Introduction to Marketing in a Changing World
Right now, as technology changes daily, chief marketing officers face exceptional levels of change and uncertainty. But it’s not for the first time (or the last). During the COVID-19 pandemic, nearly two-thirds of CMOs in Fortune 500 companies overcame the extraordinary challenge of navigating change and uncertainty. This resulted in 65% of CMOs who exited their roles after an average tenure of 4.3 years “being promoted to more senior roles” or “making lateral moves to other attractive CMO positions.”
The Challenges of Marketing in a Dynamic Market
However, what was a pandemic obstacle course has been followed by an AI Olympic steeplechase. To navigate these turbulent times, CMOs should consider analyzing marketing research and applying digital trends to:
- Discover consumer insights for effective marketing in a dynamic market.
- Unlock exceptional marketing results and increase return on investment (ROI) with the power of AI.
- Reach customers across search, video, social, and shopping platforms.
- Drive progress in marketing by championing the latest innovations and ideas.
- Transform their data into a tool for building a lasting business advantage.
The Flywheel Model: A Customer-Centric Approach to Business Growth
To lead their teams, CMOs could also apply the flywheel model, a customer-centric approach to business growth. Recently, based on a survey of 2,000 global marketers, Think With Google wrote: “The traditional flywheel has always existed in marketing. Now, leaders are adding AI to multiply its momentum.” The article provides CMOs with a framework, built on four interconnected pillars:
- Measurement and insights.
- Media and personalization.
- Creativity and content.
- People and process.
The Four Pillars of the AI-Powered Marketing Engine
This framework outlines how AI is amplifying the traditional marketing flywheel. The four pillars are:
Measurement and Insights
The first pillar stresses the importance of aligning key performance indicators (KPIs) with business performance metrics like profit and ROI. Implementing modern, AI-powered measurement tools is crucial for accurate data and insights while respecting privacy.
Media and Personalization
The second pillar focuses on AI’s role in delivering the right ad to the right person at the right time. Leading marketers scale successful AI-powered campaigns, shifting budgets for maximum ROI and flexibility.
Creativity and Content
The third pillar explores how generative AI aids in brainstorming impactful ideas to help develop innovative content. AI identifies and amplifies top-performing assets, and AI-powered “creative studios” accelerate time-to-market.
People and Process
The fourth pillar emphasizes collaboration, extending to the C-suite. Sharing prioritized AI opportunities early is vital. Transformative leaders restructure organizations to fully leverage the AI engine.
Analyzing Market Research and Applying Audience Research
CMOs will quickly notice that “The AI-powered Marketing Engine” framework can help to overcome four of the five obstacles that CMOs face. However, they will immediately wonder: Why can’t the AI-powered Marketing Engine help our analysts discover consumer insights for effective marketing in a dynamic market? There are two probable answers. The first is that companies need to focus on creating Analysis Ninjas, not Reporting Squirrels. Analysis Ninjas dedicate their time to analyzing data and generating actionable insights, which are typically communicated in clear, plain language.
Understanding Audience Research and Market Research
The second probable answer is that CMOs need to conduct audience research and market research. Audience research focuses on the individual, delving into the needs, preferences, behaviors, and language of the target audience. Market research takes a broader, macroeconomic view, examining the overall landscape. It involves analyzing industry trends, competitor activities, economic data, and trade publications to assess the viability of products or services.
The Importance of AI in Marketing
CMOs remember what economist Richard Baldwin said at the 2023 World Economic Forum’s Growth Summit: “AI won’t take your job. It’s somebody using AI that will.” They understand that their Fortune 500 company expects them to successfully navigate the complexities of the AI era and achieve sustainable growth. To do that, they must embrace AI-powered tools and frameworks while prioritizing a deep understanding of their audience through dedicated research efforts.
Conclusion
By integrating these approaches, CMOs can transform data into actionable insights, optimize marketing strategies, and ultimately, build a lasting competitive advantage in an increasingly dynamic market. As technology continues to evolve, it is crucial for CMOs to stay ahead of the curve and leverage the power of AI to drive business success. By doing so, they can ensure that their companies remain competitive and thrive in a rapidly changing world.