Sales & marketing has seen a digital transformation & solving customer issues has become vital. These shifts will now reshape the jobs of CMOs, CEOs, & CFOs.

1. A new CMO role: leveraging
an organization’s purpose for
strategic advantage
Rajashree R
Chief Marketing Officer,
Tata Consultancy Services
Author

2. 2
Finding an organization’s purpose in the new normal
The quest to replace human interactions in a post COVID-19 world.
Organizations are thus pushing hard to replace the human synergy with something equally tangible; a common purpose.
Business leaders have been largely trained to think in
transactional terms
In the modern age however, both business transactions as well as
human interactions have become digitally mediated
This is especially true in the light of COVID-19 pandemic, and
its associated fallout
In an era of social distancing, basic human interactions that knit
organizations together and strengthen client partnerships have largely
been replaced with non-personal digital collaboration

3. 3
The evolution of organizational expectations
Going beyond profit-making -- into the realm of social accountability.
Today, it is imperative to outline and manifest a purpose to find a place in the digital economy and stay relevant to customers, employees
and other stakeholders.
In these turbulent times, people look up to organizations
to stand for binding values
Organizations thus must be seen today as investors and patrons of
impactful changes encompassing greater socio-economic issues
such as racism, political polarization, climate change, etc.
Organizations’ stance defines their business and how they will
place themselves within the fast-emerging digital ecosystems

4. 4
The change is evident across businesses
Stakeholders across the business landscape are pushing organizations to undertake higher responsibility today.
Consumers today expect more from the companies they engage with and it is critical for businesses to affirm their social responsibility by
incorporating ESG investments into their business strategies today.
A 2019 survey by Bank of America found 25% of the shareholders
stressed on organizations undertaking environmental, social and
governance (ESG) investment strategies
In 2019, the Business Roundtable, a group of America’s largest companies
defined a company’s purpose as going far beyond just achieving returns
and to address “diversity and inclusion, dignity, and respect”
The bank estimates that the ESG funds could increase by
US$20 trillion in the 2020s and 2030s
The Edelman Trust Index reported that 80% of surveyed
consumers want to do business with companies that address
societal problems

5. 5
The challenges of an obscure purpose
In spite of the tangible changes, companies often struggle to infuse and communicate their core purpose clearly.
Companies must account for highly empowered customers of today, armed with intricate knowledge about their purpose and policies.
In 2020, the Edelman Trust Index reported that more than half (55%) of
Americans do not trust businesses as an institution while a 2019 Gallup report
showed that only 40% of workers consider their organizations value their work
Social media has emerged as a primary tool for employees to voice their grievances
and inform the world at large about an organization’s purpose or lack thereof
The pandemic has only exacerbated the issue and widened the gap
between companies and their employees

6. 6
Adding value to services
Leaving a unique mark on customers and shareholders by offering non-transactional value through products and services.
It is upon the business leaders to articulate and implement the
clearly marked purpose for a company that sets it apart
The unique purpose of a company can often define its greater
cause and explain what it does beyond making a profit
TCS considers that chief marketing officers (CMOs) are the keeper of the core narrative for an organization and are thus best placed to
help a company define its purpose.

7. 7
Matching your customers’ purpose
Leveraging the digital ecosystem to gain cross-industry visibility of customers’ evolved requirements.
In the era of information, customers’ preferences have
changed drastically. They want to fulfil a greater purpose
rather than just make a purchase.
Companies need to leverage digital technologies
and cross-industry partnerships to:
As the CMOs are best placed to understand, create and retain customers, they can play a critical role in helping organizations match their
customers’ purpose.
Closely understand their customers and simplify
onerous goals and associated tasks
Strategize to add value to services

8. 8
The CMOs of the future
CMOs can help companies articulate their purpose better by leveraging customer data and employing empathy.
The ultimate goal is to create ‘ambient-awareness’ of a company’s reason for being and what they stand for.
In today’s corporate hierarchy, CMOs play a key role in
communicating their company’s contribution to customers
as well as the society at large
They must help organizations move ahead of vague mission
statements like ‘making the world a better place’ and answer the
actual questions that employees and customers are asking
CMOs should define the larger purpose in conjunction
with CEOs and other corporate leaders in a way that
resonates with all stakeholders

9. 9
The way forward: an imperative for CMOs
The focus must shift toward CMOs in the new normal to guide their respective organizations.
It is our view that the CMOs of today need to be accountable to their companies and the society at large while driving purpose. The time
is right for them to help shine light on their organizations.
A company as a homogenous unit can only define its
culture through a deep awareness of its purpose
This also keeps a company on course in the face of
disruptions such as COVID-19
It provides everyone with a singular target to focus on and
can generate the desire to move forward as a group

10. A new CMO role: leveraging
an organization’s purpose for
strategic advantage
Read the Article
Contact Us