The global content marketing market is expected to increase by 417.85 billion US dollars between 2021 and 2025, reaching a growth rate of almost 16%. That’s just a fraction of data proving how much the marketing industry has developed and transformed in recent years. Therefore, it needs excellent leaders such as CMOs. What is a CMO? What does a CMO do? We will respond to these questions, and explain the CMO role in the following article.
What is a CMO? – table of contents:
What is a CMO?
What is a CMO? CMOs report directly CEOs, and their primary responsibility is to generate revenue by increasing sales through effective marketing methods. For these purposes, CMOs use a variety of tools such as market research, pricing, product marketing, marketing communications, advertising and PR. It is the most senior marketing position in the organization.
The main function of the CMO is to help the company increase its revenue by developing an effective marketing plan that gives the company a competitive advantage. Since the CMO’s skill set is very fluid, their responsibilities can vary considerably depending on the industry and needs of the organization.
CMO and the digital revolution
Thanks to digitization, the marketing industry is constantly changing. As a result, CMOs must constantly face new tasks. Just a decade ago, technology wasn’t necessery to conduct advertising campaigns. Nowadays, it is a priority. Technological advances continue to enhance the importance of the CMO role in several organizations. They are also creating new ways to reach customers and understand their opinions on products, services and brands.
What is more, customers can instantly communicate their views to millions of people, which is both an opportunity and a threat. Customers must be heard here and now, and then products need to be tailored to their requirements. CMOs, along with their employees, must exploit technology to reach and influence customers, position their products, and challenge competitors.
What does a CMO do?
The role of the CMO can’t be put in rigid frames. In fact, marketing efforts are about escaping them and standing out from the crowd, which ultimately is to attract customers and encourage them to make a purchase.
The CMO role may extend to sales management, new business development, product development, distribution channel management and customer service. In addition, the CMO must communicate efficiently with other departments within the company to pass on messages to the public, as part of PR and social media activities.
The CMO should make potential and current customers understand the company’s position in the market, applying traditional methods as well as the latest technologies such as data analytics. The CMO should develop and implement a strategy to secure its strong position on the market, increase brand awareness and sales.
Duties of a CMO:
- overseeing the company’s overall advertising and sales strategy,
- generating revenue by increasing sales through marketing activities,
- structuring the company’s marketing department,
- negotiating advertising contracts,
- approving ideas for marketing campaigns,
- coordinating marketing activities with the company’s financial and branding goals,
- planning, directing and coordinating the marketing budget in accordance with the organization’s objectives,
- taking advantage of promotional contests to get new leads,
- conducting market research and analyzing results,
- identifying customer’s needs,
- developing a pricing strategy,
- marketing communication,
- contact with media, PR,
- monitoring the company’s social media strategy.
What is a CMO? – summary
What is a CMO? The CMO is at the heart of driving growth for the business. Research shows that companies with CMOs perform 15% better and grow faster than companies without CMOs. The distinctive role of the CMO is likely to become even more important in the future. Business results will depend on CMOs who are prepared to take on multiple roles to help lead their companies to success.