dentsu X has presented this Thursday the report CMO Survey Panorama 2021, Spain Edition “Towards the unknown”. In it they offer an accurate vision of what is happening in our market contrasted with the responses of more than 1,250 CMOs from 11 other countries
The uncertainty caused by the coronavirus has brought to brands the need to take the reins of marketing like never before, something that has fallen to a new figure: the Hyper CMO, who will control the destiny of companies. In fact, in Spain, almost 40% of these Hyper CMO build their brands around what customers need and they use consumer knowledge to shape innovation and new product development.
These are data from dentsu X, who have presented this Thursday the CMO Survey Panorama 2021, Spain Edition «Towards the unknown», a work coordinated by its Consumer Insights & Strategy department with interviews with 100 marketing directors of large companies, offering an accurate vision of what happens in our market contrasted with responses from more than 1,250 CMOs from 11 other countries.
It has been featured by Tim Cooper, Global Head of Thought Leadership at dentsu X, who has summarized the global insights of the study and Sanjay Nazerali, Global Managing Director & Chief Strategy Officer dentsu X. Also present were Elisa Brustoloni, Managing Director at dentsu X Spain and Farah González, Consumer Insights & Strategy Manager at dentsu X Spain.
In it they have been able to define what the profile of a Hyper CMO should be like and what are the 5 key strategies that these leaders must follow. «Last year we introduced an integrating CMO, the engine for transformation. The blow has been strong for companies but the worst is over and we have new possibilities. We are giving way to Hyper CMO, the adapted and fast-paced evolution of the integrating CMO, ”said Brustoli.
Necessary to understand and understand consumer behaviors through the first party data, direct e-commerce strategies and increased investment in CRM to maximize brand equity.
In a changing environment, the data collected must be rapidly transformed into plans capable of attracting and retaining customers, prioritizing content and price optimization.
Creating closer links between departments and serving as an integrator on the steering committee and even with other departments or suppliers allows for more effective adaptation to the changing needs of consumers.
Large brands can consolidate in this crisis by acquiring or merging with small companies that fill strategic gaps in their offer of products and services.
Companies must guarantee that all their elements and processes can be scrutinized and submitted to public opinion. In crisis situations, people look for responsible companies that are committed to society.
2021: Challenges and strategies
During the coming months, CMOs will face a reality that has no antecedents or instruction manual and is what will define their functions in 2021. The challenge that more Spanish CMOs agree on (39%) has to do with the justification for the investment in marketing, where they will have to demonstrate the return of each euro invested. This figure is double the result of the rest of the countries included in the report.
“He Marketing budget has been reduced by 30% in 2020compared to 5% in 2018 and 4% in 2019. The big question for CMOs is: How will consumer behavior change? ”Cooper said. “Understanding the behavior of consumers in the face of the changes produced by the pandemic of the last year is necessary to take the first step in effective marketing strategies. The idea is that they meet the new demands and not become obsolete.
Many brands have embraced out of necessity digital transformation at an unprecedented rate. Despite this and other changes that make up the new normal, in Spain 96% of CMOs have been using strategies from previous recessions to face this new and different scenario, compared to 88% on the global average.
The way of offering responses to the crisis varies in Spain with respect to marketing directors in other countries. In our country 29% of CMOs have identified as a key point their ability to be inclusive and achieve a unified work among all members of the management, compared to 20%.
Within this set of strategies that CMOs implemented in Spain to get through the delicate situation experienced in 2020, the most effective were: the work side by side of the steering committee (C-Suite) to make decisions in a consensual and efficient manner without affecting any of the business areas (21%); optimize the pricing scheme and offer products and services adapted to the needs of the moment (20%), and be agile when adjusting the marketing mix to focus investment on those channels with the best return (17%).
The marketing moment
Despite the fact that now everything seems to lose validity almost immediately, what is happening will have strong implications on the future of society. Some CMOs have decided to focus on the fundamentals of marketing in response to this whole situation, although they are applying them in a “pioneering” way, going back to the origins of marketing and regaining leadership in its four 4Ps: product, price, point of sale and promotion.
In addition, what has been seen during the crisis and in what we have been recovering, is that lLeading brands have demonstrated their more responsible side through tangible actions and useful experiences for consumers, is the consolidation of the fifth “P”, the purpose. Leading strategies have emerged, but now the focus must be on the ability to deliver results that meet expectations. The survival of brands and even the country’s economy depend on the marketing function as a driver of growth.
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