CEOs are challenged by CMOs’ role and results.
In fact, 80% of CEOs admit they do not really trust and are not very impressed by the work done by marketers, according to a study by Fournaise Marketing Group.
That’s because 78% of the CEOs think marketers too often lose sight of what their real job is – to generate more customer demand for their products and services in a business-quantifiable and business-measurable way.
Other challenges for this relationship include:
- Many marketing functions are not aligned with the company’s overall strategy.
- CEOs need a clear understanding of marketing’s role and there can be the disconnect.
- Disconnect may result from CMOs focusing initially on strategy, infrastructure and technology (home runs) vs. getting early tactical wins – new sales materials, building leads and reporting(singles).
- CEOs also will benefit from appreciating how marketing success can be measured beyond short-term incremental sales and ROI improvements.
- Building productive collaboration with all relevant business units affecting and affected by marketing – sales, innovation and product development, etc.
So, if CEOs want to get the most effectiveness from their marketing teams, they will benefit from asking their marketing department these 12 questions:
- How are our customer needs changing and what resources are our customers using to make their purchase decisions?
- Which customer segments offer us the most profitable opportunities?
- How easy is it for our customers to find us?
- What is our cost per lead?
- What is the lifetime value of our customers?
- How and where can we create a sustainable competitive advantage?
- How is our brand perceived by our customers?
- What scoring or metrics will demonstrate our marketing success?
- How will you build collaboration between your marketing, sales, innovation, product, technology and all relevant business teams?
- What marketing systems, tools, analytical and data capabilities will you need to improve marketing metric capabilities?
- How should I determine your marketing budget; how much does really good marketing cost?
- How much time do our executives need to commit to marketing?
What questions are you as a CEO asking your marketing department and what questions are you getting as a marketing department from your CEO?
To start getting better answers and alignment and improve your marketing, take this brief marketing assessment and let’s have a conversation. I will get you going and growing.
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