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- Chief marketing officers next year will need to reinvent their roles at U.S. companies to make the consumer experience central to their operations, expanding beyond the management of advertising and promotional activities, Forrester Research said in a report emailed to Marketing Dive.
- Economic challenges going into 2021 will expose the deficiencies of some marketing technology, systems and processes that were able to survive under stronger growth. CMOs can expect a year of reduced media budgets, fewer internal resources and less support from advertising partners like agencies and ad tech companies, according to Forrester.
- To survive the tumultuous times ahead, CMOs will need to foster diversity and inclusion among their teams to reflect changes in the marketplace, upend their business models to prioritize consumer experiences and focus on retaining their most valuable customers. In addition, CMOs will need to be more engaged with their employees and show leadership by getting things done rather than delegating key priorities. This reinvention will help to create new opportunities for businesses coping with the disruptions of the pandemic.
The key: building the relationship with existing consumers. It's where the focus needs to be over the next 12-18 months.
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