CMOs from top brands and agencies gathered recently to talk about what they do, how their skill set has evolved, where marketing is shifting, and why they are excited about the future.
Here are 10 takeaways from the CMOs of Dentsu Aegis, Bloomberg, Facebook, and AOL on marketing, data and analytics, art and science, in-house agencies, and more from Advertising Week.
1. A CMO Is The Brand’s Top Storyteller/Advocate
Donna Wiederkehr, CMO of the Americas at digital marketing company Dentsu Aegis Network, said the CMO role hasn’t changed wildly and her job remains acting as the chief storyteller, which includes communicating the agency’s ambitions, as well as inspiring others.
2. There’s Never Been A Better Time To Be A CMO
According to Facebook CMO Gary Briggs, it’s the best time ever to be a CMO.
“You have the ability to go to the CFO and the CEO and have accountability for what you’re doing,” he said.
Further, Briggs said in many ways, marketing is returning to its roots in terms of finding key insights about what consumers care about and connecting stories to what matters to them, which also makes this a great time to be a CMO.
3. The Balance Between Art & Science Is In Flux
Briggs agreed storytelling is a key component to the CMO role, but noted one evolution is that there’s “a lot more math.”
Wiederkehr added that marketing roles were at one point all art, but it’s now more of a mix of art and science, which complicates the CMO role, but also presents opportunity.
“It’s just that we have better access to better data to fuel better creativity,” she added.
4. CMOs Are Still Figuring Out The Right Mix
AOL CMO Allie Kline noted if marketers aren’t using data as a means to an end, things can quickly get cloudy.
“For so long, the non-data side was the one weighted down heaviest, but we’re starting to see that even out,” Kline said. “But it feels like we’re over-indexing and there is a real opportunity to move where data, math and science become one very solid underpinning to unleash a pool of creativity.”
Anna Fieler, executive vice president of marketing at online media network Popsugar, agreed even creative types can benefit from infusing data and insights to create more effective content.
“Data and algorithms can help [CMOs] do their jobs better, but the decision about how to get better is a CMO’s job and can’t be outsourced to science,” she added.
For her part, Bloomberg CMO Deirdre Bigley also called for balance.
“We get caught in the conversation about data, data, data, which is wildly important, but we can’t lose the balance of creativity,” Bigley said. “When you marry technology with creative and put them all together in a group, magical things can happen. They are thinking with different parts of their brains.”
5. A CMO’s Humanity Is Still Vital
Briggs, however, said we might underestimate how much data matters. He sees a longer trend in which there will be much more science in marketing, while also conceding, “You can’t take an algorithm to lunch.”
6. CMOs Need Tech Skills
In addition to math, tech-savviness is another requirement of today’s CMO, Fieler said.
“At the enterprise level, we’re expected to be well-versed on big data and even at the consumer level, we barely got Snapchat and now we’re expected to master Periscope,” Fieler said. “The bar is so much higher and the job is so much more intellectually rigorous.”
7. CMOs Be Comfortable With A Lack Of Control
According to Kline, CMOs have to expect the unexpected.
“I think an important point about control is that this is the first time in history where consumers have completely taken control of media away from brands,” Kline said. “If you think back to soap operas being invented by CPG brands as carrier pigeons for advertising, we’ve had the notion of marketing underwriting content creation for so long. And with the vast majority of the world’s population with a machine in their pocket, everything they want to interact with is happening on a device.
“We’ve gone from a contained environment where marketers have full control to now narrowed down to a small screen where they can share and say what they want,” Kline added. “The notion of flexibility inside a marketing organization and deeply understanding data and nimbly reacting is not optional.”
8. A CMO’s Performance Is Very Public
Fieler agrees marketers have less control as they can no longer simply adhere to brand guidelines, but rather have to orchestrate and control stories told by millions of customers.
“Now your scorecard is public of your performance as CMO,” she added.
9. In-House Agencies Are A Great Asset For CMOs
According to Briggs, Facebook created an in-house agency because it needed speed and also because the platform constantly introduces new apps and features and wants its agency to be tight with product managers.
Further, Fieler noted most brands aren’t publishers or content marketers, so they are able to benefit from collective learning when they work with an in-house agency.
In-house agencies can also help better execute native campaigns and, Fieler said, this execution of native with the help of in-house content studios will be increasingly important as interruptive marketing is losing its effectiveness.
Furthermore, the market overall is still trying to figure out what native content actually is/means.
“There’s this evolving concept of brand journalism and how to tell stories about brands,” Kline said. “Native is the catch-all, but we haven’t nailed what it is as a category.”
10. CMOs Are Optimistic About The Future
For her part, Fieler said she is most excited to see developments from future generations, like Generation Z.
“They’re kind of born with two brains,” she said. “It’s exciting to see what they’ll do.”
Further, Kline said live content is going to be huge and reasonable reaction times from marketers are only getting shorter.
“We’re seeing live social and live programming and all these different versions, which reinforces the notion that there’s no waiting and everything has to be able to react in somewhat real time,” she said. “Watching live events, I feel like they want it right there and then, which is another big wave.”
What takeaway resonates with you most? Why?