86% of CMOs in India see creativity as crucial for driving business growth: report

Dentsu Creative has released its annual global survey of 950 chief marketing officers (CMOs), indicating a new era of global empowerment driven by an exceptional confidence in the power of creativity. The survey shows that 79% of respondents see marketing as crucial for business transformation, with 83% believing that creative ideas can revolutionize businesses and 81% viewing creativity as more vital than ever. Additionally, 56% of CMOs plan to allocate over 20% of their budget to innovation in the next year.

CMOs are increasingly committed to creativity, describing the need for a new kind that is omnipresent and integrated into every aspect of business. As a result, 79% feel challenged to anticipate changing behaviors and develop new products and propositions, with internal insights now seen as the most crucial marketing role. While CMOs aim to build brands in new spaces and platforms, they are uncertain about effectively storytelling in these channels. Though 88% agree that brands must be part of culture, 74% are unsure how to meaningfully and strategically connect brands to culture. Similarly, 77% agree that brands should collaborate with other brands, platforms, and creators, but 60% are concerned about losing control.

Trust in Generative AI as a tool to enhance creativity and innovation is growing, with fewer CMOs viewing it as a threat to human creativity. The percentage of CMOs doubting AI's ability to create impactful content has decreased from 67% in 2023 to 49% this year. Now, 77% are interested in training AI on their brand’s look, feel, and tone. CMOs are also feeling more confident about their roles in the era of AI, with a significant decrease in the belief that AI could 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.”

Pats McDonald, Global CSO, Dentsu Creative commented, “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.”

Read the full report here.