During the pandemic, CEOs around the world were suddenly tasked with answering to the concerns of a broader suite of stakeholders. Beyond shareholders and customers, CEOs were challenged to address the needs of suppliers, employees, investors, and, most notably, the general public. The term “stakeholder capitalism” became the buzzword of the year to describe the new goal of synchronizing business operations with the interests and the needs of humanity.
In fulfilling this expanded mission, many CEOs found a new “humanity” partner—in their chief marketing officer.
What made CMOs unique in this journey was their hoard of data and carefully curated insights into each stakeholder group. Combined with years of experience talking on behalf of their brands, CMOs became uniquely equipped to assist executives with addressing the full array of stakeholder concerns. As we now approach a new normal for businesses, CEOs must empower their CMOs to go beyond traditional advertising and, instead, help the entire enterprise create value for its stakeholders.
This new mission for CMOs is about synchronizing a business’s operations with its marketing message to positively impact society and drive revenue. It is about eliminating the view of marketing as a “business to business” or “business to consumer” concern. Instead CMOs must view it as a calling to find solutions for stakeholders that drive business growth—and thus create “brands for humans.”
Read More at https://fortune.com/2021/06/21/chief-marketing-officers-brands-for-humans-ceos-collaboration