Marketing is not dying, it is malnourished.
But we are not doing the industry any justice.
Just like PR, marketing has become all about influencers, social media, and social events. We hire Instagram Story creators, and allocate the majority of our budgets to some form of social media activity.
But what happens when the bubble bursts? (which it will). We would have raised a generation of Instagrammers, who do not understand business, operations, finance, advertising, communications, strategy, KPIs, etc…
Organizations no longer appreciate the value that marketing brings to the table.
Over half of all board members don’t believe marketing drives revenue. The CEOs of Coke, Hyatt, and Tyson Foods have already replaced their top marketers with chief growth officers or chief commercial officers. And in the US, CMO tenure is nearing its all-time low. — Thomas Barta: If marketing were a brand, you would fire the CMO
Marketing needs to claim back its integral position at the roundtable. Marketing is not only about posting pretty pictures but about the strategic and pivotal role that this department has in growing brands.
There are new concepts emerging every day. New solution. New methodology. New ways of thinking. Are our curriculums keeping up? How are marketers gaining new knowledge? Do we have the infrastructure in place to pave the way for future CMOs?
At some point in your life, you are likely to be working on global brands. Are you a global citizen? How do you stay informed? Do you know what agencies are up to in France, Canada, US, UK? How are you going to apply these learnings to your market?
Break the mold
Marketing is about building thoughtful and meaningful conversations with your customers. It is not about doing what everyone else is doing because of the assumption that it works. Innovate. The robots are about to take over. What are you doing about it?
Top-level marketing leadership adds a layer of differentiation and innovation to an organization, amongst other things. Regardless of whether an organization has a CMO or not, Marketing is too important of a function to not have top-level leadership for. A marketing leader brings information and insight that reduces the uncertainty in an organization. When done right, their contribution will separate the lions from the lambs in terms of how brands thrive irrespective of volatile market conditions.
To young marketers: Take the lead. Don’t follow the herd. Change is imminent. What you think you know today may not be applicable tomorrow. Seek growth.
To organizations: Invest in your teams. In innovation. In personnel and brand growth. A CMO will equip you with the tools to set you apart in turbulent market conditions.