The marketing landscape is changing at a speed like never before. What is hot today runs cold within a fortnight. Understanding consumer behaviour has become worrisome for the brands. To sustain in this complex market, brands can no longer rely on one channel, the multi channel approach is the call of the times. Modern day CMOs have to be masters in the balancing act – adopting new technologies, platforms and staying ahead of the trends while keeping the stakeholders interested. CMOs have to manage campaigns, convert leads and maintain a strong brand position. And all this needs to be done with fewer resources, then required. So, CMOs are facing more challenges then they ever did. But what are the leading challenges? Let us analyze some of them.
- Risks: The old proven methods have become ineffective and the new market scenario cries out for new ways to create relevant connections between a brand and its consumers. The CMOs know all about this, but they struggle getting a nod from senior management and stakeholders, because they want assurance. New strategies are un-tested and have no historical figures to support them. To be a successful brand, modern day CMOs have to dare to walk on new roads!
- Fragmentation: New technologies are emerging everyday and CMOs have to make many technology based decisions. There is a crowd of technology to choose from, and no brand can have it all. But the fear is: “am I missing out on a winning technology?” Modern day CMOs are living in constant threat of giving their competitors the lead in an intensively competitive market due to non-adoption of certain technology. Best brands have CMOs who spend a fair time in accessing the latest technologies and comparing them with the brand needs. Such R&D will make sure best technologies are adopted and there is no cause for future lamenting!
- Acquisition: Talent acquisition is another big headache for the modern day CMOs. To stay afloat in the ever changing market, brands need to adopt new technologies. Traditional skill sets such as brand positioning and marketing strategy still remain important, but there is an extra emphasis over how consumers are interacting and using technologies. Thus, there is need to hire specialists having skill sets that help the brand leverage benefits from all new avenues. But the problem for the CMOs lies in the stipulated hiring budget they have, apart from this professionals with new skill sets are hard to find as well.
- Permissions: Brands have to evolve to attract attention of the consumers. Age old branding practices have become redundant in the modern age. This is why; best brands have refurbished their brand image to get close to the consumers. CMOs understand that their brand image needs a change, as customer beliefs for a brand are gradually changing. But the stakeholders and senior management might not always permit them to make such an experiment, for experiments may even have a negative effect. One way to convince the stakeholders is to test the experiment on internal employees. If it works within the organization, then CMOs will at least have some success stories to show while proposing the change!
- Integration: To keep a brand ahead multiple media strategies have to be etched. This results in multiple agencies working for a brand. Couple that with various stakeholders, who have their own views on any major decision. This makes the work of a CMO very hard. So, a modern day CMO has to put all the things together, blending everything to create a right balance between investment, time and man-hours needed. Though the task is challenging, but a planned approach can help de-clutter the situation.
While brands are seeing upheavals, CMOs have to be pro-active and understand their branding needs quickly. There is a rat race happening and only the well informed brands can stay ahead.