Marketing Matters in Asia-Pacific

WFA members in Asia-Pacific agreed that marketers must move away from speaking their own, confusing marketing lexicon and an unhealthy obsession with the shiny and new (© All That Matters).

Marketers from some of the biggest brands in Asia-Pacific gathered in Singapore to debate the challenges facing the art and science of the marketing profession.

The challenges being faced were reflected in a poll at the start of the meeting revealing that only 48% of respondents felt they were viewed in their organisation as ‘high-value contributors driving growth’, while 47% felt they were perceived as ‘bringing moderate or good value’. Just 5% felt they were perceived as 5-star value creators and game changers in their organisations.

Many felt that this demonstrated that the much-needed mindset shift to a more business focus remains for a huge number of marketing organisations.

But while the challenges were top of mind, the meeting was also an opportunity to remind marketing leaders of the contribution of the CMO function:

Keeping the voice of the customer at the top table

Customer-centricity remains a strategic business imperative, reinforcing the role of CMOs and marketing within their organisations. By keeping the voice of the customer at the centre, organisations can create meaningful connections, build strong brands and maintain or grow their market share.

Empathy with the CEO

Marketers should align their efforts with CEO-level priorities. A member shared: “What a CEO expects of the CMO and the marketing function in general is firstly the ability to recruit new customers and retain existing ones….”

Underpinning these discussions was the ongoing tension of how to frame the CMO role. “Should we be called CMOs, CDOs, CDMOs, CGOs - aren’t we ALL chief growth officers?!”. Clearly this debate is not helpful. Changing a name doesn’t make something more valuable. The fact is that CEOs do not understand marketing and have little ambition to do so – but they DO understand growth.

Innovation and creativity for growth

Marketers are often early adopters and technology evangelisers within their organisations, but innovation and true creativity must go “beyond the pursuit of awards”. While craft is important, it must also address real business problems to drive growth.

Marketers should keep a clear understanding of how their business generates revenue and focus on the business model, rather than being solely “enamoured with the craft”.

Effective partnerships for growth

Whilst the primary goal of partnerships is typically business impact, the magic often happens when other goals are addressed, for example social impact. Interestingly, this is where brand owners need to look to partners who contrast their own organisations. Seeking partners with similar audiences is unlikely to have a transformational impact.

Redefining value for the long-term

Yet alongside the discussions about contributions to growth, the role of marketing goes beyond driving profit; it has the power to redefine value for the long-term well-being of society and the environment. Marketing leaders must ensure that ‘chief growth officers' do not become ‘cheap growth officers' – they should be stewards of systemic change and sustainable transformation.

Marketing as the integrator

Unlike CSOs or CFOs, who often begin with a more specific focus, CMOs are well placed to bridge organisational gaps and inspire cross-functional collaboration, internally as well as externally. By sharing the brand story, marketing can rally everyone around a common vision, much “like a conductor leading an orchestra”. With an increasingly expanded scope, some CMOs are now overseeing not just marketing but also innovation and sustainability, underscoring marketing’s evolving role as the integrator of business strategy.

The WFA CMO Forum at Marketing Matters 2024 in Singapore.

WFA members in Asia-Pacific know that CMOs cannot focus on status quo and hope things will return to the way they were. That we need to step away from speaking our own, confusing language and being over-obsessed with the shiny and new.

It’s time to learn the language of the CEO and CFO and demonstrate the contribution to the business of effectively impacting behaviour change. Because that is when marketing, still, truly matters. In Asia and around the world.

Many thanks to WFA’s Asia Advisory Board for playing a key role in building the agenda of the day and facilitation throughout the meeting.