The Perils Of A Cmo And How To Reduce Them
Ahh, the perils of the modern CMO – one of the most unstable positions in corporate life.
Consider the following fictional (yet fundamentally accurate) scenario. Newly hired CMO, dressed sharp and fully caffeinated, in an initial one-on-one with a beleaguered CEO (who’s already had way too much coffee).
CEO: Welcome aboard – we are so glad to have you here. You’ve no idea.
CMO: Happy to be on the team.
CEO: So, what are your plans for increasing our revenue?
CMO: Well, I need to first study what the consumer thinks about us. Then I need to create a narrative surrounding our brand that addresses the negatives and enhances the positives. After that, we’ll need to engage an agency, devise creative, buy media, and then –
CEO: Wait – hold on. For all this, how long, and how much?
CMO: Uh, about 6 months, and I need a budget of $x,xxx,xxx…
CEO: Uhh… we don’t have that much time. Or money. I’ll get back to you.
This is the fundamental struggle. The CMO needs time and money to enact the branding changes to move the needle for his employer. But the CEO, CFO, other management staff, and the board don’t understand the investment of time and money.
Add in a faltering economy, a probable reduction in orders, and a smaller marketing budget, and even more pressure surrounds the situation.
Result? Friction, peril, and a CMO that either leaves or gets fired.
But it doesn’t have to be this way. CMOs can create short-term wins while planning for longer-term branding – and do it with less money.
Here’s how:
- Prioritize Resources Wisely – Understanding what matters most to your company is crucial when allocating resources properly. CMOs should start by creating initiatives that target those top priorities. This involves setting specific, measurable, achievable goals – both short and long term – and watching the stats to ensure resources are directed toward the best-performing strategies.
- Leverage Data-driven Marketing Sources – Investing in data analytics allows CMOs to make informed decisions. By utilizing first-party data and advanced analytics tools, marketing teams can target the best customers, improving conversion rates and ROI. Look for sources from past campaigns and web activities, including Google Analytics, Google Search console, Facebook ads, and any previous digital ad campaigns. CMOs can also lean on data collection from company sales-development representatives.
- Adopt Agile Marketing Practices – An approach that allows marketing teams to pivot quicky in response to market forces and data is essential for reallocating resources effectively and focusing on high-ROI initiatives.
- Already Got High Quality Content? Repurpose It – If you have great content that was created by your predecessor(s), don’t be afraid to adjust and reuse it. Content can be adapted for different platforms or formats, ensuring a consistent message across channels without the need to reinvent the wheel.
- Utilize Influencer Partnerships – As an agency that has created over 300 influencer campaigns, we’ve seen ROI of as much as six times the client’s initial investment. And, by leveraging existing audiences, CMOs can enhance brand visibility, credibility, engagement and potential sales at a lower cost and faster turnaround than traditional advertising.
- Embrace Automated Marketing – Whether it’s cold emails or a digital-ad campaign, implementing marketing automation tools can save time and money. Automation enables CMOs to manage campaigns more efficiently, allowing for better metrics tracking and more effective cross-channel spending.
- Focus on Creating High-Quality Content – Compelling, engaging content that addresses customer pain points can build brand loyalty. CMOs should prioritize content that not only catches the eye but also drives conversions, while ensuring that every piece of content is tied to specific goals.
- Explore the Use of AI Solutions – Although it does occasionally need refining, the incorporation of AI technologies can automate data analysis and campaign optimization. AI can help identify trends, personalize messaging, and improve targeting strategies, leading to better outcomes with less outlay
All of these points can be shifted, reduced, eliminated or reprioritized depending on the CMO’s position and workflow. But in the short term, using these techniques and strategies can save time, money, and create wins, both short and long term.
We’re here to help – and that means making CMOs look great (and CEOs happy). So, as always, give us your thoughts and let us know what we can do for you.