How CMOs are redefining their strategic impact

Over three years ago, I took on the role of chief marketing officer (CMO) at onsemi to guide the company through its transformation and to rebuild the marketing team from the ground up. I quickly realized that the marketing department was functioning merely as a marketing communications team, lacking a strategic focus on creating a world-class brand identity and generating demand for business growth. I knew I had to lead a significant transformation of our marketing organization.

One of the key hurdles for the marketing team was transitioning into a growth engine. With an outdated martech stack and a lack of governance, many leads were neglected, resulting in missed sales opportunities. My objectives became clear: define a vision, establish a robust martech foundation to support it, hire top talent and upskill the existing team, develop a set of effective marketing strategies, and set new benchmarks for success.

The CMO reimagined

My experience at onsemi is no different from the challenges faced by many CMOs in today’s dynamic market where the reimagined, modern CMO must navigate a multifaceted ecosystem of customer and digital experiences, among others, marking a significant departure from the traditional marketing paradigm that was primarily focused on brand management. CMOs are not only tasked with driving transformations for their teams but also continuously redefining their roles within the organization and the executive suite. This shift mirrors a broader change in the marketing domain, where the role has expanded to encompass new responsibilities.

With shifting market dynamics, evolving customer expectations, and a rise in digital interactions, CMOs are at the forefront of identifying business trends. They also are demonstrating how marketing strengthens brand equity. That includes engaging customers, which contributes to company success. Consequently, CMOs must expand their expertise beyond core marketing functions. They must address a broad spectrum of organizational objectives, ranging from digital experience strategy to customer experience, and even shaping the organization’s fundamental values.

Moreover, CMOs are advocating for more digital and AI transformation initiatives to align with customer expectations for highly personalized experiences, gathering valuable insights for improved lead disposition and decision-making.

With their broadened expertise, CMO insights have become invaluable to boards of directors. They offer a deeper understanding of marketing functions, strategic growth strategies, and business contributions. As a result, CMOs are taking a more prominent role at the leadership table. That includes honing the brand’s message and driving business strategy. It also means fostering customer relationships and uncovering new growth opportunities.

Inspiration from B2C marketers

Given the changing landscape and the imperative to further propel growth, business-to-business (B2B) CMOs are turning to their business-to-consumer (B2C) counterparts for inspiration for different, innovative approaches. While B2B and B2C marketing practices differ in their target demographics, customer engagement, and purchasing decisions, valuable insights can be extracted from the B2C strategy. Notably, B2B CMOs can benefit from embracing B2C strategies such as digitalization and personalization.

B2C companies have led the way in digital personalization, leveraging generative AI technology and successfully orchestrating the end-to-end customer journey online—from initial discovery and engagement through the transaction to post-purchase. In contrast, many B2B companies still chart their digital course, often relying upon traditional call centers or inside sales to advance opportunities rather than enabling AI and fully digital information exchange.

Moreover, B2C entities understand their customer personas and digital footprint behavior and can, therefore, tailor recommendations that resonate with individual preferences and past interactions. While B2Bs are catching up on enhancing their personalization tactics, they must navigate the complex challenge of aligning multiple stakeholders in the buying process.

In the end, CMOs, whether B2B or B2C, are responsible for driving demand and upholding the brand’s reputation. These functions are core to the marketing discipline. However, with the advent of artificial intelligence and the emergence of new technologies, the role of the CMO is set to expand further. This is only the beginning of the transformation we will see over the next decade.

Felicity Carson is chief marketing officer at onsemi.