Inside iShares $2 Trillion Growth with Alex Craddock

Discover what it takes to be a top-tier CMO with Citi's Alex Craddock. From transforming the iShares brand to leading game-changing campaigns, Craddock shares his secrets on mastering data, technology, and business growth.

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Introduction: The Evolving Landscape of the CMO Role

In today’s fast-paced, technology-driven business environment, the role of the Chief Marketing Officer (CMO) has evolved far beyond its traditional boundaries. No longer confined to managing brand perception and advertising campaigns, today’s CMOs are expected to be strategic leaders who drive business growth, shape customer experiences, and leverage data and technology to deliver measurable results. In a recent interview, Alex Craddock, a seasoned marketing leader with experience across some of the world's most recognized companies, shared his insights into the changing nature of the CMO role and the qualities required to excel in this dynamic position.

Craddock’s career spans pivotal roles at industry giants like Hewlett-Packard, Visa, iShares, BlackRock, and Citi, giving him a unique perspective on what it takes to lead in a constantly evolving market. His thoughts provide a roadmap for current and aspiring CMOs, highlighting the importance of balancing commercial metrics with creativity, the need for a customer-centric approach, and the essential traits that define successful marketing leadership.

The Modern CMO: A General Manager in Disguise

The CMO role, as Craddock explains, has undergone significant transformation over the years. “The CMO role hasn't gone away... it's maybe evolving in terms of titles,” he remarks, noting that while the title may change, the core responsibilities have expanded. Today’s CMOs are expected to wear multiple hats, combining the skills of a traditional marketer with those of a general manager, technologist, and data analyst. This multifaceted nature of the role reflects the growing complexity of modern business environments, where CMOs must drive growth not just through marketing initiatives, but by influencing overall business strategy.

Evolving Responsibilities:

One of the most significant shifts in the CMO role is the broadening of responsibilities beyond traditional marketing functions. Craddock emphasizes that CMOs now need to be deeply involved in areas like customer experience, data analytics, and technology integration. “It's a really interesting role... a little bit of a CTO, a little bit of a CIO, a little bit of an analytics expert,” he notes, underscoring the necessity for CMOs to have a comprehensive understanding of the entire business ecosystem.

This evolution means that CMOs are increasingly being viewed as general managers, responsible for driving business outcomes across various facets of the organization. The ability to connect the dots between different business units, understand their interdependencies, and leverage this knowledge to inform marketing strategies is crucial for today’s CMO. Craddock’s perspective highlights the need for CMOs to think holistically, ensuring that marketing efforts align with broader business goals and contribute to long-term growth.

Broad Scope of Influence:

Craddock also discusses how the modern CMO must influence not only marketing teams but also other parts of the organization. “The CMO is a central figure in the business now,” he explains. The role involves collaborating with product development, sales, and IT teams to create a seamless customer experience and drive innovation. This broad scope of influence requires CMOs to be adept at cross-functional leadership, fostering a culture of collaboration and ensuring that marketing efforts are integrated with the company’s overall strategy.

This expanded influence also means that CMOs are often at the forefront of driving organizational change. Whether it’s adopting new technologies, shifting to a more customer-centric model, or rethinking how the brand is positioned in the market, the CMO plays a key role in guiding the business through these transitions. Craddock’s insights suggest that the most successful CMOs are those who embrace this responsibility, using their position to champion innovation and drive meaningful change across the organization.

Focusing on What Matters: Commercial Metrics and Customer Impact

While the scope of the CMO role has broadened, Craddock stresses that the ultimate measure of success remains rooted in commercial outcomes. “The metrics that ultimately matter are the commercial metrics... that's what I care the most about,” he says. In an era where data is abundant, it can be easy to get lost in vanity metrics that don’t necessarily translate into business growth. Craddock’s approach is refreshingly straightforward: focus on the numbers that matter, the ones that drive revenue and market share.

Driving Business Results:

For Craddock, the primary responsibility of a CMO is to influence perception and behavior at scale, ultimately driving business results. This requires a clear understanding of which metrics are most closely tied to commercial success and a relentless focus on improving those metrics. “You’ve got to be laser-focused on the metrics that matter the most to the business,” he advises.

