Last updated on April 2nd, 2024 at 03:10 am
A Chief Marketing Officer (CMO) overlooks a company's entire marketing strategy. His/her areas of expertise include advertising, market research, public relations and developing and distributing products and services. As with every role, a CMO too has to face numerous challenges in the ever-changing business landscape, which can be tricky to resolve.
As CMOs gear up for the new financial year, disruptive market dynamics, shifting customer preferences and a volatile market are set to test their skill and knowledge. A CMO training programme will offer insight into the role of a Chief Marketing Officer in a company. This blog will discuss the latest challenges CMOs will face in 2023, including the introduction of artificial intelligence and machine learning into the marketing scenario.
Challenges for CMOs in 2023 and the Best Practices to Counter Them
In 2023, CMOs are likely to come face to face with various marketing challenges. Listed below is a list of challenges and suggested ways to connect with the ongoing market.
Artificial Intelligence and Machine Learning
Welcoming AI into the Company
There is no denying that AI and its scope is a vital topic of discussion at the current point in time. A CMO can optimise the customer experience by personalising the shopping journeys with machine learning technologies. AI insights, data segmentation, personalised experiences and targeting the right audience can help tackle the situation in the right way.
To top that, automated content curation could also solve time-consuming problems. As Bill Gates once said, ‘Content is King.’ Marketers will need to conceive, curate and personalise content rapidly.
Enhanced Marketing Automation Tools
Balancing marketing strategies can be challenging for the CMO as these are susceptible areas. A marketing campaign may or may not benefit two different products or services.
Although it is entirely acceptable to try both alternatives, choosing what brings in the leads at the end of the day is best. Moreover, automation tools can help out with a multi-channel marketing strategy. To understand how this works, you can always opt for a CMO training programme, covering all pillars of marketing and advertising.
Increased Competition
Customers’ Changing Needs and Expectations
Given the uncertainty of the marketing budget based on the clientele, choosing the best marketing strategy will take time and effort. A practical challenge involves increasing changes in customer shopping behaviours. To tackle this, a CMO can devise a marketing strategy that introduces potential customers to products in their preferred channels rather than in every existing channel.
The Possibility of a Recession
With Google, Amazon, Microsoft and Meta recently laying off more than 1,00,000 professionals, among other employers, the consequences of the recession have become evident. As a result, CMOs must deal with the challenges arising from the economic downfall.
Traditional marketing methods like brand reach are declining and must be replaced with new techniques. Amid high inflation, a CMO must strive to balance the ongoing trends. The CMO must constantly find impactful ways to maximise resources, even with a straining budget. Smart investment in human resources and technology can propel a company to success and consolidate its future position in the industry.
Data and Analytics
Employing Data-driven Decisions
When being an influential CMO, using data is paramount. For instance, in the case of CorelDraw software, a revenue increase of 106% was recorded with website data and analytics integration. Constant monitoring of customer buying behaviours and a specially curated ‘Hyper Retargeting’ ad campaign subsequently led to this hike. In doing so, the website gained marketing intelligence and research insights.
Understanding How to Use Customer Data
Privacy and security are two primary areas of assurance that a company can offer its customers for better outreach. As customer data has always been a matter of concern, CMOs must find practical solutions to ensure the overall safety of their consumers.
They must have the latest firewalls, encryption methods and technology to uphold sensitive information. It also includes abiding by the local laws and regulations surrounding data privacy.
Team Management
Building the Right Team
As a CMO, building and retaining professionals who understand the company culture and put in their best in every project is crucial. One of the advantages of being a CMO is being able to hire the right team built from scratch. Teamwork and collaboration are deciding factors both for a CMO and the organisation. A flexible working environment and a competitive salary go a long way in both building and retaining the dream team.
Conclusion
The need for digital campaigns and a data-driven market has enabled companies to look for advanced options. The article offers insight into the ongoing marketing trend and the challenges a CMO might face inadvertently.
A Chief Marketing Officer certification is the safest bet for young professionals aiming for the role. Additionally, it can contribute to one’s understanding of the role and the adversities that follow. You can sign up for the IIM Raipur CMO course offered by Imarticus. Master the core concepts and gain experience through real-life inspired business problems and case studies. Enrol today and achieve a faster vertical career progression.
