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What is the best Chief Marketing Officer (CMO) Strategy for 2021?
As business evolves in 2021, what are the implications for marketers and how should they plan strategy and make investment decisions? We speak with Bill Wohl, a top marketing and communications leader, about core topics of concern to Chief Marketing Officers in 2021.
This conversation covers a broad range of topics, including:
-- 2021 marketing strategy: key trends and changes
-- What is the role of empathy in marketing?
-- "Customer experience is the new brand loyalty"
-- How does consumer behavior affect marketing strategy?
-- Cross-functional alignment between marketing, sales, and finance
-- Authenticity, branding, and marketing
Bill Wohl is a highly regarded communications and marketing executive, who is globally recognized for leadership in crisis communications. His consultancy helps companies with crisis communications; repositioning brands and products for growth acceleration with differentiated messaging; and for his notable expertise in CEO and C-suite counsel through succession, M & A, activist investors, and litigation.
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From the conversation:
Michael Krigsman: How should marketers think about strategy for 2021?
Bill Wohl: Today's conversation comes at a time when there is a renewed sense of hope that things are going to improve. What has marked the last 12 to 14 months has been this period of unexpected and change. That's required CMOs and communicators to rapidly adapt to an evolving situation really without a playbook.
That, I think, is something that will continue in 2021, because, in your introduction, you talked about the new norm, the post-pandemic norm, the return to norms. Nobody is really quite sure.
I think we can make some good guesses, but no one is really quite sure what the new norm will be. I think the watchword in this period is "continued adaptability."
Michael Krigsman: Adaptability, can you put some color on that?
Bill Wohl: I think that CMOs, in large part, have always had to adjust on the fly. But there's no question that the CMO is really now about revenue, about retention, about acquisition, about managing a tech stack, about analyzing and reacting to data. It's about customer experience, digital e-commerce, CSR, and more and more and more.
All of these things have been pushed to the forefront during this pandemic period where companies have said, "Oh, my goodness. How are we going to operate now?" They've turned to their CMOs and say, "Figure it out."
That's actually good news. It's pushed marketing to the forefront. It's driving the strategic value of marketing in the organization.
I think the challenge on all of us in the profession is to keep marketing there. That's where the work is.
