Dentsu Creative 2024 CMO annual report

| | No Comments
Dentsu Creative 2024 CMO annual report

In India’s vibrant market, the role of creativity and innovation is pivotal. Key insights from the Dentsu Creative 2024 CMO Report reveals:

 

• 84% believe brands must be culturally relevant, yet 86% struggle with effective integration.
• 82% view future marketing as a partnership with creators and platforms, but 60% are hesitant to lose control.
• 82% stress that every brand touchpoint should tell a consistent story.
• 70% plan to allocate over 20% of their budget to innovation.

Dentsu Creative has released its annual global survey of 950 chief marketing officers, revealing a new era of empowerment worldwide, spurred by an unprecedented confidence in the power of creativity. Data shows that 79% of respondents agree that marketing is a key driver of business transformation, with 83% of CMOs believing that creative ideas can transform businesses and 81% seeing creativity as more important to their business than ever. Innovation has also been identified as a driver of business transformation, with 56% of CMOs planning to invest more than 20% of their budget over the next 12 months in innovation.

With CMOs more committed than ever to creativity, they now describe the need for a new kind of creativity, evolving from omnichannel to omnipresent, applied across every aspect of their wider business. Subsequently, 79% of CMOs feel challenged to predict changing behaviors and shape new products and propositions to serve them; bringing inside-out insight to the business is now identified as the most important role of marketing in many markets. While CMOs are now committed to building brands in emerging spaces and platforms, the data reveals their uncertainty about how to navigate and effectively tell stories in these new channels. Though 88% of respondents agree that it is more important than ever for brands to be part of culture, 74% are unsure how best to connect brands to culture in meaningful and strategic ways. A similar hesitation is evident with 77% of CMOs agreeing that brands today should be built in collaboration with other brands, platforms, and creators; however, 60% also express concern about relinquishing control.

By contrast, trust in Generative AI to enhance creativity and innovation as a co-pilot and accelerator of human creativity is growing, with fewer considering it a threat to human craft and ingenuity. When 67% of CMOs doubted that AI could create content that moves us in 2023, the number has dropped 18 percentage points to 49% this year. A majority of 77% would now be interested in training AI on their brand’s look, feel, and tone of voice. As well as feeling more confident about the potential of AI, CMOs also feel more confident about their own role in the face of AI, this year significantly less likely to believe AI may replace their jobs.

“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. In parallel, we see new attitudes to AI emerging, where it’s not a threat to human creativity but a way of giving human creativity superpowers — exponentially increasing the pace and possibilities of personalization, real-time responsiveness, and relevance,” said Abbey Klaassen, Global Brand President, Dentsu Creative.

Harsha Razdan, CEO, South Asia, dentsu, said: “In a world where creativity is no longer a nice-to-have but a must-have, CMOs are driving the future with flair and fearlessness. At dentsu, we’re not just watching this transformation from the sidelines; we’re crafting the playbooks and remixing the rules. This year’s report is the ultimate guide to conquering the Marketing X Tech X Consulting frontier. Embrace the chaos, think audaciously, and lead the charge.”

Amit Wadhwa, CEO, South Asia, Dentsu Creative, added: “The 2024 CMO Report unveils how creativity and tech are reshaping the marketing landscape. Storytelling remains crucial, with generative AI emerging as a creative ally. While others strive to keep pace, Dentsu Creative is setting new benchmarks, crafting solutions that redefine how brands engage and resonate.”

Now in its fifth year, the annual study is conducted to provide insight into the hearts and minds of CMOs globally, to help benchmark their direction against peers, and support them in developing their creative, experience, and innovation roadmaps. To form the CMO Report, the responses to 45 questions posed to CMOs across sectors in Australia, Brazil, China, Canada, Germany, Italy, India, Japan, Mexico, Saudi Arabia, Spain, the UAE, US, and UK were decoded by Dentsu Creative’s award-winning Global Chief Strategy Officer, Patricia McDonald, in partnership with its international Strategy, Growth, and Marketing community. Eight key themes have been identified to offer an indispensable industry toolkit and roadmap, this year calling for agencies to not only respond to briefs but also to challenge them and drive transformative change.

Pats McDonald, Global CSO, Dentsu Creative, said: “Brands and businesses are now in the era of sudden change. Changes we’ve anticipated for years are now accelerating dramatically and reaching critical tipping points accelerated by new behaviors, new technologies, and new possibilities. We can’t reach new customers in old ways or make new work with old tools. Brands today will be built at the intersection of culture, commerce, and community; in a world where stories are shoppable, and stores are stories. The challenge for brands will be to engage communities in thoughtful and collaborative ways, enabling scale, relevance, and authenticity.”

1. FROM OMNICHANNEL CREATIVITY TO OMNIPRESENT CREATIVITY
In a fast-changing world, where growth is harder to come by, CMOs need creativity in every aspect of their business, not just communications. 82% believe creativity has more potential than ever to unlock growth.

2. FROM SHARE OF VOICE TO SHARE OF CULTURE
In a world where attention has shifted, brands will scale in new ways, integrating with culture, content, and entertainment. 88% of CMOs agree it is more important than ever for brands to be part of culture.

3. FROM CONTROLLING TO CONDUCTING
CMOs recognize that brands today are built through ecosystems of connected talent, partners, and creators: 77% acknowledge that in the future, marketing will be a collaboration between brands, creators, and platforms.

4. FROM SEAMLESS EXPERIENCES TO DISTINCTIVE EXPERIENCES
As product advantages are swiftly copied, brands will build differentiation through connected and distinctive brand experiences. 75% of marketers agree that every touchpoint can and must tell the brand story—from comms to commerce.

5. FROM INSIGHT TO FORESIGHT
CMOs face pressure to act not only as the voice of the customer but the voice of the future, anticipating trends and desires before they arise. 79% are challenged to use data and insight to predict future products and propositions.

6. FROM AI AS COMPETITOR TO AI AS CO-PILOT
As AI matures, CMOs are reappraising its potential as a collaborator and co-creator rather than a threat to human creativity. The percentage of CMOs agreeing that Generative AI will never make content that moves us declined 18 percentage points year on year.

7. FROM INNOVATION AT THE EDGES TO INNOVATION AT THE CORE
As the pace of change accelerates, clients are investing significant proportions of their budget in innovation, no longer a niche or a nice-to-have. 79% of marketers are planning to invest more than 10% of their budget in innovation, 56% more than 20%.

8. FROM TAKING BRIEFS TO TRANSFORMING BUSINESS AND CHANGING SOCIETY
With uncertainty on the horizon, the role of marketing as a driver of growth becomes ever more important. CMOs want agencies not just to answer briefs but to help them transform their businesses through the power of creativity: 70% agree they want their agency to bring them what they need, not always what they want. In parallel, in a volatile world, CMOs want to ensure their marketing activities are a force for good: 78% agree, “I want my marketing activity to impact people, impact business, and impact society.”

Download the full report here.