Russ Lange, Partner
As we start the annual corporate planning effort for 2019, consider how you’ll make it a winning year.
A Deloitte 2017 study reported that just 6% of CMOs focused on global revenue growth for their enterprises. An older, but still relevant, study by Fournaise Marketing Group found that 80% of CEOs do not trust – and are not impressed by – their CMOs. 90% of the same CEOs did trust and value their CFOs and CIOs. These two studies point to interlocking challenges for marketing leaders: (1) we must create measurable, meaningful, and tangible value to earn trust and (2) without trust, it is hard to establish the space needed to create value that is measurable, meaningful, and tangible for businesses.
Other CMO studies conclude that to remedy this situation, marketing leaders need to become data conversant, customer focused, and revenue driven. Nothing of which is new to marketers. What is more new to them, and pressing, is the need to be these things in a world where traditional tools of technology and process are outstripped by the scale and scope of our challenges to generate, nurture, and convert demand.
In this context, as we begin the 2019 budget cycle, let’s challenge ourselves to look at ways our marketing, and therefore our marketing teams and organizations, can become more competitive, so we win our challenges at ever greater rates. Since we’re already investing in tech and process, the remaining leg of our performance stool should be the focus of our 2019 growth objectives -> the human side of our budgets. For both our customers and our team members.
In a recent Marketing Week, Alison Lewis, CMO of Johnson & Johnson, talked about the need for a ‘blank slate.’ The need to clear out a legacy of perceptions and operating assumptions so that her organization could develop a modern, human-side customer understanding valid for today’s marketplace. Using that understanding to enabled Lewis’ team to move forward and create meaningful, relevant, and relatable value for both its customers and its company.
Likewise, using 2019 to develop better human-side budgets will also enable us to start with ‘blank slates’ in how our team members more effectively and efficiently transform opportunity into value. In a recent top CMO.com article, ‘Agile Is The Mindset Of The Modern Marketing Organizations,’ the author shared a number of examples of how some leading marketers have already embraced this approach and the results they’ve achieved with it.
In winning for our customers and our companies in ’19 we need to field the most competitive marketing team possible. Let’s give ourselves the luxury of blank slates to build out our human side budgets for investments in the people outside and inside our organizations to get a jumpstart on things. We’ll then find ourselves, as we prepare for our 2020 budget cycles, trusted and valued by our CEOs and customers more than ever before.