The consumer-packaged-goods and retail industries face challenges due to slowing population growth and fragmenting consumer attention. Companies must find new growth opportunities and enhance capabilities to improve performance. Chief marketing officers are tasked with building strong brands and delivering growth while maximizing marketing spending efficiency.
Marketing leaders are expected to identify growth opportunities, build immersive brand experiences, link purpose to business outcomes, and capitalize on new technologies. CMOs’ roles continue to expand, taking on areas like generative AI, innovation, and e-commerce. A survey of over 100 C-level executives assessed the role of marketing in growth agendas and company maturity across four key areas: marketing strategy, marketing performance, tech-enabled marketing, and marketing operating model.
Findings showed significant gaps in maturity on critical capabilities driven by real-time data, and only a minority believe they have fit-for-purpose operating models. Marketing leaders must deliver across four pillars of excellence:
1. Marketing Strategy and Insight-Led Growth: Building strong brands and scouting growth opportunities.
2. Marketing Performance: Adopting an investor mindset through real-time, ROI-based sizing and allocation. 3.
Marketing leaders face evolving challenges
Tech-Enabled Marketing: Using tech for granular, data-driven, and personalized campaigns. 4.
Marketing Operating Model: Incorporating a seamless organizational structure, agile working methods, and managing an expansive capability portfolio. As demands become more complex, the marketing operating model is the foundation needed to adapt and thrive. With a fit-for-future formula, consumer and retail marketing growth leaders can successfully navigate responsibilities and drive growth and efficiency.
Teo, CMO of Northwestern Mutual, transformed the marketing function by aligning strategies to the business model and focusing on value creation. She designed the structure to leverage value-creating capabilities, promoting cross-functional collaboration. Her team works horizontally to connect the dots and support all facets of the go-to-market process.
The ANA and The Drum launched the “CMO Spotlight” video series at the 2024 ANA Masters of Marketing conference. The series features interviews with leading marketers, discussing the role of AI, media strategies, and the evolving responsibilities of CMOs. Key themes include the expanding role of CMOs, the importance of curiosity and continuous learning, and the impact of AI on marketing.
Interviewees predict AI will increasingly influence media strategies in 2025 and beyond, driving growth and enhancing performance metrics across various media.
