Making glossy TV commercials and showing them off to colleagues used to be the pride and joy of the chief marketing officer, but these days the role is dramatically different.
Working out how to do more with less and getting other executive team members to see marketing as revenue-generating rather than revenue-taking are now priorities for CMOs, according to a group of senior executives.
"Other parts of the organization have been expected to reengineer processes and so they can streamline their operations and deliver more return to the bottom line," said Virgin Atlantic's Senior Vice-President of Marketing Claire Cronin, speaking on a panel chaired by CNBC anchor Carolin Roth at this week's Festival of Marketing in London.
"For a long time, marketing was seen as, they didn't participate in that conversation, they were in the ivory tower creating beautiful ads and they were sacrosanct from that process," Cronin added. "Increasingly now, in order to be credible as a CMO, you have to be putting yourself forward to say we need to look at our cost base too."