With the advent of digital technologies and the rise of social media, marketing has become more dynamic, more personalized, and data-driven than ever before. Learn about the trends transforming modern marketing, from technological innovations to the role of chief marketing officers.

Over the years, the marketing and advertising industry has been changing significantly.

It seems like the pace of change is only accelerating.

Over the course of my career, I have seen firsthand how marketing organizations are being disrupted by the challenges of modern marketing.

This requires an increased focus on data, analytics, marketing technology, as well as data science, as well as more recently generative artificial intelligence (AI) and machine learning.

Hi, my name is Gabe Knapp and I'm a partner in the Pricing, Sales and Marketing Practice at Oliver Wyman, in our Dallas office.

I built my career helping CEOs, chief marketing officers and sales leaders to modernize their sales and marketing functions to grow top-line revenue and margin impact.

I started my career as a marketer at eBay, and then was at Microsoft and Dell, and then later had the opportunity to serve as the interim head of digital marketing for a major US airline.

I've witnessed this evolution firsthand towards modern marketing, even with my current clients, CMOs at Fortune 500 companies, as well as those at private equity-owned portfolio companies.

With the advent of digital technologies and the rise of social media, marketing has become more dynamic, more personalized, and data-driven than ever before.

While the transition has been underway for a while, traditional marketing strategies, the kind of mass advertising and one-size-fits-all campaigns that harken back to the days of the popular TV show, Mad Men, are now being replaced with more personalized and relevant marketing than ever before.

This is bringing us closer and closer to the long talked about one-to-one marketing that is highly customized and personalized to each specific customer.

Marketing organizations are now leveraging advanced analytics and artificial intelligence to gain deep insights into customer behavior, preferences and trends.

Never before has there been such potential for personalization at scale and the ability to reach each customer with the right message, the right offer, through the right channel at the right time.

Additionally, generative AI has emerged with enormous potential, but is also disrupting marketing leaders as they scramble to figure out how best to take advantage.

Despite these challenges, generative AI represents a significant opportunity.

In fact, 96% of CEOs that we recently surveyed in partnership with the New York Stock Exchange said they view artificial intelligence as an opportunity and not a risk.

While these challenges may sound amazing, to most chief marketing officers, they can seem pretty overwhelming.

The average tenure for a CMO is only around four years, one of the shortest tenures in the executive suite.That means that they usually have to hit the ground running right away to have an immediate impact.

What's more, in recent years, the chief marketing officer role has been under immense pressure to deliver increased marketing return on investment while continually innovating and evolving.

As a result, the chief marketing officer role has been facing a bit of an existential crisis. The CMO role has evolved into broader titles with expanded responsibility, such as the chief revenue officer, the chief commercial officer, and the chief customer experience officer.

Meanwhile, in the marketing technology space, it only continues to get more and more complex.

Back in 2015, there were only about 1,900 providers in marketing technology, and today there are over 14,000. CMOs have to be able to quickly assess the technology they have, how to get more out of it, plus what new technology they need to add into their MarTech stack without breaking the bank.

Data privacy is yet another significant growing challenge that marketers are facing. CMOs must be good stewards of customer data and make sure that it's properly safeguarded.

They also need to ensure that companies comply with data privacy regulations like GDPR and CCPA, as well as the new regulations that are now emerging at the state level.

So as you might imagine, we receive a lot of calls on these topics, but probably one of the most requested areas that clients are asking for help on is to modernize their marketing organization.

That means improving their marketing organizational structure to be more agile and deliver more ROI, upskilling their current teams, sourcing new talent from outside the organization, as well as determining how best to leverage external agencies.

Chief marketing officers are really at the heart of our industry, and I'm so proud to be working with them.

It is an exciting time in marketing to be helping our clients, to navigate all of these current trends and really to transform their marketing organizations to deliver more modern marketing.

I love helping CMOs to deliver more impactful marketing and really helping their marketing teams to build new skills and advance their careers.

And it's super fun too. I mean, who doesn't love a good Super Bowl commercial?

As you can see, modern marketing can provide companies with tremendous opportunity and the companies who take advantage now, will be the leaders who are well-positioned for future growth and impact.

I'm Gabe Knapp, and this is my take on modern marketing.

This transcript has been edited for clarity.

