MarketingCMOs are more agile strategically after the coronavirus crisis
The vast majority of CMOs (91.6%) agree that their companies are now much better prepared (45.8%) or significantly better prepared (45.8%) at the strategic level than they were before they entered. on stage the COVID-19 crisis.
The pandemic has placed a heavy backpack of challenges on the shoulders of CMOs over the course of the past few months., but it seems that marketing directors have mostly come out gracefully from the onslaught of the coronavirus, which has brought them, not in vain, new “superpowers” at the strategic level.
In accordance with a recent Chief Outsiders report, the vast majority of CMOs (91.6%) agree that their companies are now much better prepared (45.8%) or significantly better prepared (45.8%) from a strategic point of view they were before the COVID-19 crisis came on the scene.
It also seems that marketers face the future with hope. 48% of marketing managers say that current economic circumstances will have a positive impact on the business performance of their companies (vs. 35% in 2020). In addition, 62.5% of CMOs are fully convinced that their marketing budgets will hit the mark in 2021. Still, almost two-thirds of marketers consider it unlikely to boost their in-house marketing and advertising efforts. over the next few months.
Regarding the pandemic, increasingly better controlled thanks to vaccines, 38.9% of CMOs prophesy that their impact will be positive in 2021, while 27.8% consider that their effects will be mainly negative and 31.9% consider such effects as insignificant from the point of view of performance.
Marketers are equally divided when it comes to weighing whether COVID-19 has spawned more business opportunities (43%) than threats (38.9%).
The pandemic has translated into greater strategic agility for CMOs
What almost all CMOs seem to agree on is that the pandemic has made businesses more strategically savvy than before, since the health crisis has forced the reassessment of market strategies, supply chains and processes within companies.
With the baggage of lessons learned in recent months, companies are now more agile to face the demands of an eternally changing market.
The pandemic has also accelerated changes in the role of CMO. In the aftermath of the crisis, companies increasingly turn their gaze to marketing managers for strategy planning and development, for sales and marketing alignment, for customer experience, for brand strategies and tactics, and for content creation and management.
Marketing managers are also expected to be in charge of the growth strategies, of the selection of digital technology and the tactics of «customer engagement».
All this plethora of changes will be assumed by the CMOs in the company of the agencies, since 65.7% consider it unlikely to give wings to in-house efforts this year.
Looking to 2021, 94% of marketing managers anticipate that investment in digital advertising will hit the mark, although 78.5% of CMOs recognize that they have difficulties to stay ahead of the continuous and frantic technological advances.
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