Mastercard Chief Marketing Officer (CMO) Explains the CMO Role - CXOTalk

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What is a Chief Marketing Officer (CMO)? What is the CMO Role?

How can Chief Marketing Officers (CMO) adopt the latest digital technologies while keeping the benefits of "classical" marketing? The Chief Marketing Officer of Mastercard, Raja Rajamannar, explains marketing disruption and offers a CMO playbook for 2021.

During this conversation, we discuss how to allocate budget priorities, the challenge of becoming a marketing leader, strategic marketing, and the nature of tactical marketing in 2021. We go beyond demand generation strategies into the core of brand strategy that aligns with the organization's business goals.

Learn about these topics:

-- Chief Marketing Officer (CMO) tactics and strategy for 2021
-- How can Chief Marketing Officers develop the skills to create brand equity and brand value in 2021?
-- The changing role of the CMO and the modern CIO role
-- Empathy and customer experience
-- Strategic brand management and brand building in 2021
-- Loyalty and trust in the fifth paradigm of marketing
-- Data breaches and consumer trust
-- Challenges in marketing across international boundaries
-- The future of customer experience
-- Problems facing digital advertising platforms
-- How can marketing leaders adopt quantum marketing?

Raja Rajamannar is Chief Marketing & Communications Officer for Mastercard, and president of the company’s healthcare business. He also serves as president of the World Federation of Advertisers.

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Read the complete transcript and watch more videos: https://www.cxotalk.com/episode/cmo-s...

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From the conversation:

Michael Krigsman: As we shift to this focus on data and analytics, you used the term "empathy" several times. How do we bring forth that empathy for the customer when we're looking at spreadsheets of numbers?

Raja Rajamannar: One of the key things that technology does is to democratize the entire playing field. Data does exactly that. It gives you insights.

Now, in the olden days, technology was the province of large companies, which could put in boatloads of money. The same thing is true (or was true) of data. If you're a gigantic company with direct customer contact, you're accumulating data, or you can go and collaborate with other companies and get massive amounts of data. You can analyze and come to a significant advantage. Gone are those days.

Now, technology can be actually procured on a pay-as-you-go basis. Everything is in the cloud and there are so many services that are available that you can just pay on as you go, which means your outlay is less and, because of the intense competition, the solutions are affordable even for small companies. Data, which is permitted by consumers—I'm underlining the permission by consumers—is also available on a pay-as-you-go basis.

When the entire field gets leveled from a playing field point of view, competition massively increases. When competition increases dramatically, what separates your company from other companies in your marketing, is your creativity, the classical skills that you have got, which include empathy.

You need to understand the undercurrents of people's thinking and feeling and why they're acting, what drives them to act in a particular way and not in another way, what drives their choices. The classical marketing foundational elements will come in. Areas like behavioral economics will come to the fore.

The point I'm trying to make is that marketing is going to be mighty critical as technology and data advance more and more and level the playing field. Therefore, marketers have to be ready for the imminent future where they are going to be the single biggest drivers of success for their company to make sure that they're equipped to deliver the agenda of the company and also advance their own careers.