10 Best CMOs in India
A Self-Starter Delivering Sustainable Revenue & Profit Gains
Chief Marketing Officer,
❓Please share your biggest challenges over the last two decades, as well as the strategies you used to overcome them.
The marketing world is extremely fast-paced. A successful strategy that delivers results at one moment becomes a huge failure at another when the competition changes its modus operandi and starts eating your share of the segment. New market trends and new tools keep emerging; so the team must catch up.
Training new team members is another challenge, as the existing team’s efforts are diverted. But then, due to fast-changing technologies and professional development, the ongoing training of the entire team is imminent. So, the team leaders or the members must continue their learning while on the job.
Customer retention is another challenge. New customer acquisition is costlier than retaining existing ones. Also, a 5% increase in retention may enhance your business’s revenue by 2X. Hence, a focus on reducing customer churn by investing in retention planning by way of special offers to existing customers, improving customer support, and a loyalty programme certainly helps. On the other hand, evolving customer needs change everything. The attitude towards brands and the needs of customers keeps evolving. Hence, for the marketing teams, it is important to stay updated on these ever-evolving needs by way of surveys, and social media listening.
Entering new markets ensures business growth. It is critical to explore niches or new market segments to increase revenue. To achieve this, periodic market research is essential. Using the language that’s known to the new prospects and optimising the website and social media pages accordingly helps too.
However, the biggest challenge is measuring the marketing efforts’ ROI. The marketing team must gauge the effectiveness of a campaign and ensure that their inputs translate into profits for the organisation.
❓Addressing market uncertainty is the biggest hurdle for today’s CMO. What technologies are you currently leveraging to overcome the market research challenges?
Rapid digitalisation and marketing through data analytics were quickly adapted by successful businesses. How the available data is used to offer a personalised customer experience is the key to success for any organisation in the present time. Brand awareness campaigns have evolved using new technology and data mining sources. Businesses that can make smart decisions based on it will be successful.
❓We would love to hear more about your marketing practices. What have been some core strategies that you have restructured as CMO?
Testing new marketing tactics and techniques is the way forward. Using new marketing tools may be risky but waiting until these are tested is of no use once the competition has acquired them too. Bringing in-house brand strategy is the mantra, as no one else understands their business better than the key stakeholders. Staying updated with market analysis is extremely important, and hence, the CMO and the marketing team must have a deep understanding of the market. Therefore, periodic research is essential for developing or modifying strategies.
❓Tell us about the unique skills that differentiate you from your peers in the industry.
Alignment of key personnel. The most effective projects we have completed are when all team leads are involved from beginning to end — to provide guidance, voice concerns, and share lessons learned from their areas of expertise.
❓How do you plan the growth of your organisation?
The growth of an organisation is directly proportional to its capability to capture the right data and synthesise it to achieve maximum customer satisfaction.
❓What is your success mantra, and how are you giving back to society?
Our organisation has contributed to girls’ education. We have helped the needy during the pandemic. We have contributed to many schools for the poor in Nagpur and surrounding areas.