Amid the chaos, I can’t help but notice a serious marketing dilemma arising. While marketing departments tend to be the first to feel the force of an economic downturn, businesses also rely on strong marketing to maintain top-line sales - creating a catch-22 situation.
In times of uncertainty, chief marketing officers (CMOs) must choose between fight or flight responses. Do we stare in the face of adversity and adapt to new challenges, or do we recoil and surrender?
Defining the Role of a CMO
The rise of digital marketing and the changing demands of modern consumers creates a radical shift in the archetypal identity of most CMOs.
Traditionally, most CMOs identified with one of three universal archetypes according to Bain & Company:
1.Creative Genius. Think of an off-the-wall visionary and inventive thinker who’s the brains behind innovative marketing strategies. If you’ve ever watched the TV show, Mad Men, you’ll know what I’m talking about.
2.Professional General Manager. Many CEOs opt for a level-headed, goals-driven CMO to manage and run their marketing department with a high degree of precision. What these CMOs lack in creativity, they make up for in operational efficiency and consistent budgeting.
3.Tech Guru. Some of the best CMOs adopt a tech-orientated approach to measure the effectiveness of their work and use data analytics to develop hyper-personalised campaigns.
While each persona is fully capable of managing successful marketing campaigns, I believe the strongest CMOs, especially during times of crisis, can shapeshift and draw off all three. As marketing leaders, we must juggle creative ideation, practical execution and measurable impact by building upon the skills of our entire marketing team.
During the current situation, it is our responsibility to:
+ Maintain a creative edge and bring out the value of your brand
+ Stick to newly formed budget plans
+ Monitor the impact of campaigns to justify any expenditure
Read More: What are the Four Pillars of Successful Marketing Leadership 🚀