PETALING JAYA: When it comes to marketing and advertising, a lot of things have changed within the marketplace in the last two decades.
Perhaps the most important development has been the pace of digital transformation and the rise of data-centric approaches to creativity as well.
According to a recent study by Deloitte, only 5% of chief marketing officers (CMO) consider themselves to be high achievers, the lowest of any C-suite role.
In contrast, more than half (55%) of CEOs consider themselves high performers, followed by 35% of chief financial officers.
However, the lack of confidence among CMOs is more perception that reality. Most C-suite members perceive the CMO to be performing at a much higher level than they see themselves, particularly in areas such as demonstrating financial impact, customer expertise and initiating collaborative efforts.
For example, CEOs, CFOs and chief technology officers rank CMOs much more highly on financial impact than CMOs do – with CEOs ranking them around the 60% mark, compared to about 30% for CMOs.
However, relatively few people in C-suite roles see the CMO as owning the customer experience. Just 11% perceive the CMO as champion of customer experience and nearly half (48%) believe this responsibility falls under the remit of the chief sales officer.
In some key areas such as digital transformation (1%) and product road map development (3%) the CMO is nearly invisible. However, the CMO is generally seen as the owner of marketing strategy (46%) and new markets (42%).
The onslaught of technology and automation, performance-driven digital advertising and data-led marketing decision making are raising considerable questions about how to ensure creativity continues to flourish in the marketing function.
Yet while there is definite agreement the industry must do more to strike a healthier balance between the science and the art of modern marketing, and all of this comes down to understanding the customer better.
When it comes to what’s happening in this space in the Malaysian marketplace, this is where the Malaysian CMO Conference and Awards 2019 comes into play. It’s time to recognise Malaysia’s best marketers! Brave and brilliant marketers deserve fame too.The first-ever Malaysian CMO Awards are here to reward the best in the business of marketing.
Gregg Paull will be the head of the judging panel at Marketing Magazine’s CMO awards 2019! Other prominent figures in the judging panel include, John D Chacko(pic), president of International Advertising Association Malaysia, Datuk William Ng, president of Enterprise Asia, Andreas Vogiatzakis, group CEO of Star Media Group, Joel Neoh, founder of Fave Group, Surina Shukri, CEO of MDEC Malaysia, and Albern Murty, CEO of Digi Telecommunications Malaysia.
This awards event is to identify talent, transparency, tenacity, and a take charge attitude.
The objective is to recognise and acknowledge the immense contribution, inspiring leadership and trail-blazing achievements in Malaysia’s marketing communications industry.
An eminent panel of industry leaders will decide on the winners: all criteria based on results. Entry is free.
Did you find this article insightful?