CMO Playbook for 2023 Prioritizes Growth
By Scott Davis & David Novak
How many CMOs have moved beyond marketing leadership and are emerging as growth-oriented drivers of "what's next?"
The Value of Business with a Purpose Worldwide
Increasingly, there is pressure on brands -- particularly those doing business in emerging markets -- to be cause-committed, truthful, authentic, community engaged, and morally and culturally aligned with how they can help the planet and society as a whole.
Doing Better by Doing Good, a new CMO Council initiative in 2023, will audit, identify, and showcase corporate best practices and successes in blending self-interest with altruism. It will evidence private sector commitment to ESG and sustainability progress, the benefits of CSI spend, and the value realized from improving the wellbeing of people, communities, living conditions, and micro-economies.
The CMO Council recently polled its global members on what they viewed as the essential benefit for making a stand as an ethical brand and evidencing corporate social responsibility in business. Findings indicate most senior marketers believe the biggest gain will come from furthering customer relationships and brand affinity.
Customer preference/trust 62%
Employee affinity/loyalty 28%
Financial performance/gain 6%
Investor confidence/support 4%
Responsibility for corporate ESG (environmental, social, governmental) and sustainability mapping and tracking is somewhat like ownership of customer experience (CX) in the enterprise. Defused across multiple lines of business, functional siloes and operational areas. Unfortunately, real ESG accountability and accurate reporting is still a work in progress for companies of all sizes.
Another CMO Council poll of its members on LinkedIn earlier this year reveals 84 percent of marketing leaders believe CMOs should be a pivotal leader and at the forefront of organizational strategy, delivery, adherence, and brand communications around the ESG mandate. A lesser 11 percent view CMOs as part of a team. Only a handful see the CMOs on the sidelines or not involved.
Doing Better by Doing Good: Pilot Program in South Africa
The Doing Better by Doing Good pilot program will highlight the innovation, vibrancy, inclusivity, and effectiveness of business with a purpose in the country. This program will showcase corporate South Africa and multi-nationals doing business in the country as best practice leaders worldwide and underscore the values and benefits that can be attributed to ESG commitment.
Areas of discovery and discussion with chief marketers and reputation leaders in South Africa (and abroad) will include:
Engagements for this program will take place across three categories of companies that are represented on the CMO Council: