Are CMOs feeling the pressure in an age of tech and data?
Marketers may increasingly be expected to have an analytical mind but, as leaders from L’Oréal, General Mills and the WFA debate, does that come at the expense of creative thinking?
In an industry increasingly dominated by data and algorithms, do marketers need to develop different knowledge and skillsets? That was the topic up for discussion among a panel featuring L’Oréal group digital officer Lubomira Rochet, General Mills global CMO Ivan Pollard and the WFA’s director, Asia Pacific, for marketing services Ranji David.
“80% of our connections with consumers happen online,” explained Rochet. “So it’s true that mastering the digital, the platforms, the tech, the data, becomes absolutely critical in a marketer’s role today and more profoundly to understand the trends, the movements within the ecosystem.”
But does that necessarily mean a change in the fundamentals of marketing? Is it just the tools that have changed, or does the average CMO now need a complete overhaul of their skillset?
The panel generally agreed that the key aims and justification for a marketing function remain the same, namely that you have to understand consumer needs and provide value.