4 Key Skills Every CMO Needs for Success in 2020 and Beyond

Chief marketing officers (CMOs) will face many challenges in 2020. COVID-19 will be the defining trend of the year - and possibly future years - but it won't be the only factor CMOs will have to take into account as they set their sights on growth and success.

Qualities like efficiency and an enduring focus on the customer experience have always been important in marketing, but could prove more crucial than ever in the current business environment, as you work to win new customers and keep your existing ones happy.

In these unique and undeniably challenging circumstances, here are four traits that could prove particularly important for CMOs in 2020 and beyond:

1. Know how to be efficient

An understanding of efficiency and how to put it at the heart of your marketing activities will help you overcome one of the most common challenges CMOs face: achieving results and delivering returns for the company at a manageable cost.

In a survey of 226 CMOs by Forbes Insights, in partnership with The Trade Desk, driving efficiency in marketing emerged as the top-of-mind issue, cited by 46% of respondents.

One of the key benefits of the modern marketing landscape for CMOs is the range of options available to measure and improve your efficiency, from campaign planning tools to time management apps.

2. Comfortable with data

To give a truly accurate and compelling account of the results your marketing efforts are generating, you need to be confident using data.

Research on the state of data-driven marketing has shown:

• 33% of top marketers say data collection and analysis technologies are the most useful resources for understanding customers
• 68% of marketing professionals see improving ROI measurability as the top goal for a data management strategy
• 66% of marketing data is used to improve the targeting of offers, messages and content
• Companies that use data-driven marketing are more likely to have an advantage over their competitors and increased profitability

The digital revolution has opened up more channels than ever for companies to collect data. But to really benefit from it, you need the right methods, technologies and skills to turn raw data into usable insights that can inform your marketing strategy.

3. Ability to be flexible

Marketing is a fast-moving space where businesses and individuals are facing new challenges, demands and opportunities all the time. To stay on the frontline of change and minimize the risk of your company falling behind its competitors, you need to show flexibility and an ability to respond to dynamic trends.

The COVID-19 pandemic is an example of how external factors can have a huge impact on marketing trends in both the B2B and B2C worlds.

At the start of 2020, most people hadn't heard of coronavirus, but in the space of just a few months it had sparked a global health crisis that drastically altered how businesses operate and how people do their jobs and go about their daily lives.

The CMO needs to take on some of the responsibility for managing unpredictable situations like this and lead their company's response to them.

Flexibility can also be crucial for CMOs when you want to expand or freshen up your marketing team with some new hires. When you bring new people onboard - particularly members from younger generations - it's important to recognize that they could have different perspectives, working habits and preferences to existing employees.

You can set a positive example from the top by respecting different approaches and finding working methods that not only suit the various members of your team, but also deliver results for the business.

4. A focus on the customer

The most successful CMOs never forget that delivering the best possible experience to the customer - from brand new prospects to long-term, loyal buyers - should always be a key marketing goal.

New technologies like AI and machine learning are opening up exciting opportunities in the marketing industry, but will only be truly beneficial if they help businesses deliver value to the customer.

The 2018-19 CMO Spend Survey from Gartner revealed that marketing leaders are prioritizing customer experience and analytics, but could be at risk of overlooking acquisition and retention.

As businesses attempt to navigate the current environment and target success in the coming years, CMOs will be at the forefront of enabling growth by delivering results for existing customers and attracting new buyers.