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January 31, 2023 | Report
Despite the challenges of a slowing global economy, our C-Suite Outlook 2023, The Conference Board’s global survey of CEOs and C-suite executives from across the world, shows that CEOs are clearly focused on driving revenue and profit growth in 2023 to counter the headwinds. Almost half of the global CEOs and C-suite executives (47 percent) in our survey say an economic downturn/recession is their top concern for 2023, followed by inflation (34 percent). This puts the spotlight on CMOs and their teams—like COVID-19 did for CCOs—as they assume a critical role in generating revenue to help companies weather the downturn. Even if it might not be a CMO’s formal title, a “growth officer” mindset may help to meet the enhanced revenue expectations. CEO and C-suite focus is also on communications teams who can add value in this downturn by improving employee engagement, external reputation management, and crisis management. The tight job market on the one hand and downturn-driven layoffs on the other require a continued and distinct focus on internal communications.
A weakening economy puts additional pressure on CMOs and their teams—like COVID-19 did for CCOs—to help meet revenue targets to weather the downturn. Our C-Suite Outlook 2023 found that marketing and promotions are among global C-suite executives’ top four growth initiatives for the next 2-3 years (see table below). More specifically, to cope with the economic slowdown, top-level executives are primarily looking to growth initiatives, ahead of cost cutting and risk management activities (see table below), as their go-to strategies. C-level executives are ranking customers as their number one stakeholder group, so the spotlight is clearly on marketers to deliver.
CEOs and the C-suite look to marketing as a top growth driver
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