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Today’s CMOs are dramatically different than CMOs of a decade ago. Today’s CMOs have a seat at the table when it comes to core business decisions, things like embracing and driving digital transformation, formulating and implementing growth strategies, technology adoption, forecasting revenue outlook, developing pipeline management strategies, and the like.

Heavily invested in business decisions, modern CMOs must be adaptable, innovative, and agile. CMOs today aren’t watching the customer journey from afar—they’re shaping it. They aren’t taking orders—they’re driving growth. In short, CMOs’ responsibilities have been evolving for some time, such that they look entirely different than they did a mere decade ago. Let’s explore one report that breaks down the changing role of the CMO—and all the challenges that come with it.

CMOs Today, By the Numbers

In a recent study—The CMO Shift to Gaining Business Lift—the CMO Council and Deloitte gathered responses from more than 200 CMOs across a variety of industries and geographies, over one third of which hail from companies netting over $1 billion in revenue. Here is what the study uncovered:

  • Twenty-seven percent of CMOs today report they’re primarily responsible for developing growth strategies and generating revenue, beating out CEOs as principal driver of revenue by five percent.
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  • Marketing is expected to be a significant growth driver among senior management and the board, with 68 percent of respondents calling it either a primary mandate or a high expectation. Twenty-three percent called it a moderate expectation. (See Figure 1.)
  • Many marketers reported refining and shaping the brand (44 percent) and polishing campaigns to predispose prospects (42 percent) were some of the best ways marketers could inspire growth.
  • When it comes to the top methods for driving revenue, utilizing data for effective campaign spend and embracing new digital advertising and engagement technologies—aka MarTech—topped the list. Embracing e-commerce and finding new paths to recover accounts fell to the bottom. (See Figure 2 for a full breakdown.)
  • Survey responses show a well-designed web presence still reigns supreme: Site design, interaction and conversion came in first (46 percent) when asked what areas of digital marketing innovation most directly benefit the CMO’s goal of increasing revenue. Targeting, predictive analytics, and personalization came in a close second (44 percent).

Figure 1. The CMO Shift to Gaining Business Lift

Figure 2. The CMO Shift to Gaining Business Lift

CMO Growing Pains

The CMO Council/Deloitte study was a kind of litmus test for CMOs today, looking at the story behind the rapid acceleration of the role. While the researchers found highlights of the journey, they also found its challenges:

  • CMOs report being often “bogged down” with things like approval cycles, operational tasks, and meetings instead of using that time to advance digital transformation initiatives. Forty-five percent of respondents, to be exact, indicated they spent too much time reviewing campaigns, budgets, and marketing plans.
  • Only 16 percent of respondents indicated they had a seat at the table with other executives to discuss global business strategy.
  • A mere eight percent of CMOs said they spend time auditing and working to improve the customer experience (CX)—a big disconnect, especially when competing on CX is the way to get ahead in the digital economy.
  • Many CMOs indicated their actions primarily contributed to long-term operational change rather than short-term revenue growth. (See Figure 3).
  • One in four CMOs said they only get support from functional leaders “some of the time,” often indicating it varies depending on who is in charge.
  • Many respondents reported struggling to achieve fully integrated analytics.

To overcome these challenges, the CMOs surveyed indicated they’d be open to rethinking their priorities and deliverables (51 percent), delegating more tasks (49 percent), and hiring team members with additional skills (44 percent) in the coming year.

Based on the research, The CMO Council and Deloitte identified “key opportunities” for CMOs and other high-level marketers moving forward. These include shaping the customer experience as a business driver, not a system of campaigns, shifting strategy and investments around culture and technology, and better communicating the value of efforts in terms of revenue.

Figure 3. The CMO Shift to Gaining Business Lift

What’s Next?

All in all, the study concluded “tremendous opportunities await CMOs in 2017 as they more fully embrace the roles, actions and strategies that drive substantive growth for the entire organization.”

I couldn’t agree more. My team and I have been watching the role of the CMO evolve for some time now, even examining how the typical CMO’s personality stacks up against that of the rest of the C-suite, and we’ve seen this coming.

CMOs, are you tasked with driving growth within your organization? What are your challenges as you embrace these new responsibilities? Tell me in the comments.

