The role of the CMO is even more challenging as marketing leaders are more than just marketers. Today’s CMOs must navigate a balance of being brand builders and revenue generators. They must be equally comfortable engaging with innovative marketing technologies as engaging with customers. And they must – emphasize must – be adaptable to constant change.
And yet, you may deem this as an exciting time to be a marketing leader with the opportunity to accelerate revenue generation.
If you believe in this new definition of the CMO, there are a few job responsibilities that you might find to be challenging.
1. Simultaneously building the brand while driving revenue.
Before the modern era of advanced marketing analytics, marketers relied on brand building efforts to drive sales. Today, advanced marketing analytics and sophisticated targeting campaigns enable marketers to drive revenue like never before. They also enable organizations to hold CMOs accountable to the top line of the P&L.
However, focusing exclusively on sales at the expense of brand is a catastrophic mistake.
In today’s marketplace, CMOs need to be strategic in correctly prioritizing their branding efforts and their direct revenue campaigns that are focused on specific solutions to a customer issue or opportunity. Even better, they need to develop campaigns and projects that address both. And perhaps more importantly, it’s key for Marketing and Sales to be allies in the game of generating revenue.
2. Creating and maintaining competitive differentiation in an era of constant change.
Maintaining your brand’s focus on competitive differentiation and how this differentiation meets the needs of the targeted customer is key to ensuring that your offering is relevant in a competitive marketplace. In today’s highly-fluid, highly-competitive business environment, it’s never been more challenging to articulate this differentiation. In the past, we mostly worried about keeping our brands relevant. Today, we also worry about:
-Responding to global competitors’ encroachment on our differentiated positioning.
-Addressing fallout from a material event that impacts the market’s perception of your brand.
-Launching new products and subsequently targeting new audience segments.
Today’s CMO must be agile and adaptable to change in order to maintain the brand’s focus on competitive differentiation and how this differentiation meets the needs of the buyer.
3. Leveraging marketing technology to strengthen customer bonds.
Marketing technology presents a tremendous opportunity for marketers to optimize performance. With an increasing number of digital channels available, the proliferation of digital technologies and media has put the customer in the driver’s seat as to when, where, how, and why to engage with brands. There’s no wonder the title Chief Digital Marketing Officer is gaining traction.
But technology is an area we can play as well. For example, automation and personalization present a tremendous opportunity to strengthen our bond with customers. One CMG client mixes automated email notifications with handwritten cards from customer support for an integrated online/offline touchpoint strategy.
4. Collaborating across the organization to develop an optimal customer experience.
CMOs are increasingly finding themselves either in charge of or teaming with others in defining an optimal customer experience. In this capacity, CMOs must be more than marketers. They need to be strategists, technologists, quantitative specialists, and an internal champion of the customer.
Companies with a customer-centric culture and a customer experience strategy can inspire loyalty in their customer base. In fact, the most strategic opportunity to build loyalty is to create an experience that is perceived to be personalized and unique to that customer.
By Maria Trysla – Marketing Strategy for B2B Companies.
Please let me know if you’d like to learn more about how CMG is enabling our clients to mediate this delicate balance of revenue generation with adaptability and agility combined with marketing technology and a focus on the customer.
About CMG Partners
CMG enables complex organizations to realize their market potential, becoming more agile, and more focused on growth. We’re strategists and practitioners in equal measure, backing up our thinking with a sharp understanding of execution. Clients from Fortune 500 powerhouses to startup ventures trust CMG to lead category-changing marketing strategies to success. We deliver strategy, go-to-market, agile and analytical programs with speed and dexterity.