As with most professions, in marketing, leaders always need to ensure they are learning from the world around them and evolving with it. As the effects of the pandemic, and BREXIT regulations, have drastically changed the way in which the fashion industry is operating, this has never been more essential in the role of a chief marketing officer (CMO). Today, we want to look at the top skills CMOs should be investing in to stay on top of their game.
Market Insights
With the marketing industry constantly evolving, marketing leaders must ensure that they never stop learning if they want to remain at the top of their game. According to West Monroe Partners CMO, Casey Foss, a modern CMO needs to thoroughly understand the market and how outside market trends directly influence buyer needs, especially in today’s climate.
Nobody could have predicted the 2020 coronavirus pandemic, the effects it had on the fashion industry or how long it would last, but a good CMO needs to understand how the changes that the pandemic has brought with it are affecting buyers' needs.
We’ve seen a huge shift towards the digital world in both the fashion industry and the marketing industry as a whole, and according to Deloitte, this change has encouraged a shift in consumer’s search history. Between November and April 2020, searches for terms such as “contactless” increased by 7x as a result of the pandemic.
Digital knowledge
With this in mind, the next skill seems fairly obvious as it is essential that CMOs are staying aligned with their technical teams. Barclaycard’s marketing director, Alex Naylor, insists that “leaders must get their heads around digital, data and technology, given how quickly business models are being disrupted”, and we couldn’t agree more.
In a matter of months, the COVID-19 crisis has brought about almost 7 years of change in the way companies in all sectors operate (McKinsey, 2020). The digital industry has thrived during the lockdown as a result of more companies being forced to take their businesses online in order to survive. If CMOs do not understand the digital aspects of the industry, they cannot stay on top of their game, so it’s essential that CMOs are taking the time to invest in their digital knowledge.
All marketers have had to stay on top of their game during the recent changes to the way businesses operate. However, we believe that it is crucial that CMOs are investing in the above skills to keep up with the current events. If you have enjoyed this blog, why not check out some of our others in the blog section of our website.
