The study identified three types of CMOs, and how leading companies have adapted to the market disruptions caused by COVID-19.
The findings offer a comprehensive look at how brands and their CMOs responded to the global pandemic, and the strategies they are prioritizing as they build momentum towards recovery.
Though every CMO responded differently to the crisis, the study identified three distinct personas:
- The Disruptor - Approximately 9% of CMOs avoided conventional tactics and adopted radical new strategies in the face of uncertainty
- The Progressive - Roughly 60% adopted bold and innovative tactics, but based their decisions on past experiences
- The Traditionalist - The remaining 31% favored the tried and tested methodologies to reach customers
84% of CMOs also agreed that one of the most significant challenges in their field is the application of data and marketing technology. While they can outline the need for robust marketing technology and data, 70% still feel that there is a gap between the current
capabilities of these solutions, and their vision. To complicate matters, 12% were forced to sacrifice investment in this vital area during 2020, as companies made COVID-related cuts.
At around 1.08 pm, Wipro is trading at Rs588.95 per piece down marginally on Sensex.