What does the CMO and, by extension, marketing need to be accountable for within an organization? How can CMOs ascend to the role of strategic adviser to the CEO? What strategic initiatives and processes provide lead marketers the greatest opportunities to drive change in an organization?
CMG Partners’ (CMGP) second round of research, based on interviews with CMOs and lead marketers, answers these questions and uncovers the emerging themes changing the role of marketing within an organization.
Key themes include:
- Accountability for revenue: Marketing should be driving the business, but this role is earned; it’s not a birthright. Demonstrating value can take many forms, but a central theme is accountability for sales or revenue, which ultimately provides the opportunity to have a greater voice in setting business direction and more latitude to experiment.
- Redefining the role of CMO: What was once largely a communications role has evolved into a position that owns a market-driven road map for the enterprise, is a leader of cross-functional collaboration, and has a seat at the executive table. This research suggests the next evolution of the CMO role will take it yet another step higher, seeking to become a true transformational leader within the organization and a strategic adviser to the CEO or board. To earn this broader, more strategic role, lead marketers must accept accountability for business drivers and demonstrate impact.
- Growth is the goal: Not surprisingly, lead marketers described their role as the brand steward and the head of marketing, which is charged with growth. Those marketers with greater leadership inside the organization tended to define their measures for growth more broadly and aligned them closely to the company’s specific business model.
These themes echo and further crystallize findings from the initial wave of research, which first identified an evolution in the function of marketing--specifically the function of the CMO and lead marketer.
The full report delves deeper into this redefined role of marketing, reflects on the evolution and future of marketing, and provides an illustrative action plan for a lead marketer to consider.
Other key findings include:
- Cut first or be cut: In the downturn, marketers who were fairing better emotionally and professionally made the first move in identifying where dollars could be conserved and how to shift resources to higher quality or more measurable initiatives. In doing so, they clearly demonstrated corporate citizenship over defense of the marketing kingdom, thus earning the respect of their peers.
- Adopting the role of strategic adviser: Market-driven processes, like new product development or voice-of-the-customer programs, provide a more rigorous and formal opportunity for marketing to assume a leadership role. Many leaders are using external market-facing processes such as these to increase influence in other areas, including engineering, operations, and customer service—a step closer to the role of strategic adviser.
- Marketing performance: Taking a more critical view of marketing performance and driving toward measurable results that can be shared with peers is a critical step toward building bridges with other functional areas.
- The future of marketing: Following are the top trends that defined the past decade and the top emerging trends identified in the next:
> The strategic importance of marketing will increase.
> Marketing science will continue to play an increasingly important role.
> The transformation of customer centricity into a meaningful initiative.
> A shift in the role of brand management to orchestration/architect.
> The second inning of one-to-one marketing--mobile?
> Talent will be a bigger challenge.
Click here to download the full research findings.
Back to The CMO's Agenda: Critical Challenges Lay Ahead.
CMGP is currently in the midst of its third round of research. If you are interested in participating, please contact Erin Hyatt at erin.hyatt@cmgpartners.com.
