Our perspective: Stephen Redwood
Deloitte Consulting LLP principal Stephen Redwood shares his thoughts on what it takes for today’s CMOs to be successful and how they can attract the right talent to stay ahead of the competition.
On what areas should CMOs focus to be successful in this new age of marketing?
Digital has changed the marketing world dramatically, reorienting businesses around the customer and providing marketers the opportunity to establish deep connections with that customer. As a result, many CMOs are earning an elevated status in their organizations. They have the customer-facing responsibilities they did in the past, and now they have an option to mobilize their organization internally and lead it in a very customer-oriented way. To do this, marketers should ensure that the brand resonates with the audience, and they should strive to replicate that external brand excitement inside the organization.
What teams do CMOs need in place to help them achieve their goals?
Marketing today is part art and part science. As a result, CMOs find themselves in a fierce talent war for skills and capabilities that previously they didn’t have to seek. They’re having to dig deep into the talent pool across all industry sectors to find people who are skilled in digital, creative, and analytics—and who can keep up with the rapidly changing technologies that support many of today’s marketing initiatives. They’re seeking people who know—or can learn quickly—how to engage audiences through the newest channels, including social channels and mobile apps. New applications and technologies emerge continually, so CMOs should keep thinking about how they’re going to keep their talent base current.
How can CMOs attract this type of talent?
CMOs should make finding and retaining talent a top priority because it can be a defining characteristic of successful marketing organizations. This doesn’t necessarily mean getting into a compensation war over candidates. Although you may be competing against Silicon Valley companies with significant capital to support talent acquisition, you should think about what’s important to Millennials. Deloitte’s 2016 Millennial Survey indicated that providing support and training to Millennials who wish to take on leadership roles could help foster loyalty. During the next two years, if given the choice, 44 percent of Millennials responding said they would quit their current employer to join a new organization or to do something different. Significantly, 71 percent of those likely to leave in the next two years are unhappy with how their leadership skills are being developed. So, marketers should think about how they can help employees achieve their goals and develop their skills as a means to attracting talent.
Published on May 27, 2016.