CMOS must be able to lead multi-faceted teams

Interpersonal skills critical in driving effective marketing teams

PETALING JAYA: A global report by the World Federation of Advertisers (WFA) has revealed that one in five respondents feel that chief marketing officers (CMOS) will be extinct in the next 10 years, although the findings show that most marketers “see and feel” the value of marketing.

A total of 82% said that marketing is “valued” in their business while 92% agree that marketing “is vital” to the success of their business.

The survey, which was held this year and the results announced this month, was conducted in collaboration with research agency 2CV and 28 national advertiser associations, including the Malaysian Advertisers Association (MAA).

The report entitled the “The CMO Conundrum and the Search for the Unicorn Marketer”, involved responses from 683 senior marketers as well as in-depth interviews with marketing leaders at blue-chip brands such as Airasia, Airbnb, Aston Martin, Diageo, Mastercard, Nissan and Unilever, the most international attempt yet to identify what would ensure marketing can thrive in companies of all geographies.

Among some of the glaring challenges facing CMOS, according to WFA, are economic pressures, technological demands and high consumer expectations.

The study has highlighted the need to look beyond the cult of the CMO as the person with ultimate wisdom in all the complex areas that now affect the role.

Meanwhile on the home turf, nearly nine in 10 senior marketers in Malaysia believe the marketing function is valued within their organisations, very much aligned with Asiapacific countries and global benchmarks.

In Malaysian marketers’ voice, marketing is at the forefront of providing offerings that consumers need. This could be via new products or activating campaigns that lead to higher revenues and profits.

They also view the need to build “brand love” among target customers. This connection between product and consumer should be sustained over a longer run and is the job purview of markeeters. Then there is also the need to fulfill a business’ short term needs of driving volume and revenue.

Marketing is seen as a valuable tool in selling the key products of a company as the marketing department is the business driver in an organisation, the report noted.

The financial sector, it noted, has only recently introduced the chief marketing role in the past decade or so.

“The sector is only beginning to grasp the function of marketing and its importance in a sector which is increasingly more competitive with little or no differentiation,” WFA added.

On average, a Malaysian senior marketer’s agenda role comprises 9.3 responsibilities, in line with the global benchmark, and slightly above their peers in Asia-pacific. There is a higher focus on consumer insight and business development than in other regions, it noted. From the perspective of the senior marketers interviewed in Malaysia, WFA said sustainability, data analytics and customer experience are key areas that would be in the spotlight in the upcoming years.

So where does Malaysia stand compared with Asia-pacific and the global norms?

Malaysian senior marketers surveyed agree that, currently, the biggest gaps are in practical skills and soft skills.

In Malaysia, it noted that marketers agreed the marketing teams are doing well on diversity, inclusion and collaborating with other functions in the organisation, as well with the rest of the industry.

Commenting on the worldwide findings, Stephan Loerke, CEO of the WFA said: “The CMO is not dead, they are just being reborn in a new form. The truth is that the CMO is more important than ever as the conductor of the orchestra of marketing experts, both internal and external, both local and global.

“Soft skills are even more important than data understanding in ensuring all elements of the team are working together for the common good.”

In highlighting the critical role of teams, the report also revealed the increasing importance of soft, people skills are needed to manage both cultural differences between regions and markets as well as the interaction between central organisations and local market teams.

European marketers put more value on short-term growth and sales, while Asia put less emphasis on the breadth of skills.

In the Americas, brand purpose and collaboration are all over-indexed, while the Middle East and Africa put more emphasis on leadership, digital skills and innovation.

Finally, the report also highlighted the power of marketing as a source of internal and external change. “Purpose has been much talked about over recent years but the CMO is perfectly positioned to track consumer sentiment and help the wider business respond or even lead changes that benefit the wider community.

A total of 84% think marketing should transcend business goals and have a positive impact on wider society and 92% agree that “using data in an ethical way is vital for the sustainability of digital marketing,” it added.

“Soft skills are even more important than data understanding in ensuring all elements of the team are working together for the common good.” Stephan Loerke