1. Navigating the Challenging Global Economic Climate
(Time in the recording: 4:20)
The CMOs discuss the challenges that marketers face in the current economic climate and offer strategies for navigating them. They emphasize the need for agility and a focus on data-driven decision-making, as well as the importance of building a profit center rather than a cost center. They also discuss the need for alignment between marketing, sales, and technology teams to support overall business strategy.
Elicia Azali highlighted, “All marketing should be performance marketing. That requires an understanding of the value marketing plays to the business, whether that be strengthening the brand from an awareness standpoint or delivering an experience down to a sale.'”
2. Adapting to Changing Consumer Behaviors
(Time in the recording: 13:52)
The panelists presented insights into the changing consumer behaviors, dramatically impacted by the pandemic. They highlighted the need for marketers to connect with consumers in new ways, around personalized value and experiences. Elicia shared three consumer trends that fall under the theme of “yes, and” – consumers want their cake and eat it too, they want to shop everywhere and all at once, and they are both big brand and experienced brand consumers. The implication for marketers is to focus on personalized value and experiences and to connect with consumers in new ways to create value.
This section addressed the growing importance of balancing digital and physical investments. The speakers discussed the challenges of meeting customers’ expectations for a connected digital and physical experience and the importance of keeping up with these demands in the future. The need for an omni-channel approach to meet these demands was flagged as paramount.
3. The Future of Marketing and AI
(Time in the recording: 22:09)
The speakers discussed the impact of AI on marketing and how it is changing the role of marketers. They agreed that AI is not taking away jobs but making marketers more efficient and effective. They emphasized the need to stay relevant and learn to use AI tools to drive efficiency and personalization in marketing.
Matthew Klein asserted, “In 2024, AI is pivotal for strategic marketing. CEOs prioritize it, emphasizing the need for credibility. While AI streamlines tasks, our focus is on leveraging it for personalized client interactions. Though not a 100% solution, it offers a starting point, enhancing efficiency. Embracing AI also entails training stakeholders for a shift in work approaches, unlocking significant opportunities.'”
The CMOs talked about recognizing bias and inaccuracies in data, cautioning against blind trust in technology. They emphasized the need for human oversight in making crucial decisions, reminding marketers to be mindful of representing diverse voices in the data.
Patrick McLean clarified “…At the end of the day, it is the human that must be the one who is making the decisions.”
4. Integration and Cross-Functional Teams
(Time in the recording: 31:48)
In today’s business landscape, success is hinged on diversity of thought and cross-functional collaboration. This holds especially true as we gear up for 2024. The panelists highlighted the benefits of integration and cross-functional teams in their marketing organization. They discussed the evolution of integration, blurring the lines between marketing and IT, and the creation of cross-functional teams that amplify work.
Matthew Klein explained, “The structure becomes more fluid, the lines become more blurred intentionally and we are bringing together the right individuals with the right skill sets to create what feels like a more enterprise approach.”
The panelists also explored the challenge of balancing creativity and data-driven decision-making in marketing analytics, underscoring the importance of embedding creative skill sets into teams and focusing on leading insights and metrics.
Patrick McLean emphasized, “Amidst the focus on data analytics and ROI, we must not overlook the importance of creativity, empathy, and maintaining a connection with the customer. The marketer, often the most creative person in the company, plays a crucial role in being the empathetic voice of the customer. It’s essential to preserve this aspect amid efforts to increase efficiency and ensure it has a strong presence alongside analytical considerations.”
5. Key Advice for the Marketers Playbook in 2024
(Time in the recording: 52:26)
The event concluded with the panelists discussing key strategies for marketing success in 2024, including leadership and empathy, focusing on the consequences of inaction, and building foundational capabilities for scalability. Here are the wise words our CMOs left us with…
Elicia Azali advised, “Lead with being curious, decisive, humble, and confident.” She also advised leaders to focus on their people in the new year. “We have to make sure we’re creating space that we’re prioritizing their learning, that we’re prioritizing their development, whether that be in person or hybrid.”
Patrick explained, “Capability building is crucial—developing people, leveraging technology, optimizing data, and ensuring a seamless experience. Marketers are increasingly tasked with this foundational work to scale, enhance efficiency, and achieve more. This is an opportune time to focus on the building blocks of a scalable marketing model, ensuring everything is in place for a successful return to growth.’
Matt Klein emphasized, “The significant shift for us is recognizing that our primary competition is no longer the traditional set of competitors, but rather the cost of inaction. We are compelled to think differently, focusing on both stated and unstated needs and the consequences of inaction. It’s crucial to articulate the value we deliver to clients, emphasizing impact over traditional client relationships.”
Building Your Marketing Function in 2024?
At Talentfoot, our mission is to enable companies to drive growth by helping them recruit and build high-performance sales, marketing, and technology teams. To help you hire the right marketing talent for your team in 2024, we invite you to download our Marketers Interview Scorecard. Let’s build your future, together.
