Despite Economic Headwinds, CMOs Optimistic about Emerging Tech Like AI, ChatGPT for Customer Targeting, Behavior Modeling
HOUSTON, TX – February 23, 2023 – Chief Outsiders, the nation’s largest and fastest-growing firm offering fractional Chief Marketing Officer and Chief Sales Officer services delivered by executives with Fortune 500 experience, today revealed the results from their fourth annual survey of its CMOs on their 2023 outlook - among the main findings: fears of recession are driving a shift to demand activation and away from long-term brand building.
“One of the key findings of our 4th annual survey of CMOs indicate that the current inflationary environment is having companies place a much greater emphasis on near-term sales, so we have a recalibration of the brand building / demand activation strategic mix, in favor of the latter,” said Art Saxby, founder, co-principal and CEO of Chief Outsiders. “The new emphasis on demand activation is very understandable. Of course, it is then the role of CMOs to make sure that in the current economic climate, companies do not forget to invest in their brands altogether.”
“CMOs believe safeguarding growth to be the highest priority for the C-Suite in 2023. They also see that CEOs increasingly give CMOs the responsibility to drive that effort, and it looks like this shift to a very strategic, even business-critical, role for the CMO will be permanent,” said Pete Hayes, CMO and co-principal of Chief Outsiders. “What will now help bring about the much desired growth? Our CMOs believe that revisiting market and competitive insights, refreshing strategy, and accelerating digital marketing capabilities will be three critical factors in helping companies grow in 2023.”
The survey of 80 CMOs provides insights into the shifting CMO role in driving growth, the impact of technology and emerging trends, and the priorities for C-suite and private equity in the coming year. The survey also shines the light on the importance of customer experience, the impact of emerging technologies on marketing, and the trends in social media and DTC sales in 2023. Some specific insights that CEOs and other members of the C-Suite can draw from the survey include:
Following the launch of ChatGPT, CMOs were also asked what value ChatGPT is most likely to offer marketers. They answered that ChatGPT and other generative AI applications will come of use especially in content creation and management. Market research and digital marketing came in second and third respectively.
“Marketing professionals should embrace AI for the many ways the technology can help them serve their clients efficiently,” said Hayes. “AI will not replace experienced marketers and everything they have to offer their clients, but marketers who are versed in AI will replace those who do not understand the technology.”
About the survey
Chief Outsiders surveyed 80 CMOs* with Fortune 500 experience in over 1,550 enterprise and mid-market companies on their perspectives of their marketplaces. This marks the fourth annual CMO survey on what to expect in market trends and company growth. (*80 CMOs were asked all questions, except for the ChatGPT question that was answered by 45 CMOs).
The survey ran in December 2022. The additional question on ChatGPT ran in February 2023.
View the key survey takeaways here. The complete results of the study are available upon request.
About Chief Outsiders
Chief Outsiders, the nation’s leading Executives-as-a-Service firm, helps CEOs and their organizations identify the fractional marketing and sales executives they need to accelerate growth. The firm’s cohesive team of more than 125 fractional executives act as Strategic Operators™ to achieve results. They blend insight, strategy, and execution to deliver revenue engines that drive long-term profitable growth for businesses.
Chief Outsiders’ fractional executives drive growth strategy and execution plans by offering instant access to talent with highly customized and flexible engagements. Having served on the executive teams of more than 1,550 client companies, each Chief Marketing Officer and Chief Sales Officer has led marketing or sales at a diverse set of large corporations, including many Fortune 500 firms. Inc. Magazine has recognized Chief Outsiders for nine consecutive years as one of the 5,000 fastest growing privately held companies in the US. The company was also recognized as a Forbes Small Giant in 2019.
“The Growth Gears: Using a Market-Based Framework to Drive Business Success,” is an Amazon #1 best-seller for business owners and CEOs co-authored by Chief Outsiders’ CEO Art Saxby and Principal Pete Hayes. For additional information about the companies and CEOs who trust Chief Outsiders as their premier source for business growth acceleration, visit us at www.chiefoutsiders.com.
CONTACT: Sterling Wilkinson, SWilkinson@ChiefOutsiders.com
Topics: Press Release2.23.2023