Marketing Innovation, A Challenge To Chief Marketing Officers

There is a kind of vibe to the top marketers who attended the recent Campaign Asia-Pacific’s Marketing Innovation Summit held in Singapore for 2016. This is because of the fact that technology is not just an effective tool for marketers to accomplish their task but it has also developed a kind of respect coming from the people who are responsible in decision making in the corporate world.

There are many speculations as to the importance of the role that the CMO plays or if it is needed in the current times. According to the Manulife Singapore’s senior vice president and CMO, Wendy Walker, the issue is now at a full circle.

She said that data analytics is now easily accessed by CMOs at the tips of their fingers and there is also the availability of recording in real time which is why business needs them more than ever. They have gained a more powerful role and secured a position when it comes to operating business strategies.

In order to maintain the trust that was given to them by these top companies, it is now expected for CMOs to give back by adapting their roles to the growth of the business. During the summit, Walker participated in a panel discussion together with the CMOs of Microsoft and Citi, Jolaine Boyd and Sanjeev Kapur respectively. They talked about how marketing plays a role in the overall goals of a business.

During the discussion, many things were presented such as the need for marketers to adapt with the goals of the company regarding revenue and growth. This entails that they should have knowledge about the sales part of the business and must work alongside the company to get positive results.

Kapur said that knowing firsthand about sales is important especially if it is the goal the company wants to achieve. Because of marketing innovation, data makes it now possible for marketers to optimize their products in real time thus achieving the target revenue of the company. Boyd added that they are able to present the accountability they have with the company because of the data they possess.