A global study of 1,361 Chief Marketing Officers (CMOs) across 12 markets, by media, digital and creative communications agency dentsu, analyses how CMOs are navigating a new kind of recovery.
It show how CMOs are reclaiming the strategic agenda with a particular focus on product development.
…In Asia Pacific, nearly half in India, are using ‘completely’ similar strategies to those pursued in past recessions, compared to 17% global average. On the other hand, only 6% in China are using previous strategies…
The study finds that the number one challenge facing CMOs is understanding which consumer behaviours will change permanently and which will fall away in the post-COVID environment.
It raises concerns that half of CMOs concede they are basing their response to the coronavirus crisis on strategies that were pursued during previous recessions.
In Asia Pacific, nearly half in India, are using ‘completely’ similar strategies to those pursued in past recessions, compared to 17% global average.
On the other hand, only 6% in China are using previous strategies.
It also found that despite the general advice that brands should not ‘go dark’ during times of recession, nearly two-thirds of CMOs recount that their marketing budgets are forecast to decline or remain flat over the coming 12 months.
Australia is the second highest market to predict marketing budget to decline and Japan is the third highest market anticipating that budget will stay flat.
On the contrary, China is the second highest to predict budget increases in the coming year.
Overall, the study recognises that a new style of marketing leadership is emerging.
“Frontier CMOs” are well placed to manage the recovery and are doing so by focusing on a handful of key strategies that set them apart from the rest:
- Hyper-empathy: Developing superior consumer intelligence
- Hyper-agility: Rapid development of new messaging, products and services
- Hyper-collaboration: Integration across all elements of the marketing mix
- Hyper-consolidation: Building resilience across brands and through M&A
- Hyper-transparency: Ensuring purpose permeates all aspects of the business
Frontier CMOs are also significantly more likely to be accountable for digital transformation than other CMOs, proving their value and impact to company boards as they navigate the future of their business and industry.
Ashish Bhasin, Asia Pacific CEO of dentsu, shares, “What would have taken five years has now only taken five months; it has pushed and forced us to learn. With every disruption comes its own sets of winners and losers. It is crucial for CMOs to keep up with the new skills required in today’s new world to ensure success in the discontinuity.”
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