As fast-evolving technology and consumer behaviors collide, the CMO role has evolved substantially, increasing the CMO’s visibility and potential for leadership and influence.
Chief Marketing Officers (CMOs) are vital leaders in the C-suite but rotate more often than any other C-level position. Many people enter their positions with lofty goals but fail to translate them into a plan that both supports the business and is in line with the general company agenda. Additionally, not all CMOs aim for transformation. Some are employed to develop their brands gradually so that they can capitalize on their prior successes.
Whatever the circumstance, CMOs only have a limited amount of time to make a substantial impact. It follows that to capitalize on every executive shift, they must be as effective as they can be. CMOs should keep a few things in mind when attempting to transform their brands.
Here are five steps to help CMOs effectively develop their growth plan:
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Clear ambitions lead to clear plans
Business momentum cannot be established until the brand’s vision, products, and global role are well understood by the incoming CMO and their teams, as well as the organizational resources—people, priorities, and processes—needed to fuel long-term growth successfully. This results in a simple marketing transformation agenda to comprehend and implement when combined with specific goals and plans for achieving each goal. These goals must be linked to a distinct vision. Perhaps even more crucially, each goal should include a concrete set of actions to help the brand accomplish that goal. The foundation of the transformation road map will be these concrete actions.
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Alignment ensures success
Align your marketing goals with the organization’s overall transformation strategy, and align with your CEO, other members of the C-suite, and the board. CMOs are frequently accused of acting erratically or worrying about topics that don’t affect the bottom line. This is a communication issue, in my opinion. Ironically, the brand’s spokespersons struggle with internal communication, but it happens frequently. Successful CMOs demonstrate how their transformation plan links to the firm’s business plan, allowing the organization to generate more value and growth.
Also Read: How Businesses Can Build a Customer-Focused Strategy
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Involvement inspires support
Including the important individuals in the transformation plan can help the organization develop a strategy that the workforce can support. Rallying the marketing organization and peers outside of marketing will be essential in getting support for a business’s aspirations and plan, even while the inspiration and ambition may come from within (or from external advisers). Including the team in the plan and giving them ownership of it will enable them to contribute to its success. The team may map out the practical steps to get there with the help of planning meetings that CMOs can facilitate to discuss each objective’s vision. Then, have them collaborate with individuals from other fields to get the backing and power needed to effect changes in fields other than marketing.
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A growth mindset leads to growth
CMOs should ensure the goals are strategic and explain how each goal will aid in the expansion of the brand(s). These goals, however vital, only result in small changes. For the brand to grow in new areas and have the ability to introduce new products and services, widen distribution channels, and alter consumer behavior, growth aspirations must result in transformational change.
Also Read: Increasing Business Resilience Through Data Maturity
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People and processes enable the purpose
CMOs can (re)organize the marketing division to reflect their goals and update their strategy, laying the groundwork for successful implementation. Making effective practical movements frequently depends on integrating and obtaining new competencies. This calls for hiring fresh talent who will work with established personnel. It also entails implementing new procedures and cultural components that foster success. The transformation plan will be made tangible, and the company’s purpose will be given more life by the new organizational structure, processes, and culture.
A brand strategy that may serve as a platform for the company’s growth must start with developing a transformation plan. CMOs must be ruthlessly efficient in driving the change they want to create.
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