Why has there been a shift in consumer behaviour? The Internet has played a big role. Consumers aren’t relying on TV advertisements any longer. Instead, they are searching the Internet to gather information before buying a product. A variety of new media are vying for consumers’ attention today, and, as a result, marketers need to divide their marketing budgets into more parts. This often means a smaller share for a particular marketing medium, a share which is often not sufficient to create the desired impact.
New markets are proliferating and asking for the marketer’s attention, while the traditional developed markets are not growing anymore. It is thus important for marketers to understand consumer psychology in the newly emerging markets.
Given this scenario, CMOs who used to focus on building brands, effective advertisements, and market research to lure the consumer today need to focus on changing their company’s strategy, communication, and product itself to adapt themselves to consumers’ evolving needs.
CMOs need to spread of their communications equally across newly emerged media like blogs, social networks, and online video sites. They not only need to reach consumers with the right intensity today but also need to anticipate what consumers will want tomorrow.
What do new CMOs need to do to accomplish these goals?
- Measure the impacts of their marketing efforts in order to show others in their companies how their marketing strategies are working out. To achieve this, today’s CMO needs more analytical skills than the traditional CMO, for whom creative skills were more critical.
- Exploit emerging markets and marketing channels to reach the consumers.
- Get an insight into consumer needs and channel efforts to build brand loyalty in consumers.
- Use various metrics to measure the impacts of their marketing efforts, and take corrective actions if those efforts fail to hit the mark.
The CMO is then, in some respect, the voice of the consumer to other parties in his organization. Only a successful CMO can elicit the requisite response within an organization to adjust to changing consumer needs in the marketplace.