This focus on commercial outcomes doesn’t mean ignoring other metrics, but rather understanding their role in the bigger picture. For example, brand awareness and customer satisfaction are important, but they should be viewed as steps toward achieving larger business goals. Craddock’s emphasis on commercial metrics aligns with the broader trend in marketing toward accountability and return on investment (ROI). By tying marketing efforts directly to business outcomes, CMOs can demonstrate their impact and secure the resources they need to continue driving growth.

The Balance of Metrics:

However, Craddock also acknowledges the complexity of managing a diverse set of metrics. “You've got this sort of really complex spectrum of metrics... the ones that matter the most to the commercial outcomes,” he notes. While commercial metrics are key, they need to be balanced with diagnostic measures that help optimize marketing strategies in real-time.

For instance, tracking customer engagement metrics can provide valuable insights into how well marketing campaigns are resonating with target audiences. These insights can then be used to refine messaging, improve targeting, and ultimately drive better commercial results. Craddock’s approach highlights the importance of having a balanced scorecard of metrics that provides both a high-level view of business performance and a detailed understanding of what’s working at a tactical level.

Key Traits of a Successful CMO

Given the expanding scope of the CMO role and the increasing pressure to deliver measurable results, what qualities define a successful CMO? According to Craddock, it boils down to a combination of visionary leadership, a customer-centric approach, and a commitment to innovation.

Visionary Leadership:

“A CMO needs to be visionary and inspirational in their leadership,” Craddock asserts. In a rapidly changing business environment, the ability to set a clear, compelling vision for the future is critical. This vision should not only guide the marketing team but also inspire the entire organization to align with the company’s strategic goals.

Visionary leadership also involves anticipating market trends and staying ahead of the competition. Craddock points out that a great CMO is always looking to the future, identifying emerging opportunities and positioning the brand to capitalize on them. This forward-thinking approach is essential for staying relevant in a constantly evolving market.

Customer-Centric Approach:

“The customer has to be at the center of everything you're doing,” Craddock emphasizes. Understanding the customer deeply is crucial for any marketing strategy. This involves more than just demographic data; it requires a nuanced understanding of customer needs, preferences, and behaviors.

Craddock believes that a customer-centric approach is the foundation of effective marketing. By keeping the customer at the forefront, CMOs can ensure that their strategies are aligned with what truly matters to the audience. This approach not only drives customer satisfaction and loyalty but also enhances the overall effectiveness of marketing efforts.

Innovation and Creativity:

In an era where technological advancements are reshaping industries, the ability to innovate is more important than ever. “There's a need to be innovative. There's a need to be creative,” Craddock notes. He highlights the role of technologies like Generative AI (GenAI) in transforming how marketers approach their work, from content creation to customer engagement.

Innovation, according to Craddock, isn’t just about adopting the latest technology; it’s about using it strategically to drive business growth. This requires a deep understanding of both the technology itself and the business context in which it will be applied. For CMOs, the challenge is to integrate innovation into their marketing strategies in a way that adds real value and sets the brand apart from competitors.

Case Study: Reimagining the iShares Brand

To illustrate the principles he discusses, Craddock shares a compelling case study from his time at iShares, where he led a major brand transformation. The project focused on repositioning the iShares brand to appeal to a younger, millennial audience—a demographic that was rapidly growing in importance for the financial industry.

Understanding the Market:

“We narrowed down on a younger audience... where the growth was going to come from,” Craddock explains. The decision to target millennials was based on extensive market research, which identified this group as a key driver of future growth. Understanding where the market was heading allowed Craddock and his team to craft a strategy that was both forward-looking and grounded in solid data.

This approach underscores the importance of deep market insights in driving successful marketing strategies. By understanding not just the current market landscape, but where it is likely to go in the future, CMOs can position their brands to capitalize on emerging opportunities.

Insight-Driven Strategy:

“You can't beat the research and the insights that you can gather,” Craddock emphasizes. The iShares brand transformation was heavily informed by customer insights, which helped the team identify key pain points and opportunities within the target audience. This insight-driven approach ensured that the rebranding efforts were not just aesthetically pleasing but also resonated deeply with the intended audience.

Craddock’s strategy involved more than just cosmetic changes; it required a fundamental rethinking of how the brand communicated with its audience. This included everything from messaging and tone of voice to the channels used to reach customers. The success of the iShares rebranding demonstrates the power of leveraging customer insights to drive meaningful brand transformations.

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