Relevance of CMOs grows in the business race in 2021
Dentsu study points to retraction in marketing investments and emergence of a new leadership model
The world's marketing leaders were challenged to react and follow the demands created by the pandemic. Now, executives face the challenge of preparing their companies for 2021. With that in mind, Dentsu promoted a survey with 1,350 CMOs in 12 markets globally. The survey conducted between May and June this year pointed out that the main challenge for marketing leaders is to understand what consumer behavior should remain in the post-pandemic.
In the study, 49% of CMOs admitted basing their response to the crisis on measures followed during previous recessions. Only one in ten leaders claimed to analyze entirely new strategies. Despite general advice to stay in touch with their consumers, 62% of CMOs said their marketing budgets should decrease or remain stable over the next 12 months.
One cutout focused on Brazil pointed to the commercial impact caused by Covid-19: 39% of CMOs report badly damaged operations or badly affected revenues compared to the general survey average of 25%. Local complexities also motivated executives to take concentrated measures in the short term, with 1.4 years planning on marketing strategy compared to 2.5 years for other countries. Only 8% of Brazilians plan with 3-5 years in advance, against 24% of the global media.
Despite this, the study pointed out the emergence of a new leadership style, the "Frontier CMOs", which are recovering the strategic agenda through, in particular, product development. "Almost half of the 'Border CMOs' believe that the current crisis will increase the importance of the marketing function in their organizations compared to three out of ten 'follower CMOs'. This is because the most successful marketing professionals understand how consumer behaviour is changing, are developing new products to meet these needs and distributing them to consumers through ideal channels. They are looking at the total experience of the client, ensuring that all elements of their business are aligned around the customer needs," explains Eduardo Bicudo, CEO of Dentsu International Brazil.
Article originally published in: https://www.meioemensagem.com.br/home/marketing/2020/10/27/relevancia-dos-cmos-cresce-na-corrida-de-negocios-em-2021.html