Driving Growth: Towards Innovative
Marketing Strategies
Innovation, flexibility, and customer insights are instrumental in either making or breaking a business, particularly in an ever-changing marketing landscape. Legacy brands with well-established names and challenger brands breaking into the space must stay equally competitive to gain and retain a loyal audience.
Over the last couple of years, the Chief Marketing Officers (CMOs) have been forced to change their brand building strategy significantly due to the unexpected digital transformation caused by the COVID-19 pandemic. In these changing times the prime focus for them is not only to build the brand, but also to think beyond traditional marketing method.
Now, the aim is to achieve sustainable growth based on a strategy that meets the ever-changing expectations of customers and rapidly advancing technology. The marketers are understanding the need for social and digital technology to succeed in a competitive environment.
Earlier, the prime focus was mainly on public relations and advertising but now it is deeply associated with technology. It is imperative for CMOs to seamlessly integrate technology with an organization’s marketing efforts to achieve business goals. This digital transformation has led consumers to look at brands differently, thus it has become necessary for CMOs to find a balance between technology and people’s expectations.
Brand management
Shaping public profile of the company
Core functions of a CMO that are essential for brand success
Growth driver
Ensuring customer satisfaction
Evolving the brand to meet marketplace changes
Why CMOs Need To Be Aware Of Marketing Technology?
CMOs must realign existing strategies or come up with new strategies to accommodate a consumer-driven environment. As CMOs become more tech-savvy, there is a need for them to have a strong relationship with the organization’s top tech leaders.
To fulfill the need for personalized customer experience, companies must utilize Artificial Intelligence (AI) and machine learning to remain competitive and relevant in the marketplace. At the same time, it is crucial to integrate keystone technologies such as Martech and Adtech for a seamless customer experience.
Meanwhile, it has been reported that internet users are growing at an annual rate of 4.8 percent, which equates to approximately 600,000 new users each day. With the growing use of internet globally, every brand wants to be recognized through one way or the other. There has been a consistent rise in ecommerce sites. In 2020, e-retail sales contributed to 18 percent of all retail sales globally, and the figure is expected to grow to around 21.8 percent by 2024.
