Understanding the Role of CMOs in 2024: Balancing Awareness and Conversion
As we step further into 2024, there’s one thing clear: the business world has faced some unique challenges, especially for Chief Marketing Officers (CMOs). Here in New York City, CMOs are finding themselves balancing tighter budgets while trying to meet ever-growing expectations. On the front lines of marketing, they are tasked not only with creating campaigns that resonate with audiences but also ensuring they lead to real conversions that bolster sales.
The Unique Challenge of CMOs
In this fast-paced landscape, Eric Hanson, the CMO at Mitel, offers a succinct analogy: “Marketing provides air cover while the sales team fights hand to hand in the trenches.” This statement explains the symbiotic relationship between marketing and sales, emphasizing that both departments must work harmoniously. While marketing can fuel awareness and generate interest, it’s ultimately sales that seals the deals.
With a wealth of experience in marketing, Eric insists that CMOs must engage deeply with the entirety of the organization. “No one in the C-Suite can be successful if the others are falling behind,” he notes. This mantra embodies a significant shift in the traditional role of the CMO. Recalibrating marketing strategies to focus not just on brand building but also on driving growth is essential in today’s economy.
From Awareness to Conversion
Gone are the days where simply raising brand awareness was enough; now it’s critical for marketing campaigns to create clear pathways to revenue. Chris Savage, CEO of Wistia, shares insights from their 2024 State of Video Report, stating, “Low-budget videos can easily outperform big productions, particularly when they build an authentic case for conversion, not simply awareness.” Authenticity and understanding the audience have become fundamental to successful marketing.
Building Brands That Convert
Branding in 2024 is less about flashy ads and more about genuine connection with the audience. Matthew Herbert, co-founder and CEO of Tracksuit, highlights that it’s vital to know not just where a brand stands, but also what it needs to do to align with potential customers. “Awareness alone isn’t enough to drive sales,” he emphasizes, encouraging CMOs to actively engage customers where they are most receptive to conversion.
One method to begin building a brand that converts is dismantling the departmental silos that many organizations still operate under. By fostering collaboration between marketing and other sectors, organizations can gain valuable insights that inform strategies and facilitate meaningful conversations with clients.
The Importance of an Orchestrating CMO
Eric reinforces this perspective, stating that successful CMOs often take on an orchestrating role rather than a dictating one. A great CMO pulls data from various departments—be it product management or finance—to gain a comprehensive understanding of the drivers behind client conversions. “The personal journey to grow into and within this role never really ends,” he adds, signifying the ongoing evolution of the CMO role.
Embracing Technology
Technological advancements are also revolutionizing the marketing and sales landscape. Jim Kaskade, CEO of Conversica, points out the pivotal role AI plays in bridging gaps between teams. “The right tools can engage leads more effectively, ensuring no opportunity slips through the cracks,” he shares, highlighting how technology amplifies human efforts rather than replacing them. These advancements grant CMOs mighty tools to transform their organizations.
Nick Smith, founder of Sailes, emphasizes that today’s dynamic engagement strategies driven by AI provide enhanced precision. “AI can now tell us who to reach, when to reach them, and, most importantly, how to engage them effectively,” he explains. This level of insight allows for more authentic interactions, which are crucial for fostering conversions.
The Path Forward
As CMOs navigate this complex environment in 2024, the challenge lies in delivering both short-term results and long-term growth. Eric from Mitel encapsulates this thought perfectly—“The CMO’s role is all about playing the long game while also delivering short-term results. If you can do both, you and the company win.”
While the challenges of growth marketing may seem daunting, the opportunities for CMOs are abundant. By focusing on what truly drives growth and fostering collaboration across departments, CMOs can better position themselves for success in an ever-changing landscape.
