As we end a year most of us would rather forget from a business standpoint, I thought I’d make my last blog of 2009 about what changes I see for CMOs in 2010 and beyond. Of course, this is an ideal state and we won’t get there all at once. But what better way to head into another decade than with new hope and resolve to make our roles as CMOs more strategic to our respective organizations.
CMOs used to be able to get away with understanding brand; print advertising; market research; direct mail campaigns; design good-looking brochures and trade show booths…and not much else. This is no longer good enough. New pressures and focus areas include the evolving media landscape, economic and customer uncertainty; and more involvement in corporate strategy.
In summary, today’s CMO needs to understand how the business works.
In addition to all the traditional responsibilities we place on the CMO’s plate, the scope needs to increase. In 2010, CMOs should also focus on:
– Innovation – Both in products (services) and how they are marketed. To further comment on management innovation who better to turn to than Gary Hamel? In this 13:50 minute video, Gary talks about the characteristics necessary for innovation in the workplace.
– Revenue Growth – Sales is execution, but marketing should own the sales strategy.
– Alignment – Cross-functional, global, executive teams all need to be aligned with customer. Using customer analytics to drive decisions and improve promotion campaigns should be employed.
– Accountability – Track investment ROI and revenue via the various marketing channels. Constantly improve upon investment. CMOs should bring transparency to their team’s output by setting objectives and publishing a dashboard.
– Strategy – Top-level CMOs should help drive corporate strategy in addition to marketing strategy and sales strategy.
Does this sound challenging? It is. And to think I almost made it through this entire blog without mentioning social media, which presumably CMOs are already tackling as part of the evolving media landscape.
I would like to take this time to wish everyone who reads my blog a very happy and healthy holiday season. I look forward to speaking to you in the New Year.