Insights from the 2023 Cannes Lions International Festival of Creativity

As an official partner of the 2023 Cannes Lions International Festival of Creativity, which took place last week, BCG was on the ground with marketing and creative leaders from around the world to share insights and learn.?

This year’s event was focused on celebrating the creativity that drives progress, an idea that was at the heart of a wide range of conversations. With economic unpredictability, rapid advances in tech innovation, and fast-evolving consumer expectations all top of mind for CMOs, it’s clear that the role of marketing leaders is in flux. ?

THE CMO AS TECH GURU?

Staying on top of emerging technologies has become central to the CMO’s job—with the latest disruption, of course, coming in the form of generative AI. The new technology is already shaking things up: It can act as brand manager, assisting leaders in making the right decisions day-to-day. It can also automate certain streams of content production and shift the approach to search, personalization, and the whole customer journey.

To reap the full benefits of generative AI, marketing leaders need to build the right skills, teams, operating models, and tech stacks. The key challenge will be finding ways to balance the ability of generative technologies to unlock human potential and increase market efficiencies—while retaining brand authenticity and values.?

Watch the video:?BCG’s CMO Jessica Apotheker on the future of tech and marketing

THE CMO AS STRATEGIC GROWTH EXPERT?

BCG’s research shows that every $1 removed from the brand marketing budget today will require a $2 reinvestment in the future to make up for lost market share. CMOs have to sharpen their approach to brand investments, which means they’ll need to get better at prioritizing—knowing which occasions call for bigger bets, where the payoff will make a real difference, and when to pull back.?

That kind of precision branding will continue to shape marketing, with emerging technologies playing a large part in progress.

Watch the video:?David Ratajczak, BCG managing director and senior partner and member of BCG X, on how CMOs can add value where it matters

THE CMO AS CHIEF COLLABORATION OFFICER?

The marketing operating model is changing, as leaders organize for an uncertain future and weigh the need for specialized skills, ecosystems, and outsourcing. Resource allocation is more important than ever, especially when it comes to marketing technology, which is moving so fast.?

Today’s chief marketing officer must become a chief collaboration officer of sorts, working to break down cross-functional silos, absorb the opportunities of new technologies, empower internal and external teams, and spark creativity at every turn.

Watch the video:?Lauren Wiener, BCG managing director and partner, and Marissa Jarratt, chief marketing and sustainability officer at 7-Eleven, on the critical role of the CMO within the C-suite

THE CMO AS CREATIVE DIRECTOR?

The imaginative spark is still at the heart of the CMO’s job. While it’s true that generative AI will increasingly be able to produce content at scale, the technology is also triggering a renaissance of creativity and opening up new ways to connect with customers.?

“It used to be that it would take a few weeks to get maybe three creative ideas we could work from. Now you have infinite creativity at your fingertips.”

Sarah Franklin , President & Chairwoman Advisory, Salesforce?

“[GenAI] is so accessible on the one hand and so powerful at the same time. Everyone is buzzing with ideas and starting to experiment, and I can only imagine in the next 3, 6, 12 months where it’s going to take us.”

Alison Wagonfeld , CMO, Google Cloud?

“How do you stay distinctive? It’s humans plus AI that will make the difference. Creative marketers add on to the AI. That’s where the magic will be.”

Jessica Apotheker , CMO, BCG?

Watch the LinkedIn Live: Creativity Unleashed—How Generative AI Is Transforming Marketing ?

CMOs have so much to juggle these days, and the role will continue to change. But what seems certain is the growing power of the marketing organization to drive growth and long-term value for the organization as a whole.?

More of our top reads on marketing:?

BCG at the Cannes Lions International Festival of Creativity

How CMOs Are Succeeding with Generative AI

Leading Online Shoppers to the Finish Line

Don't Cut Your Brand-Marketing Budget. Rethink It.

Overcoming the Eight Barriers to Making Green Mainstream

Celebrating Our 60th Anniversary

Over the past six decades, BCG has maintained an unwavering commitment to our corporate purpose: unlocking the potential of those who advance the world. As we turn to our future, join us in celebrating the 60 years of impact we have already made through our clients and around the world.?

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