AI streamlines content creation by enhancing communication and provides valuable insights into consumer behaviour, shaping the transformative role of CMOs. As technology continues to reshape consumer interactions and preferences, marketers find themselves at the forefront of innovation, wielding AI as a powerful tool to meet evolving consumer needs. 

Led by moderator Amiya Swarup, partner, marketing advisory services, Ernst & Young, the panel comprising Sunita Bangard, MMA India board member; group head - consumer insights and brand development, Aditya Birla Group; MVS Murthy, chief marketing officer, Federal Bank; Girish Kalra, chief marketing officer, Tata AIA; and Ruchika Gupta, marketing director - India, Beam Suntory, shed light on the critical role of marketers in shaping the future of AI adoption and its impact on business growth, at MMA Impact India 2024. 

The role of a CMO is changing 

“Today, a CMO isn't solely focused on marketing functions such as brand building or performance metrics," remarked Kalra.

Kalra spotlighted the transformation of CMOs in the perception of data's role within marketing by emphasising that the modern CMO serves as a linchpin across the organisation, collaborating closely with product development, distribution channels, and various teams. "In a country like India with diverse distribution channels, understanding these channels is crucial for effective promotion," Kalra added.

According to Kalra, the modern CMO functions as a chief planning officer, maintaining omnipresence throughout the organisation. "They must comprehend the entire consumer journey, from prospecting to engagement, ensuring seamless optimisation at every stage," he explained.

Despite not being experts in every domain, Kalra noted that CMOs possess a comprehensive understanding of how each component operates. "As the central figure orchestrating optimisation across different facets of the marketing landscape." 

He added, "The CMO's evolving role underscores their ability to drive value and maximise efficiency."

AI's impact on business strategy 

Murthy emphasised the importance of continually assessing AI outputs, highlighting its ability to generate diverse content formats effortlessly. "AI promises enhanced marketing efficiency. This versatility eliminates the need for external agencies, empowering marketers to innovate autonomously," Murthy shared. 

Bangard discussed the evolving role of marketers in navigating the complex and dynamic landscape shaped by AI and other innovations. 

"Marketers today need to bridge the gap between internal operations and external market dynamics. The importance of leveraging AI tools to manage perceptions in real-time ensures that brand image remains positive and aligned with strategic objectives,” Bangard stated. 

Furthermore, Bangard highlighted how AI enables marketers to streamline repetitive tasks, allowing for more strategic thinking and deeper engagement with partners and consumers. 

She added, "By leveraging AI efficiently, marketers can strike a balance between automation and thoughtful brand management, maximising their impact on business outcomes."

Organisational patience in the age of AI 

Gupta pointed out that CMOs are tasked with integrating artificial intelligence to churn out content for moment marketing. But this should be exercised with caution, according to Gupta.

“The accelerated pace of decision-making, from months to possibly just hours, requires seamless tech support and organisational readiness to swiftly bring products to market. This rapid turnaround demands agility, with marketers often taking on content creation themselves to meet tight deadlines. While speed is crucial, it also heightens the risk of errors." she said. 

"Here, CMOs play a critical role in balancing the need for agility with the long-term vision and brand integrity of the organisation. They must ensure that short-term gains do not compromise the company's overarching goals and reputation. By leveraging AI effectively, marketers can achieve both speed and quality in their endeavours,” shared Gupta. 

Kalra described, "In the insurance sector, MarTech holds significant importance, particularly in optimising business strategies. Consider a scenario where there are two primary segments: prospective customers and existing policyholders. Within these segments lies a wealth of opportunities for cross-selling and upselling various insurance products, such as life insurance, pet insurance, or bundled packages. However, maximising profitability in this industry requires careful consideration of various factors, including development costs, research and development expenses, and investments in distribution channels."

Murthy elaborated, "Let's delve into a broader perspective, considering the evolving landscape shaped by technological advancements, particularly in India's dynamic market. The narrative of progress unfolds not merely as a function of technological evolution but also as a result of regulatory adaptation and market responsiveness. Recent announcements, such as the introduction of digital currency, underscore the profound impact of technological integration."

Marketing is becoming a content factory through AI 

Gupta underscored, "Organisational dynamics vary considerably, and within the realm of marketing, there exists a spectrum where some entities are deeply integrated, while others are still on the journey towards such cohesion. The pathway to this integration often lies in anchoring marketing practices externally, leveraging abundant data and content available for strategic development."

Bangard added, "As marketers, we inherently possess unique ownership of the content we create, rooted in our comprehensive understanding of consumer dynamics. Through real-time social listening and insightful data analysis, we unearth invaluable insights that drive content creation, product development, and customer journeys."

Murthy highlighted, "Marketing teams are evolving into content powerhouses, a necessity driven by the fragmented media landscape. Whether it's engaging with screens on our mobile phones or flipping through a newspaper, the challenge lies in capturing attention across diverse platforms."

Kalra added, "As businesses, we must prioritise cost-effectiveness. Traditional marketing methods focused solely on raising awareness are no longer sufficient. Today, it's about generating demand, nurturing leads into customers, and maximising their lifetime value."

AI's impact on the evolving role of CMOs

Kalra shared that currently, marketers are more than just content creators or communicators; they are full-funnel officers driving tangible business impact. "Leveraging AI, we can innovate new distribution pathways and address industry challenges, transcending mere communication to orchestrate holistic business strategies," he said.

Sharing his takeaway, Murthy said, "Thanks to AI, we are more empowered to be proactive rather than reactive, shaping the job rather than just doing it. This newfound autonomy fosters a collaborative environment where ideas flow freely, truly transforming the game."

Gupta expressed that a CMOs approach to AI is deeply rooted in marketing fundamentals, recognising the importance of creating lasting impressions and personalised experiences. "Leveraging AI effectively, we aim to anticipate consumer needs and instinctively cater to them," Gupta remarked. 

Bangard signed off saying, “CMOs today hold a multifaceted role within organisations, extending beyond traditional marketing functions to encompass strategic growth leadership. Their influence extends beyond brand perception management, encompassing pivotal decision-making at the core of organisational dynamics.”