Being a CMO is a super tough job. Expectations to show proof of impact on sales and return on investment is constant. Average tenure for the role is a short 40 months.

2024 is going to be even more difficult and complex for CMOs. 

The World Economic Forum predicts the global economy will weaken in the coming 12 months.

Gartner predicts that CMOs will enter 2024 with an imperative to drive efficient growth in a volatile economy:

“Traditional sources of brand value face pressure from new forces, including disruptive market entrants, heightened audience expectations and the ease of digital learning about unfamiliar brands.

CMOs will need to adapt their strategies for efficient growth in a high-velocity world, with a relentless focus on customer value, purposeful evolution of the marketing function and continual optimization of brand value.”

In other words, CMOs will need to be even better at making big, complex strategic brand decisions with agility in 2024. 

This means being ready to pivot when their company makes an acquisition (or their competitors does). Or facing challenges from new entrants in key geographic markets. Or depositioning a new disruptive competitor. Or quickly ramping up a brand strategy for a new AI platform.

However, CMOs are not planning to hire more staff next year, leaving them with two options: 1) tap existing in-house talent or 2) finding an outside partner who can help. I’ve seen both of these options work. But as these challenges get more complex and emerge faster, it’s a huge lift to ask in-house talent to frame out solutions that will protect and grow brand value.