Though the Covid-19 pandemic has hurt businesses across the advertising industry, a recent Deloitte survey shows that CIOs and CMOs are still in a strong position. Confidence among CEOs, on the other hand, has dropped from 55% to 35%.
“We are seeing a striking paradox in this unprecedented environment: As many companies undergo rapid changes in digital to adapt to changing customer needs, they are simultaneously working from a defensive, operational mindset,” said Jennifer Veenstra, managing director at Deloitte Consulting and leader of Deloitte’s CMO Program.
The role of the CMO is considered to be one of the most important during this crisis, with a defensive focus on efficiency rather than growth. This has led to an increase in more business partnerships (36%) as well as a change in priorities for brands, which are looking for long-term solutions and ways to connect with their communities in a deeper way.