The Evolving Role of B2B CMOs – Customer Oracle, Growth Orchestrator

In the ever-evolving landscape of B2B marketing, CMOs find themselves at a crossroads. Gone are the days when marketing merely supported sales efforts; today's B2B CMOs are expected to be tech integrators, customer oracles and cross-departmental orchestrators. This transformation has become even more pronounced with B2B buyers demanding experiences akin to those in the B2C realm. A recent August 2023 global report by EssenceMediacom, in partnership with NewtonX, ‘The CMO Coming of Age Story: How digital transformation has elevated marketing to a C-suite growth driver ’, surveyed 188 Fortune 500 B2B marketing leaders and sheds light on the challenges and opportunities that modern B2B CMOs face.?

"There seems to be an unlimited number of initiatives that marketing can do. Determining and getting alignment around what's the best and wisest use of marketing resources can be challenging." – CMO, Business Services, US?

1. Are Modern B2B Marketers Outpacing the Organization?

CMOs have assumed the role of pace-setters for digital transformation within their organizations. The shift of B2B buyers to online platforms has empowered marketing to play a more prominent role in the customer journey, challenging the traditional dominance of sales. However, many organizations are struggling to break down functional silos, align goals, implement technology effectively and update legacy processes. Despite marketing's rapid adaptation, broader organizational evolution remains slower.

And, as Marketing has taken more responsibility for the entire customer experience, CMOs have entered the boardroom as the voice of the customer, with

62% of the survey respondents agreed with the statement, “over the last few years, I have seen a shift from a sales-owned customer experience to a marketing-owned customer experience.”

Metrics have improved in terms of measuring marketing's contribution to business performance, but challenges persist, with 56% of respondents citing "Proving ROI" as a significant hurdle. Technology companies appear to be leading the way in organizational integration, demonstrating the potential for marketing, sales, and customer success to work in unison.

The recommendation for improving the velocity of organizational readiness: Establishing alignment around common success definitions and implementing unified data systems are essential steps. Eliminating independent marketing goals and democratizing data across departments can facilitate a data-driven approach to performance measurement, benefiting various aspects of the business.

2. Can Customer-Centric Marketing Shift from Rhetoric to Reality?

Customer-centricity has become increasingly important for B2B organizations, with 80% of survey respondents recognizing its significance over the past 2 to 3 years. However, achieving a holistic view of the customer is challenging in a complex and anonymous buying journey. B2B buyers now rely more on self-directed research than traditional sales interactions.

The shift in B2B buying behavior and evolving privacy regulations have compelled CMOs to leverage intent data and advanced audience segmentation. These changes are driving significant investments in data and technology, with 70% of respondents reporting increased marketing budgets in these areas.

You indicated that your role has become more complex. What is driving that increase in complexity?

"The B2B customer in China knows more than we expected. They know both competitors and our products really well. The customer is already knowledgeable when they go to us," VP Commercial Marketing, Technology, China? (Quote from The 2023 Global CMO Survey)

The recommendation for achieving customer centricity at scale: Harnessing new age technologies like Large Language Models (LLMs) could greatly benefit in understanding customer needs at scale by synthesizing a wide set of both structured and unstructured customer data sets that lives in various parts of organization. Strategic partnerships with functional leaders, especially the Chief Technology Officer (CTO), can ensure data and technology strategies align with the customer journey.

3: Are B2B Marketing Legacy Playbooks Due for a Rewrite?

CMOs are tasked with revolutionizing marketing objectives, digital transformation, and customer-centricity. However, many still rely on outdated playbooks, limiting their creativity and differentiation. Content development and distribution have gained importance, reflecting the rise of customer touchpoints and relevant content.

"I've put more budget into digital…like short videos. It's more accessible to potential customers, especially the younger generations," – CMO, Business Services, India

Innovation and experimentation are vital in today's crowded digital landscape, with an emphasis on behavioral science and creativity. Automation and collaboration with content development agencies have become essential in delivering the required volume and variety of content.

Where is AI leveraged in your B2B Marketing approach?

The recommendation for marketers to be bold and experiment: Marketers must move beyond legacy GTM playbooks, embrace innovation, experimentation, and adopt a “full-brained” approach that combines behavioral science and creativity to connect with customers effectively.

The Modern B2B CMO Profile – Growth Orchestrator

Today's B2B CMOs face a complex and demanding role. Almost 90% of surveyed marketing leaders acknowledge the increasing complexity of their positions. To succeed, CMOs must orchestrate multifunctional growth engines within their organizations, encompassing branding, demand generation, data science, e-commerce, marketing technology, and CRM.

Investment in talent acquisition, especially in data and technology competencies, is on the rise. CMOs are expanding their teams and focusing on skills such as data analytics and machine learning. The role of CMO is evolving rapidly, with a shift toward data-driven decision-making and technology integration.

Looking to the Future

B2B marketing is undergoing a significant digital-led transformation, driven by changing buyer behavior and technological advancements. CMOs are at the forefront of this shift, tasked with redefining their roles as Growth Orchestrators. To succeed in this evolving landscape, bold leadership, innovation, and a commitment to customer-centricity are essential. The path forward requires CMOs to inspire other C-suite leaders to prioritize customer centricity and drive meaningful business impact.?

About the 2023 The Global B2B Marketing Report

From July 19, 2023, to August 21, 2023, NewtonX on behalf of EssenceMediacom conducted 26 in-depth interviews and 162 questionnaires of CMOs, Vice Presidents, and Department Heads of B2B Marketing from across the globe - North America, EMEA, Asia Pacific. These Marketing leaders spent at least 40% of their focus on B2B Marketing, worked at companies with at least $250 million in revenue, and came from a wide range of industries. All participants were custom recruited by NewtonX and their identities and roles were verified using a two-point verification process. The executives were in the top 10 within their industry across many sectors including Investment Banking, Food & Beverage, Technology, Industrial Automation, Pharmaceuticals, Logistics, Professional Services, Retail, Health, and Beauty.

NewtonX is proud to partner with EssenceMediacom on industry leading insights.

NewtonX solves the challenges of today’s B2B marketing and insights leaders by connecting them with verified business expertise. They field large-scale quantitative surveys, facilitate qualitative interviews, engage in long-term consultations, and create customized research plans. The AI-driven algorithm—the NewtonX Graph—custom recruits the ideal audience for your business question from an open network of 1.1 billion professionals across 140 industries. Every professional is 100% verified.

Their research has been cited by The Wall Street Journal, Fortune, Adweek, and more. Insights leaders at Salesforce, Microsoft, and Meta rely on NewtonX insights to make their next bold move with confidence.

To learn more, head to newtonx.com .