Additional Resources on this Topic

The Role of the CMO in Digital Transformation
The Modern CMO: Adaptable, Innovative, Agile
The CMO’s Changing Role

Photo Credit: divyaaum Flickr via Compfightcc

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DUBLIN--(BUSINESS WIRE)--The 'Global Bio CMO Market: Size & Forecasts with Impact Analysis of COVID-19 (2020-2024 Edition)' report has been added to ResearchAndMarkets.com's offering.

The global bio CMO market has witnessed stable growth in the past few years and is expected to grow at a healthy rate during the forecasted period (2020-2024), the market is anticipated to further propel with a poised growth rate.

Companies Profiled

  • Lonza
  • Boehringer Ingelheim
  • Samsung Electronics (Samsung Biologics)
  • Wuxi Biologics

The growth of global bio CMO market would be supported by the growth drivers such as rising pharmaceutical industry, growth in biosimilar industry, rise in drug approvals etc. However, the growth of global bio CMO market is being obstructed by numerous challenges such as, lack of technology, security and knowledge, inappropriate methods followed by CMOs etc

This report provides an analysis of the global bio CMO market, with detailed analysis of market size and growth, penetration rate, and manufacturing process. Brief segment analysis is provided with their actual and forecasted value. In addition, an analysis of the global biologics market by value, by top selling products, etc. is also mentioned in the report.

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Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global bio CMO has also been forecasted for the years 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

It is being seen that many CMOs are now interested to differentiate their services. For this purpose, many CMOs are actively endorsing their integrated development and manufacturing services. Hence, they are preferring to be known as CDMOs. In the wake of COVID-19, CDMOs are actively engaged in the process of developing therapeutics and vaccines for the ongoing pandemic.

Key Topics Covered:

1. Executive Summary

2. Introduction

2.1 Pharmaceutical Industry Overview

2.1.1 Segments of Pharmaceutical Industry (Drugs)

2.2 Biotechnology/Biologics Overview

2.3 Biosimilar Overview

2.4 Biologics/ Biosimilar Manufacturing

2.5 Bio CMO Overview

2.5.1 Comparison: In-House Vs CMO Production

3. Global Market Analysis

3.1 Global Biologics Market Analysis

3.1.1 Global Biologics Market by Value

3.1.2 Global Biologics Market by Top Selling Drugs

3.2 Global Biologics Manufacturing Market Analysis

3.2.1 Global Biologics Manufacturing Market by Value

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3.2.2 Global Biologics Manufacturing Market by Segments

3.3 Global Bio CMO Market Analysis

3.3.1 Global Bio CMO Market by Value

3.3.2 Global Bio CMO Market by Penetration Rate

3.3.3 Global Bio CMO Market by Manufacturing Processes

3.4 Global Bio CMO Market Segment Analysis

3.4.1 Global Bio CMO Downstream Process Market by Value

3.4.2 Global Bio CMO Upstream Process Market by Value

3.4.3 Global Bio CMO Fill and Finish Process Market by Value

4. Impact of COVID-19

4.1 Impact on Global Bio CMO Market

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4.1.1 CMO Market and Covid-19

4.1.2 Participation of CDMOs in Covid-19 Vaccine Development Projects

4.1.3 CDMOs Planning for Fill and Finish Manufacture of Covid-19 Vaccine

4.1.4 Challenges

5. Market Dynamics

5.1 Growth Drivers

5.1.1 Rising Pharmaceuticals Industry

5.1.2 Surging Geriatric Population

5.1.3 Growth in Biosimilar Industry

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5.1.4 Preference of Biologics Over Small Molecules

5.2 Challenges

5.2.1 Lack of Technology, Security and Knowledge

5.2.2 Inappropriate Methods Followed by CMOs

5.3 Market Trends

5.3.1 Surging Pharmaceuticals Outsourcing Rate

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5.3.2 Capacity Utilization Rate of CMO Industry

5.3.3 Augmenting Need for Dual Sourcing

5.3.4 Growth in Mammalian Cell Structure

6. Competitive Landscape

6.1 Global Bio CMO Market Players: A Financial Comparison

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6.2 Global Biologics Outsourcing Market Share by Players

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7. Company Profiles

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For more information about this report visit https://www.researchandmarkets.com/r/v55q3d