Almost three-quarters of chief marketing officers (CMOs) expect their role to change as a consequence of the global pandemic, according to a survey of 300 senior executives conducted by LinkedIn.
The report found that 58% believe they will have to devote more time towards employer branding, internal communications and learning and development as priorities change.
The evolution of the CMO role
A survey of over 300 executives, authored by the business networking platform, found that a majority of CMOs expect to increase reliance on data and technology.
On top of this, 48% expect to wield greater influence in the boardroom as their roles evolve
The need for greater agility emerged as a fault line between respondents, with 87% pointing to the need for greater fleet-footedness to navigate the recession as 60% fret that agility is being favored at the expense of strategy.
Tom Pepper, head of marketing solutions at LinkedIn UK, Ireland and Israel, commented: “Covid-19 has caused severe business turbulence and CMOs have been called upon to navigate the challenges ahead and fuel the return to growth.“
Marketers turn to tech to close the skills gap
Addressing the need for training to equip businesses with the skills they need, Pepper added: “CMOs have always required a diverse skill set, but it appears they’ll be taking on even more responsibilities in 2021. Upskilling will be an important focus for CMOs this year as they look to redeploy employees and plug potential skills gaps, but the savviest will also know when to bring in extra talent.”
LinkedIn’s prognosis finds echo in a CMO Council survey from last week, which established that 70% of marketers were embracing automation as the key to higher efficiency.
Marketers are in a race to improve ROI, efficiency and revenue optimization by leveraging the potential of digital marketing and customer data to drive engagement.
This digital drive is driven by a rise in marketing spend, which is expected to gain ground throughout 2021 as sentiments brighten with 65% expecting to loosen the purse strings this year according to the same report.
Despite widespread uncertainty, a scant 10% of CMOs are preparing to implement further cuts and 24% are holding out until the mists clear.