CMOs drive innovation amidst organisational shifts

Marketing leaders must adapt to new roles.

In an era where corporate restructuring is common, many companies are reevaluating the significance of the Chief Marketing Officer (CMO) role. Kevyn Eng, Head of Growth and Marketing at Hugosave, emphasised the evolving nature of marketing and its continued importance in business strategy.

"The role of marketing has evolved over the years, but it is still a critical function for the business," Eng stated. He noted that in the past decade, the focus has shifted from product and operational excellence to customer-centric priorities. "Competitive advantage now resides in interactions with customers, rather than just better products," he explained. 

Eng underscored that marketing has transitioned beyond just product and consumer centricity to a values-driven approach. For CMOs to stay relevant, they must lead their firms in articulating their value and brand promise. This involves understanding the anxieties and desires of consumers. 

"In Hugosave, we bring our vision of building financially healthy and thriving communities to life with our partnerships with influencers, as well as curating a vibrant Hugosave community on Telegram," Eng highlighted.

Addressing the challenges CMOs face during organisational restructuring, Eng asserted, "CMOs must really need marketing to become the revenue centre and not be perceived as a cost centre." He emphasises that marketing represents the voice of the consumer and provides unique insights into market-driven opportunities and threats. 

"Marketing drives growth from go-to-market strategies, expansion opportunities, target market selection, positioning strategies based on market analysis," Eng elaborated. At Hugosave, the growth and marketing team is responsible for commercialization and driving revenue, taking full ownership of their go-to-market and commercialization efforts.

As businesses increasingly embrace digital transformation, CMOs are expected to lead innovation and change. Eng explains that CMOs must move beyond the traditional four Ps of marketing. "People, processes, physical evidence in the form of social proof, public opinion, and political power have now joined the original Ps," he said. 

CMOs are uniquely positioned to bridge technical knowledge and present it to their teams. "Our future really lies in co-creation," Eng stated. He believes that customers, like stakeholders, want to be involved in the process.