The world is changing in almost everything mostly because of changes in technology and globalization. This means that functions in the organization are also evolving, thereby changing people’s roles either by increasing or extending them. Traditionally, a chief marketing officer (CMO) would focus more on promotion and advertisement as the main marketing strategies. However, in today’s digital world, more tools for marketing has emerged including digital marketing techniques. Also, the cost of marketing has increased because the CMO is expected to embrace these changes to keep up with the competition. All these changes have a great influence on the reputation of a company and the products it offers. Here is a greater insight into how the roles of a CMO in product marketing has revolutionized.
Need For Emotional Engagement
Consumer needs are continuously becoming complex and diverse due to the change in shopping behaviors, tastes, and preferences, and rise in the internet. Consumers tend to rush to the internet to search for commodities they need rather than going out to buy something in their local stores. Before choosing to order online or visit a physical shop, they will check and evaluate online reviews about a particular product. They expect you as a CMO to respond to their queries and also act accordingly to their recommendations about your products. According to Blake Myers, the CEO Universal Manufacturing Corp, CMOs are expected to maintain a good online reputation by providing positive and polite feedback to clients. This is regardless of whether they leave a positive or a negative comment about the product being marketed. You must engage and interact with all clients including the skeptical ones rather than having a rational reaction towards any of them. A CMO can improve this aspect of being interactive by starting a review website for the company’s products or creating a YouTube channel whereby consumers can express their opinions freely. In doing all, they should ensure that all the information provided is accurate and up-to-date.
Increased Competition
As a CMO, one is required to not only know who they are competing against but also the strategies they are applying for survival. A CMO who doesn’t care about what his rivals are doing will most probably survive in the market for only a short period, and then his current and new competitors will take over. They are therefore required to carry out regular SWOT analysis to know where the company is doing well or bad and where it requires improvement. When you understand your company well and know your rivals ways, it will be easy to improve your products or services, your image and approaches used to reach out for customers. It is through such analysis that a CMO can even recommend strategies such as product differentiation and price change so as to overcome competition.
The Need To Remain Agile And Active
As a marketer, it is possible to feel like you have made it in marketing and relax after having a considerable share in the market. However, this is very risky because the business environment keeps on changing and might catch you unaware, leading to drastic failure of business in the market that you once dominated. A CMO is always expected to keep looking out for new strategies that will improve the company from where it is to a greater level regardless of its current success. You can never have too many customers or too much of a big market as long as you can produce more. Any leader should never be satisfied by a local market only but should consider going for other markets including global markets. Today, it is easy to expand business in other countries than it was a decade or two decades ago due to improved technology, globalization and business treaties between governments. Therefore, many companies are targeting international expansion, and every CMO should work towards this achievement for growth and success of the business.
Increased Need For Collaboration
Due to the many changes happening in the world, CMOs are required to work closely with other departments more closely than ever before. For instance, the CMO will require the services of the IT department due to the need for digital marketing. The chief information officer (CIO) and CMO are better positioned to work together so as to prepare a technology budget concerning marketing efficiently. Also, when customers request for newer or trending product designs, the CMO will be required to work closely with the production department to ensure that consumers demand is met, and therefore enhance customer satisfaction. Sometimes the CMO might be required to work together with other companies to improve the customer’s experience. For instance, a CMO will need to cooperate with Google for proper search engine optimization or content marketing among other online marketing techniques. It is a good thing to collaborate with every individual or organizations that might help in the enhancement of a company’s marketing strategies.
Author Bio: Douglas Pitassi is a freelance writer and small business blogger.
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