You need a person who can take care of the marketing activities in your organization. Marketing plays a vital role in a business. It is the efforts and activity put by an individual/team to communicate and show so how valuable a product is for customers the society at large.
It is, in a way, an advertisement by a video, design, or symbols. The leader of such a team is the chief marketing officer who drives all the company’s marketing initiatives or organization.
Marketing involves many types of research on consumer taste, consumer problems, consumer habits, and many other data. The data collected is then processed and analyzed, and then marketing takes place.
A good marketing initiative influences the customers and society at large. From such influences, goods are sold, and revenue is generated. Marketing is such an essential role in any organization.
Who is a Chief Marketing Officer?
The chief marketing officer of an organization is in an executive position. He takes control, initiates, and oversees the marketing activities of the organization. This position may be called in several different terms, like marketing director. The marketing director looks into the advertising activities, prepares consumers’ data by the research, and manages the marketing communication.
The marketing officer must have an essential marketing degree; an MBA in marketing is also a preferred option, although not necessary. Experience is the most required aspect of this role. To become the chief marketing officer, you have to have experience of direct supervision over several marketing staff. Strong leadership skills and an ability to play a role in a dynamic environment, prepare marketing research, and preparing data are some of the skills.
Why is a Chief Marketing Officer Required?
Chief marketing officer is a demanded role in all types of industries. Because the role includes marketing research, preparing consumer data, and designing advertising activities, it is much demanded. Because this involves revenue for the organization, the marketing officer is required. The role a CMO is required to play is one of the most important in the business. Without the required profits, a business cannot perform.
The CMO must make the perfect analysis, failing which he will be responsible for the business’s downfall. So he is required to take perfect and calculated actions in his capacity.
Why is the Chief Marketing Officer the Most Challenging Role?
The chief marketing officer (CMO) has the most challenging role in the business. This is because of the various roles he plays towards achieving the goals of the organization. Some of the challenging roles are –
- Brand Identity – Consumers identify a product with a brand. If a customer purchases a vehicle, he will see what brands he likes and then make a purchase. A CMO conducts activities to increase the brand image of the company. By his conduct, people perceive the brand and purchase their products. This improves the business sales and hence makes profits. The CMO involves himself in branding management. He also so oversees the product itself, pricing, and packaging.
- Market Research – Before launching any commodity in the market, good research on consumer information like purchase habits and consumer tastes is prepared. This involves a lot of data collection in different markets. The data is collected through various customer polls & group reviews, then examined via graphs and charts. By this research and analysis, it helps the CMO to identify the needs of the market. Finally, the results are presented to the CEO and the directors of the company.
- Introduction of New Commodity – Introducing new commodities into the market for the purchasers is essential. The CMO takes charge of new commodity improvement and marketing. From such introduction of new products, revenues generated. A small pilot study is conducted in a particular area to decide whether to introduce the product or not.
The CMO must play all these roles, strategize marketing and generate revenue from sales to the organization. He must also ensure to minimize the cost and risks involved through the marketing research analysis. Sometimes because of the unpredictable marketing efforts, the strategies fail, and the revenue falls. So this is one of the most difficult challenges as a CMO.