CMOs are betting on creativity despite mounting pressure: report

Dive Brief:

There is a renewed confidence in creativity among global CMOs, with 83% believing that creative ideas can transform businesses, according to Dentsu Creative’s 2024 CMO Report shared with Marketing Dive.
The annual global survey of 950 chief marketing officers and 25 CEOs in the U.S. revealed that 79% of respondents feel marketing is a key driver of business transformation and that 81% see creativity as more important to their business than ever.
Additionally, more CMOs view generative artificial intelligence (AI) as an enhancement to their business rather than a threat, per the report. Over three quarters of respondents would be interested in training AI on their brand’s look, feel and tone of voice.

Dive Insight:

CMOs are feeling confident in the value of their roles, with over three quarters of respondents to Dentsu’s annual survey reporting that they feel marketing is a key driver of business transformation. Still, the execs are dealing with mounting pressure around how to predict trends, invest in innovation and keep pace with the current buzz around AI.

For instance, 88% of CMOs agree that it is more important than ever for brands to be a part of culture, but nearly as many (74%) don’t know how to take part in that culture in meaningful and strategic ways. Similarly, 79% of CMOs are feeling challenged to predict changing behaviors and shape new products and propositions to serve them. As a result, 79% of marketers are planning to invest more than 10% of their budget in innovation, and 56% will invest more than 20% over the next 12 months.

“What we’re hearing from clients, and our survey confirms, is that they need and value creativity more than ever. But it’s a new kind of creativity; creativity that is business-driven, making an impact across every aspect of their organization from comms to commerce to sustainability,” said Abbey Klaassen, global brand president of Dentsu Creative, in a release.

As a result, CMOs are relying on that creativity to drive business results throughout their organizations. Some 85% of CMOs in the U.S. agree that marketing is seen as a driver of business transformation within their organization, and 79% believe every touchpoint — from comms to commerce — must tell the brand’s story.

Additionally, more CMOs are seeing generative AI as an enhancement to their business, rather than a threat. In last year’s survey, more than two-thirds of CMOs doubted that AI could create content that would resonate emotionally. This year, that percentage has dropped to less than half. Over three-quarters would be interested in training AI on their brand’s look, feel and tone of voice, per the report.

Among other challenges, CMOs continue to wrestle with giving up control of their brand stories and assets. While more than three-quarters (77%) of CMOs believe brands should be built in collaboration with other brands, platforms and creators, 60% have concerns about relinquishing control. Accordingly, CMOs are looking to their agency partners to help them navigate the uncertainty. Seventy percent of CMOs want their agencies to bring them what they need for the business transformation, not always what they want.