CMOs join stampede for ChatGPT as FOMO escalates

Marketing chiefs are chomping at the bit to jump on the ChatGPT bandwagon, with most viewing generative AI applications as the perfect technology to boost their content creation and management.

While many commentators have dismissed the rise of ChatGPT, insisting that no AI can write as well as a human, it appears chief marketing officers have a distinct fear of missing out and simply cannot wait to adopt the technology.

That is one of the key findings of the fourth annual CMO survey carried out by Chief Outsiders, a company that offers virtual executives to businesses. It also reveals that fears of recession are driving a shift from long-term brand building to demand activation.

The survey is designed to provide 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 direct to consumer sales in 2023.

It shows that, perhaps unsurprisingly, marketers view AI and machine learning as revolutionary, insisting this will be “game changing technology” in 2023, and it will have the most impact on marketing regarding customer targeting and modelling customer behaviour.

Chief Outsiders CMO and co-principal Pete Hayes said: “Marketing professionals should embrace AI for the many ways the technology can help them serve their clients efficiently. 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.”

Meanwhile, 84% of CMOs believe the economic and business climate of the next 12 months will negatively impact business goals. The economic climate will hamper the ability to meet performance expectations, citing inflation, talent, and supply chain issues.

CMOs also believe that poorly defined strategy and corporate culture are the most likely causes of misaligned sales and marketing. Still, they believe that the relationship between sales and marketing has improved as companies rely on digital channels for demand generation.

Nearly three-quarters (74%) of CMOs reckon there has also been a shift in the past 12 months in the role they are expected to play in driving growth, with the majority of believing there is more emphasis on immediate sales, less long-term thinking, and more short-term thinking.

Most CMOs maintain this shift is driven by changing customer behaviour and increased competition; three-quarters (75%) believe this shift in how CEOs view CMOs as growth drivers is permanent with a similar proportion (73%) insisting they are viewed more positively by CEOs than in previous years.

When it comes to driving growth, most CMOs believe that creating a best-in-class customer experience is a significant competitive advantage and that market research and competitive insights, strategy development and planning, and digital marketing will be the most significant factors.

Hayes continued: “CMOs believe safeguarding growth to be the highest priority for the C-Suite in 2023. They also see that CEOs are increasingly giving them 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.

“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.”