Connect with us

MARKETING

It’s time for CMOs to talk business

Published

on

Getting back to basics: Marketing ROI

I recently celebrated my four-year anniversary as Chief Marketing Officer at the global digital consultancy Publicis Sapient.  According to many surveys, this milestone means I’m on borrowed time – and have been for some time.  Median tenure for CMOs at America’s 100 most advertised brands is just 25.5 months — the lowest since 2009, and far below the 80-month tenure for CEOs. 

While some question whether these statistics paint the real or full story, these numbers should serve as motivation for CMOs to make some long-needed changes and take charge of their rapidly evolving role.

The reasons that CMOs have short tenures have been explored in depth in recent years and I don’t want to belabor the point.  In my view, most CMOs don’t embrace a business mindset.  They need to act as “business leaders” first and “chief marketers” second.  

Serve the clients, not the organization

An important step for CMOs today is to make sure expectations align with what the job entails. The marketing role is not designed to support but to lead.  Too often organizations misunderstand marketing’s responsibilities.  The scope of the CMO position shouldn’t be limited mostly to marketing communications, such as advertising, PR and social media.  Rather, CMOs need to educate internal stakeholders, especially the CEO, on the role marketing can play in leading business strategy. 

Reframing the CMO role from “marketing” to “business” means taking accountability and ownership of driving the business rather than supporting it.  CMOs build the business — they don’t just market it.  Working collaboratively across the enterprise, marketers influence decision making and business strategy by merging clients’ insights with data and market expertise to fuel growth.   

This education about the CMO role is important in managing expectations that marketing can solve deep organizational challenges.  Too often, CMOs are expected to quickly improve various aspects of the business, from sales to communications, even though in many cases these issues require systemic organizational and cultural change outside the scope of marketing. Or, as sometimes happens, the CMO does not have the mandate to actually oversee the processes, like sales or solutions, that may be used to determine his or her ultimate success.  When CMOs join organizations with big aspirations and goals, the company culture needs to allow for their ambitions to flourish so that they’re not blamed for poor company performance.  

Ideally, reframing the role should start at the job interview or recruitment process, with prospective CMOs ensuring that their job descriptions include how their impact will be measured.  This underscores the importance of setting expectations from the outset.  It’s often missing from job descriptions, leading to a lack of clarity for how to measure a CMO’s performance.  For example, a seminal Harvard Business Review study found that only 22% of CMO job descriptions include such metrics.  CMOs should incorporate this language, request specific metrics during performance reviews and begin to forge a new and clearer path.

Advertisement

Read next: Only 11% of CMOs say they have achieved digital transformation goals

Market your marketing — with data

Organizations often see marketing as a cost center rather than as an engine of growth. This misconception results in CMOs not having the authority to drive business decisions.  For example, one study found that only 5.5% of 600 surveyed executives said it was the CMO who approved investments in digital engagement technologies in their organizations.  In more than 25% of cases, it was the CEO, CFO or CTO.  It defies logic that the CMO, who is tasked with understanding the market, is not overseeing spending decisions on technology to reach customers.

CMOs can change this way of thinking by showing data and insights for how marketing directly drives business.  Successful marketing organizations build data analytics teams to ensure that they’re not only using data to inform marketing decisions, but also tracking and collecting data on outcomes and results.  It’s critical to have a firm numerically based understanding for how marketing expenditure and activities affect the company’s bottom line. The data allows marketers to speak the language of the CEO and demonstrate pipeline, revenue and impact on the company.  Making this shift is essential as a recent Boathouse study found that 58% of CEOs believe that CMOs speak their own language versus the language of the business.  

Drive growth around the three “Rs”

Marketing’s purpose is to drive growth around what I call the three “Rs:”

  • Reputation: growth for the brand.
  • Relationships: growth for clients.
  • Revenue: growth for the business.

Ideally, CMOs can take market data and use it not just to market current products and services more efficiently, but to inform and inspire the development of new ones.  Data can also be used to track the buyer journey, which is helpful not just to make sure products reach potential customers, but to identify new opportunities. This can turn CMOs into growth drivers. In addition, in this capacity CMOs can bring an innovative mindset, and set an agenda for new products and new opportunities, all rooted in data and their expert knowledge of the market.  

Collecting and analyzing data also makes marketing invaluable to other parts of the enterprise, including sales and product development.  It’s a way for the CMO to further align and work more closely with other top executives, including not just the CEO and CFO, but also the CTO, CISO and Chief Purpose Officer — three roles that are growing in impact across businesses. 

These steps will go a long way toward increasing trust in CMOs, which is desperately needed. Seventy percent of CEOs in the Boathouse study said their CMOs think foremost about themselves and would do whatever it takes to protect themselves rather than their CEO.  In addition to gaining more trust, by adopting a business mindset and embracing data, the CMO can be at the forefront of an organization’s growth — and digital transformation.


Get the daily newsletter digital marketers rely on.

Advertisement



Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.


About The Author

Theresa Barreira is CMO at Publicis Sapient. She was named one of the Top 25 Women Leaders in IT Services of 2020 by the IT Services Report, and a 2019 recipient of the Silver Stevie Award for Female Executive of the Year.

She is a proud Hispanic and native of Portugal who is focused on advancing DE&I in leadership and at all levels of the workplace. She’s lived and worked in the US, Canada, and Europe, and spent most of her career leading teams and companies through transformation, launching new brands or lines of business, and cultivating a culture of experimentation and learning.

She is former CMO of Deloitte Consulting and has held leadership positions at IBM and Accenture.

Advertisement

Source link

MARKETING

2023’s Digital Marketing Trends for Small Business

Published

on

2023's Digital Marketing Trends for Small Business

The recent turn of events has digitized business operations throughout the world. Business leaders from various industries are using technology to run their commercial ventures. 

