The pandemic has had a huge impact on the economy. However, even with all that’s happened, Wipro CMO Ved Bhat sees opportunities for companies to stand apart, and to take their products and brands to the next level.
In a recent CMO Talks discussion, Bhat focused on people as he answered ITWC President and CEO Fawn Annan’s question about the biggest challenges currently facing CMOs. Finding the kind of talent that delivers results, he said, was key — talent that understands the business and culture. Bhat stressed the importance of holding both a global and a local mindset.
Bhat mentioned performance indicators. “Measuring KPIs for marketing at a scale that can keep pace with the changes happening in the world is a challenge,” he said. “You want to make decisions fast … to keep pace.”
Bhat also saw a challenge for CMOs in “buzzword bingo.” Today, he said, there’s too much jargon used by everyone, and everybody seems to have become an expert in everything. Businesses must get through all the clutter and noise, find the right priorities, find the right focus, and bring the right messages to market.
Bhat also spoke of the opportunities presenting themselves to companies in the COVID era. He said his own organization (Wipro) is working closely with their customers and teams, but are hoping things will eventually get back to “normal.” He said that while life has definitely changed, and may never be the same again, there are opportunities right now for companies to look at how they reach their customers — on how they connect and engage with them.
Standing out in the clutter is key. To get there, Bhat said CMOs need to come to a right decision on how to offer value in a a post-COVID world. “How do I choose channels with care and ensure communication is sensitive and pointed, offering value to the recipient?”
Bhat sees a huge opportunity in online marketing. With more people online now than ever before, he pointed to digital marketing as an area to focus on. This means a need for marketing talent with “attitude and aptitude” — with that ability to see the not-so-obvious opportunities.
While traditional marketing will continue, said Bhat, looking past COVID-19 he talked about a need for “more relevant content on a lot more relevant channels that are sensitive and provide more [targeted] options for the consumer.”
“There’s so much information and content available now, but making sure your content stands out in the clutter, and reaches the right people, is going to be critical.”