2021 Considerations for CMOs

Many CMOs (Chief Marketing Officers) and Marketing Leaders, should expect and plan for more uncertainty and reduced budgets in 2021. They should continue to expect the unexpected. But how can you plan for such uncertainty? As businesses continue to navigate the prolonged period of uncertainty and a state of flux, one way to prepare and plan for this is to build agility and flexibility in your 2021 plans. For the time being, these themes should form the guiding principles of marketing’s planning, processes, and operations.

Here are five considerations for CMOs and Marketing Leaders as they plan for 2021.

1.       Expect the unexpected: create a nimble organization or marketing function which builds in ‘agility’ by establishing warning indicators. This will allow for adaption of plans in response to changing market conditions.

2.       Be authentic: generic messaging is never helpful or appealing to customers at the best of times, and even more so in the current climate. Your customers want and expect authenticity. Show them you understand their pain points. Show them you can provide solutions that solve the concerns which are front of mind right now.

3.       Continue to create long-term value: it is hard to think about longer term goals and objectives these days, however, being able to maintain positive reputational impact and customer experience will support longer term value creation and the revenue engine. Therefore, try not to cut back too intensely on lead and demand generation activities.

4.       Better understand your buyers: CMOs must pay even closer attention to their buyers and personas during this time. A better understanding of your buyers’ emotional drivers in the decision-making process means you will have the necessary insight and ability to add more relevance and value in your communications.

5.       Be customer-centric: businesses that are customer-centric and place their customers at the centre of everything they do, are more likely to succeed and grow. Marketing teams should look to adjust their performance metrics and dashboards with a stronger focus on reflecting the value produced for their buyers and customers rather than internal achievements.