Businesses are extensively leveraging digital marketing to up their game. With the increasing advancements in this area, it is evident that this trend will continue to thrive as we move into 2023. 

Let’s learn more about digital marketing and its successful trends. 

What Is Digital Marketing?

Are you an entrepreneur looking for ways to expand your business? If yes, you should incorporate the progressing idea of digital marketing in your branding strategy. 

Digital marketing uses technologies and online avenues to promote your products and services to people beyond your service area. Also known as internet marketing, this process uses digital communication to spread brand awareness and increase sales.

According to a Forrester report, digital marketing spending by companies will reach $146 billion by 2023. With the existing and new digital marketing trends in 2023, you can prepare yourself to take your business to phenomenal heights. 

Exploring 7 Effective Digital Marketing Trends in 2023

Out of plenty of business strategies, a wise entrepreneur will always opt for the ones that are lucrative for his venture. Some of the top digital marketing trends that will be effective for your company in the long run include;

  1. Real-Time Messaging Remains Effective 

Personalizing the sales is the secret to making your customer choose your products and services. You can achieve this by real-time messaging with your potential customer. Several chatting platforms can help you in getting to know your customers better. 

You can create a customized sales strategy for every customer using their data from the chat between you and them. It spikes the chances of a successful sale as your customer will think that the product or service is exclusively designed for them. 

Advertisement

Get the Digital Marketing Blueprint

With a Customer Value Journey that strategically builds a relationship with new prospects and converts them into loyal, repeat customers. Click here

  1. Attract Users Through Video-Based Content

Everybody loathes the idea of reading long texts on websites. However, people are attracted to moving graphics as they provide more information in less time. Thus, it is ideal to incorporate video-based content in your digital marketing strategy to make the user stay longer on your webpage. 

Videos are captivating and successfully capture the attention of the user. Use engaging videos to make the audience stop and stare at your webpage. It is an excellent way to promote your business by including the top selling points in your video. 

  1. Influencer Marketing Continues to Gain Popularity

We engage with the stories and posts of our favorite celebrities and influencers daily. So, why not use their extensive social media reach to create a buzz about your business?

Consider the trendy idea of influencer marketing if you want to attract maximum customers to your business. This idea involves social media marketing, using socially influential people and organizations to market your products and services. 

The innovative idea of marketing your niche through influencers has recently become the talk of the town. It is because influencer outreach is far better than traditional marketing, which elevates the chances of affordably acquiring more customers. 

All you need to do is hire an influencer who belongs to the same niche as your business and has a substantive following so that your brand’s message can reach maximum people. Following that, you can strike a deal with them to promote your brand in return for adequate money or complimentary products and services from your brand. 

  1. Email Marketing Nevers Falls Out of Fashion 

Email marketing is one of the oldest yet most compelling digital marketing trends. 82% of B2B marketers say that using email newsletters is still their go-to method for brand promotion. 

Have you ever wondered why this method is still relevant when we have more functional and practical social media communication methods today? A prime reason is that content often fails to reach people through social media as it is heavily filtered. However, such is not the case with emails – they convey your message directly to the user without the threat of being brushed aside due to privacy and filters. 

GET CERTIFIED. Discover the proven plan for effortless, automated email marketing. Click Here

  1. Get Smart with Artificial Intelligence 

Modern digital marketing trends are all about using smart demeanors like Artificial Intelligence to grow your business. AI marketing stores data of your potential customers to help you make automated and informed decisions in milliseconds. 

AI observes your audience, economic trends, and other aspects affecting your marketing strategy. It uses data analytics to ensure you target the right pool of customers at the right time. Several brands use AI for effective marketing and have already started to reap its extensive benefits. 

  1. User-Generated Content Is Growing 

User-generated content refers to any online material created by someone not representative of your brand. These people can be your customers, brand loyalists, employees, or anyone. User-generated content includes customer reviews or ratings and back stories about the brand that employees share. 

Using user-generated content is a brilliant emerging concept in digital marketing. It shows the positive aspects of the brand, posted by people who have no direct connection to your business. 

Advertisement
  1. Consider Outsourcing To Marketing Agencies 

Digital marketing is a vast field that comprises various innovative digital trends. It is challenging to incorporate all the emerging trends at a time by yourself; therefore, a constructive approach to expanding your business would be to hire a competent digital marketing firm.

Obtaining professional digital marketing services would boost your business in a limited time. The right digital marketer will use different innovative techniques and the latest marketing trends to increase awareness of your business worldwide. 

Assessing The Importance OF Digital Marketing

Several reports have shown that 55% of marketing in businesses worldwide has gone digital. The remarkable effect on businesses through digital marketing has increased its use in the world’s major industries. 

Let’s see some of the many gains of using digital marketing in businesses;

  1. You can get global reach for your business by using digital marketing
  2. Digital marketing phenomenally increases your chances of sales as it adopts a more personalized marketing approach with each customer
  3. There are lower costs and manpower required to conduct internet marketing. As a result, it is a suitable option for startup businesses
  4. You can use multiple strategies and forums to market your products digitally. This offers a variety of customers, which expands your business in less time
  5. Digital marketing techniques are easy to learn and apply
  6. The results of digital marketing are much faster than traditional marketing strategies
  7. Using technology to market your niche allows you to know your customers better so that you can improve your products and services accordingly for them
  8. Digital marketing offers optimization and analysis. This provides you with strategic insights into your performance, which can help to perfect future business operations. It also makes you aware of your mistakes so you can fix them quickly

In A Nutshell 

Digital marketing is thriving in the business arena and will continue to do so in the years to follow. It offers an exceptional global reach to take your business to unprecedented success. The existing and emerging digital marketing trends have entirely transformed the way businesses used to operate. 


Source link

Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending

en_USEnglish