With the advent of digital technologies and the rise of social media, marketing has become more dynamic, more personalized, and data-driven than ever before. Learn about the trends transforming modern marketing, from technological innovations to the role of chief marketing officers.

Over the years, the marketing and advertising industry has been changing significantly.

It seems like the pace of change is only accelerating.

Over the course of my career, I have seen firsthand how marketing organizations are being disrupted by the challenges of modern marketing.

This requires an increased focus on data, analytics, marketing technology, as well as data science, as well as more recently generative artificial intelligence (AI) and machine learning.

Hi, my name is Gabe Knapp and I'm a partner in the Pricing, Sales and Marketing Practice at Oliver Wyman, in our Dallas office.

I built my career helping CEOs, chief marketing officers and sales leaders to modernize their sales and marketing functions to grow top-line revenue and margin impact.

I started my career as a marketer at eBay, and then was at Microsoft and Dell, and then later had the opportunity to serve as the interim head of digital marketing for a major US airline.

I've witnessed this evolution firsthand towards modern marketing, even with my current clients, CMOs at Fortune 500 companies, as well as those at private equity-owned portfolio companies.

With the advent of digital technologies and the rise of social media, marketing has become more dynamic, more personalized, and data-driven than ever before.

While the transition has been underway for a while, traditional marketing strategies, the kind of mass advertising and one-size-fits-all campaigns that harken back to the days of the popular TV show, Mad Men, are now being replaced with more personalized and relevant marketing than ever before.

This is bringing us closer and closer to the long talked about one-to-one marketing that is highly customized and personalized to each specific customer.

Marketing organizations are now leveraging advanced analytics and artificial intelligence to gain deep insights into customer behavior, preferences and trends.

Never before has there been such potential for personalization at scale and the ability to reach each customer with the right message, the right offer, through the right channel at the right time.

Additionally, generative AI has emerged with enormous potential, but is also disrupting marketing leaders as they scramble to figure out how best to take advantage.

Despite these challenges, generative AI represents a significant opportunity.

In fact, 96% of CEOs that we recently surveyed in partnership with the New York Stock Exchange said they view artificial intelligence as an opportunity and not a risk.

While these challenges may sound amazing, to most chief marketing officers, they can seem pretty overwhelming.

The average tenure for a CMO is only around four years, one of the shortest tenures in the executive suite.That means that they usually have to hit the ground running right away to have an immediate impact.

What's more, in recent years, the chief marketing officer role has been under immense pressure to deliver increased marketing return on investment while continually innovating and evolving.

As a result, the chief marketing officer role has been facing a bit of an existential crisis. The CMO role has evolved into broader titles with expanded responsibility, such as the chief revenue officer, the chief commercial officer, and the chief customer experience officer.

Meanwhile, in the marketing technology space, it only continues to get more and more complex.

Back in 2015, there were only about 1,900 providers in marketing technology, and today there are over 14,000. CMOs have to be able to quickly assess the technology they have, how to get more out of it, plus what new technology they need to add into their MarTech stack without breaking the bank.

Data privacy is yet another significant growing challenge that marketers are facing. CMOs must be good stewards of customer data and make sure that it's properly safeguarded.

They also need to ensure that companies comply with data privacy regulations like GDPR and CCPA, as well as the new regulations that are now emerging at the state level.

So as you might imagine, we receive a lot of calls on these topics, but probably one of the most requested areas that clients are asking for help on is to modernize their marketing organization.

That means improving their marketing organizational structure to be more agile and deliver more ROI, upskilling their current teams, sourcing new talent from outside the organization, as well as determining how best to leverage external agencies.

Chief marketing officers are really at the heart of our industry, and I'm so proud to be working with them.

It is an exciting time in marketing to be helping our clients, to navigate all of these current trends and really to transform their marketing organizations to deliver more modern marketing.

I love helping CMOs to deliver more impactful marketing and really helping their marketing teams to build new skills and advance their careers.

And it's super fun too. I mean, who doesn't love a good Super Bowl commercial?

As you can see, modern marketing can provide companies with tremendous opportunity and the companies who take advantage now, will be the leaders who are well-positioned for future growth and impact.

I'm Gabe Knapp, and this is my take on modern marketing.

This transcript has been edited for clarity.