Chief Marketers Around the World Share Their 2024 Priorities

It’s perhaps not surprising that understanding the implementation of artificial intelligence is top of mind for most marketers going into 2024, replacing sustainability as they look for a more optimistic year ahead. According to Serviceplan Group’s fifth annual CMO Barometer, which questioned 767 marketing decision-makers across 11 countries and was produced alongside the University of St. Gallen in Switzerland, the use of new technologies will be the priority for most marketers next year as they look to use the tools to benefit their output. This year's respondents hailed from Austria, Belgium, Germany, France, Italy, Luxembourg, the Middle East, the Netherlands, Switzerland, Spain and the United Kingdom. The use of AI, machine learning and marketing automation beat other priorities, including content creation (82%), emotional branding (82%), sustainability (78%), and omnichannel marketing (77%). Last year, the same poll ranked sustainability as the priority for 85% of marketing leaders, with AI and automation coming in fifth (65%). “With AI as a game-changer, the role of the CMO is changing once again. Will CMOs become chief marketing transformation officers?” asked Yvonne Wicht, chairwoman of Serviceplan’s CMO of the Year Council. “The challenges are becoming more complex, both in terms of technology and communication, so a great deal of self-confidence and empathy are needed to drive forward the transformation.” With a soft economic environment expected to continue next year, it was also discovered that while there is expected to be a heavy focus on technological investment, there is still belief in the power of emotional brands, with successful marketing seen as being able to connect artificial and emotional intelligence. “2024 will hopefully be all about creativity amid the storm of AI. It is actually time to think about what is really driving change,” said Bas Brand, CMO of KWF Dutch Cancer Society. There was a great deal of optimism from 34% of respondents, who expected an improvement in international economic conditions—however, only 5% said they expected a significant improvement, while 29% expected some improvement. Just under half (46%) felt things would remain much the same. Only 21% expected the situation to continue to worsen. Top trends included ecommerce and social/networked commerce; pricing; live activations; and cultural marketing. Despite being top of mind last year, metaverse activations and NFTs are no longer priorities on CMOs' agendas, coming in at the bottom of the list. Marketers have several ambitions as they seek the right solutions to help them focus on trends and people, as well as interconnected thinking and agility with an aim of developing a high-performing organization. They also said they wanted to partner with agencies that come with a challenger mindset alongside a “can do” attitude, with the role of agencies evolving to work more closely through proactivity, smart strategy implementation and creative innovation. 2024 Looks to Be a Defining Year for the Ad Market “It will be even more important to connect with people with diverse backgrounds, cultures and perspectives. This will allow me to understand customer needs and create effective marketing strategies,” said Amina Taher, vp of brand, marketing and sponsorships for Etihad Airways. “To make an organization fit for the future, a CMO needs several key skills. They should have a strong analytical mindset to use data and insights in decision-making. Adaptability is crucial to embracing new technologies and marketing techniques. Communication skills are important for conveying the brand’s message and collaborating with teams. Creativity helps in differentiating the brand and creating unique experiences. Lastly, visionary leadership inspires the team to achieve long-term success,” added Taher. In line with the expectation of an economic status quo for next year, the largest group of respondents (38%) said they expected their marketing investment to remain the same as this year, while 21% expected it to decline; 16% said it would increase by 5% or more, while a total of 24% saw it growing by 10% or more. “We need more empathy for human needs while remaining realistic about what people expect from brands. Brands are not superheroes: They should be working silently for the planet and working noisily to meet people’s needs,” said Sylvie Quertainmont, communication and marketing director for dairy producer Lactalis Belgium. “Don’t go too fast in what you think they are ready for," she added. "Check by collecting insights before making decisions that will impact your profit and loss."

Marketing and Sales

Chief Marketers Around the World Share Their 2024 Priorities

Serviceplan Group's survey revealed AI replacing sustainability as 2024's focus

Stephen Lepitak

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Stephen Lepitak