marketing necessities and emerging trends on the near-term horizon.
My key takeaway resonates with what I've always held as a core belief: the unwavering pursuit of Efficient Growth — predictable & scalable. Achieving this is not a new challenge, nor is it a simple one. It necessitates discipline, alignment, and construction of a rigorous, harmonized, and operationalized marketing mechanism that leverages human intellect and technological advancements. Precision should steer this endeavor, not the allure of distracting novelties.
However, we need to recognize and navigate these realities:
1. Economic fluctuations affect our budgets and those of our customers.
2. Consumer behavior is erratic and unpredictable.
3. Collaboration beyond the marketing department is essential yet fraught with complexities and roadblocks.
4. The evolution of proven marketing tactics underscores the vital need for a focus on first-party data, though hurdles persist:
◾ Compliance with regulations.
◾ Browser cookie depreciation.
◾ The introduction of new privacy features in iOS & Android.
Gartner's research reveals that two-thirds of customers and B2B buyers engage in data privacy and protection behaviors.
5. The traditional sources of brand value are eroding.
◾ Brands must work tirelessly to EARN consumer consideration in an era where the linear customer journey is obsolete.
◾ The ease of discovering lesser-known competitors during the shopping and research process poses a challenge for brands striving to remain in consideration.
◾ Increased customer expectations from brands are significant
◾ Audiences no longer move through a linear path from awareness to consideration to purchase and brand loyalty.
To deal with these changes and obstacles, the focus should be on agility, stringent testing, prompt course adjustments, cross-functional team mandates, and dismantling operational silos. With Efficient Growth as the main objective for CMOs, remember that every facet of customer interaction is measurable (either directly or indirectly) and contributes to the enhancement of your brand value and how to improve it.
The rise of AI/ML following the rise of programmatic marketing has contributed greatly to driving efficiency. Data is at the heart of everything in marketing or soon will be. The data power tied to exponential creative variations has the potential to be incredibly powerful. But remember that we can’t go back to blindly trusting “black boxes”; it takes human talent to get the best out of strategic marketing rigor, current performance signals, and future technologies.
About The CMO Syndicate
The CMO Syndicate is a diverse group of world-class Chief Marketing Officers who rapidly solve growth and profit problems for CEOs, VCs, CMOs, and PE firms. As global CMOs from the world’s top companies, The CMO Syndicate is not a traditional marketing consulting agency, and we are not typical marketing or growth consultants. We are growth experts and operators who actually do the work on a part-time or project basis as outsourced fractional and interim CMOs.