Experts Speak: Some must-have skills for CMOs in 2024

With the emergence of Artificial Intelligence (AI), brands have actively started incorporating it in marketing campaigns. In 2020, Mondelez launched an AI-driven Cadbury campaign, #NotJustACadburyAd showcasing small businesses by mapping local stores across India through their pincodes. Mondelez created thousands of hyper-personalised ad versions tailored to specific shops and pin codes. The second edition of this ad featured an AI-generated version of the actor Shah Rukh Khan encouraging the audience to visit the local stores during Diwali. 

Beyond Cadbury, numerous brands have experimented with AI for brand campaigns. In 2023, Coca-Cola merged art and technology, enabling consumers to send personalised Diwali wishes through the fusion of DALL-E and GPT-4 models on incorporating iconic Coca-Cola elements.

As per research firm Statista, India's AI market is projected to reach US$5.47 billion by 2024, with an expected annual growth rate of 17.94% from 2024 to 2030. 

With the increasing adoption of AI in marketing campaigns, CMOs who oversee a brand’s entire marketing and advertising activities must master their hand at AI and this demands continuous upskilling.

“The emergence of AI has significantly reshaped the marketing and advertising landscape, necessitating new skill sets within marketing teams,” Gaurav Mehta, CMO, Noise told Social Samosa.

Need of the hour

According to a PwC report, 62% of Indian employees believe the skills required to do their jobs will change significantly over the next five years, and India can become a pioneer in incorporating AI into business if the industry moves ahead with the right upskilling approach.

In response to the transformative impact of AI and other technologies on the advertising landscape, brand CMOs are upskilling themselves and their organisations.

Mehta affirms that staying ahead in the dynamic marketing landscape requires continuous learning. 

He said, “This involves deepening my understanding of AI, marketing technology, and data analytics while staying updated on emerging trends in the field.”

For instance, in 2023, CGI emerged as a dominant force in advertising, sparked by significant experiments worldwide, igniting a global trend. Indian brands swiftly embraced CGI, becoming the talk of the town and garnering attention. This rapid adoption of a trend or technology highlights the industry's dynamic nature and emphasizes the importance for brands to remain adaptable and trend-savvy to stay competitive.

Mehta also highlighted that upskilling extends beyond personal endeavors and it's a priority for the entire company. 

He said, “We invest substantially in employee development through training and mentorship programs, learning conferences, workshops, and internal knowledge sharing. By investing in our people and embracing innovation, we ensure our company remains at the forefront of industry trends, agile, adaptable, and ready to innovate in the dynamic world of marketing.”

According to Gartner, 63% of marketing leaders have either invested in AI or are planning to do so in the next 24 months. Interestingly, 90% of marketers believe that AI and automation help them reduce the time spent on manual tasks. The report further estimates that AI holds the greatest financial impact on marketing and sales compared to other business functions.

In tune with these statistics, Puneet Gulati, CMO of VLCC, echoes the necessity for a paradigm shift in the marketing landscape. 

He believes that the evolving consumer behavior, characterized by a plethora of choices and an increasing demand for personalization, necessitates experimentation and a holistic reevaluation of the entire marketing mix, thereby reshaping the role of the CMO to align with the dynamic needs of the modern consumer. 

Upskilling is all about taking action, hitting the ‘learn’ mode on the so-called ‘buzzwords’ and believing in incremental learning through experimentation.

- Puneet Gulati

Similarly, Binda Dey, CMO, Knight Riders Group also spoke about the importance of experimentation. 

She highlighted that the basic blocks of marketing have changed many times over the last twenty years of her career and that has taught her many things along with being open to continuous learning and experimenting.

Sharing how the organisation is fostering advancement, Dey said, “As an organisation, we encourage cross-functional knowledge sharing, upskilling through e-learning, and getting relevant certifications. We regularly have rotations of team members within marketing functions to try out their hands-on different roles to allow more holistic learning and career growth.”

What are CMOs looking for in today’s marketing candidates?

Alongside upskilling, brands are increasingly seeking individuals with diverse skill sets to navigate through AI evolution. The emergence of roles like Chief Digital Officer (CDO) and Chief Technology Officer (CTO) was influenced by the increasing significance of digital applications in marketing, and now, with the rise of AI, companies like WPP, Coca-Cola, and TVS Motor have introduced the Chief AI Officer (CAIO) role.

Capgemini’s research revealed that 40% of organizations had formed dedicated AI teams, highlighting the industry's focus on AI integration. This indicates that there's a significant reshuffling expected. 

CMOs told us a few must-have skills that they look for in a marketing candidate.

Dey spoke about working on a comprehensive understanding of AI applications in marketing and a proactive attitude toward adopting emerging technologies and marketing automation tools. She highlighted that proficiency in utilizing data analytics tools to derive actionable insights is one of the most needed skills. 

Additionally, Dey said that a customer-centric approach is imperative for both B2C (fans of the sports/franchise) and B2B (sponsors, partners, key stakeholders), with an emphasis on effectively engaging with them through new technologies and platforms. Furthermore, being metrics-focused, understanding KPIs and existing benchmarks, and being able to set up projections based on hypotheses, particularly for new technologies or platforms, is also essential.

As a CMO actively searching for talent, Mehta also highlighted the importance of adaptability and a proactive approach to learning. He said that he prioritises individuals who exhibit a proactive approach to learning, particularly in swiftly grasping and navigating new tools within the AI landscape. 

Furthermore, going beyond technical proficiency, he highlighted the importance of intellectual curiosity and effective communication. 

He said, “It is not just about tech prowess. Additionally, individuals should possess intellectual curiosity, with the ability to weave together culture, technology, and clear communication to craft truly impactful campaigns. Individuals must understand that data alone isn't enough; it is a tool to tailor insights to resonate with diverse audiences, building brand loyalty and driving success.”

Experts believe that along with the technical skills and understanding of AI apps and tools, building a strong marketing team demands a blend of soft skills. 

Geetanjali Chugh Kothari, CMO, Future Generali India Life Insurance Company Ltd highlighted that in the era of rapid AI and technological advancements, their approach to building a robust marketing team extends beyond technical expertise to embrace a holistic skill set. 

She said, “We prioritise soft skills such as adaptability, openness to change, and a keen eye for emerging trends, ensuring our team is not just equipped with technical proficiency but is agile in navigating the evolving landscape.”

While technology will continue to evolve and CMOs will always be expected to be agile, some skills are evergreen. Kindness, for example, goes a long way in building a stronger team and campaigns that truly connect with consumers. 

Experts shared such evergreen skills that must not be forgotten as AI wave takes over:

1. Marketers need to have the ability to think long-term, cultivate deep customer connections, and adapt to changing market dynamics effectively.

2. They must possess the skill to interpret complex data sets. 

3. Understanding and responding to consumer insights remain crucial for effective marketing. 

4. Deep knowledge of the product is essential for brand managers to communicate its value effectively. 

5. The ability to tell a compelling brand story and emotionally engage the audience through narratives is essential for effective marketing.

6. Aligning marketing strategies with company goals requires strategic thinking. This enables marketers to prioritise initiatives that support business growth and success.

7. Analysing and demonstrating the return on investment for marketing efforts is vital for optimising resource allocation and maximising campaign effectiveness.

8. Inspiring and motivating team members is essential for fostering collaboration and driving innovation within the marketing team. 

As AI shapes the marketing landscape, CMOs recognise the need to adapt to emerging technologies and cultivate enduring skills. Through investment in continuous learning, they aim to equip themselves and their teams to stay ahead in the A&M landscape.