CMO trends to watch.
I recently had the chance to visit with Association of National Advertisers executive Nick Primola to talk about major issues facing today’s Chief Marketing Officers (CMOs).
Jeff Fromm:
What is keeping CMOs up at night?
Nick Primola:
We gathered 200+ CMO delegates at at a recent two-day summit. During this time, we identified the top growth priorities across industries and brands. The priorities fall into two areas – actions each delegate can take right now to drive more growth, and what we can do collectively – as a united community of marketing leaders – to create a more productive industry ecosystem that will enable more innovation, more investment, and more growth opportunities that will result in a positive impact on society.
Beyond the intensifying pressure on profits, pricing and ad budgets, the CMO delegates surfaced priorities that reflected the current state of the industry, which is coming through its own transformation at an unprecedented pace. General concerns about whether the current talent pool has kept pace with the essential skillsets to perform up to its full potential. After all, this industry is only as good as its people. Am I getting the most out of my team right now? And what’s around the corner that I need to prepare for with talent and technology?
What is the Growth Council doing to alleviate this angst?
Fortunately, over the past several years, the Growth Council has been working to develop a common competency framework for high-growth marketing organizations that all CMOs can tap into for benchmarking and standards. The ANA has also established alliances with subject matter experts throughout the industry that will take part in an aggressive training initiative that aims to impact at least 50,000 marketers and 50,000 students throughout 2023. This comprehensive initiative addresses skill gaps at all levels – from students, and curriculum, to training programs for marketing practitioners at all levels – entry-level through chief marketing officers. At the Summit, the Growth Council’s Talent working team shared progress on several fronts, including a universal competency framework, a new marketing campaign to inspire students into marketing careers, and new learning programs for CMOs in partnership with the Institute for Real Growth.
The most ambitious initiative was universally endorsed by the attending CMO delegates – the Global Day of Learning. This event was held on December 6th and attracted over 4,200 marketers from over 50 countries. And it was used as a kick-off to help reach as many marketers as possible and accelerate their learning curve to remain current with the incredible pace of the industry.
Fromm:
How does it tie to sustainability, innovation and brand purpose?
Primola:
Sustainability, innovation, brand purpose, and DEIB are at the core of the ANA’s Industry Growth Agenda – which informs the mission of the Global CMO Growth Council. Growth Council CMOs are driving growth for their brands, organizations, and their teams by incorporating sustainability and innovation at every stage of the supply chain, from impact measurement and transparency pledges, through elevated customer experiences, to shifting consumer behavior with collective well-being in mind. Green and good drive growth. Our mission, from the start in 2018, is to transform marketing as a force for growth and good.
At the Summit, an entire work session was dedicated to gaining common ground on marketing’s role in driving growth through sustainable business strategies. This was informed by a joint initiative between the CMO Sustainability Accelerator (a collaboration between ANA, Adweek, and Sustainable Brands) and the Boston Consulting Group. At the Summit, the Growth Council also committed to adopting the Ad Net Zero framework to reduce carbon emissions throughout its supply chain.
Most important, the delegation reached a consensus on marketing’s role in driving true business growth through sustainable innovation that is grounded in the authentic purpose of the brand. And is now working to ensure we accelerate our collective progress as a united industry where all have common ground.
