"Transformation" is an oft-used and perhaps over-used word these days. However, it just happens to aptly describe the process of rapid change happening within the marketing practice and ,more specifically, for the role of the Chief Marketing Officer.
Transformation defines the times we live in. Case in point: research Forbes Insights recently conducted among CEOs of Forbes Global 2000 companies shows that 93% say their companies are undergoing some form of business model transformation. Yet shockingly only 50% believe their company is well-versed in transformational change. So, many of the world's top companies are hurtling head-long into a journey of changing their business models, but not sure how to get there or where they'll wind-up when they arrive. What role can or should the CMO take in leading this process?
There are handful of CMOs who are indeed at the forefront of leading transformation in their companies: Beth Comstock at GE, Keith Weed at Unilver and Antonio Lucio at Visa come to mind. More importantly there are a set of characteristics that identify high performing marketing organizations (defined as those companies who have experienced greater than average revenue growth for their industries over the past 3-years) and transformational CMOs. According to the Marketing 2020 research project in partnership between Forbes, Millward Brown Vemeer, Adobe, Spencer Stuart and the ANA, there are, broadly speaking, three areas that define successful marketing organizations: Brand Purpose , Big Insights and Total Customer Experience. Certainly marketers who master these capabilities are more likely to experience out-sized revenue growth for their companies, yet the truth is all are just at the beginning of this process and few are masters at all of them.
The journey to better orchestrating an ever-more complex marketing ecosystem in order to drive business growth begins with education. Keeping pace with this change is a strong motivation to attend CMO peer-to-peer events like the Forbes CMO Summit or other events like the Incite Summit East conference coming up November 12 and 13 in New York. I will be moderating a panel at the Incite Summit on the theme of The Evolving Role of The Marketer: How Much Control Do You Really Have Over Customer Experience. Participating in the panel will be Jeannine Haas, CMO of Avis, Rose Hamilton, CMO of Pet 360 and Lisa Bacus, EVP and CMO of Cigna.
Hope to see you there.
