Marketing is all about strategy, and the most important factor in the success of these strategies is the ‘overall vision’.
The CMOs are stuck in an unexplainable complex situation of “managing the present” versus “preparing for the future. The time spent on managing the present market demand versus preparing for the future of marketing is starkly different. Across company size, sector, or industry – the focus is always on the present, regardless of compromises that may arise in the future.
Below are the four top factors causing marketers to focus on the present, which could be at the expense of the future:
- Pressure to match the short-term earnings:the role of Marketing is usually viewed as a lever to drive short-term sales instead of futuristic long-term growth.
- Multiple strategic roles:Marketers are assigned only tactical roles, including social media management or promotions.
- Compensation structure:Short-term success leads to performance bonuses, while the long term strategic objectives can build equity in the firm.
- Role ambiguity:Marketers focus on immediate priorities for making quick wins and protect what is under their control.
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So, CMOs are often facing a challenge to comprehend how to avoid getting caught up in the chaotic whirlwind that the present market is!. The ways to do so are:
- Adopting a futuristic approach: Allocating dedicated time every week to focus on long term vision is important as strategic planning is not something that happens once every year.
- Invest in marketing capabilities: Organizational-level skills and knowledge embedded in critical processes are engines that drive business success.
- Drive decisions based on data: Marketers report utilizing marketing analytics to make decisions, only 39.3% of the time, which is too low.
- Deepening cross-functional ties: When marketing partners with digital, R&D, operations, technology, and finance, its sights are set out on critical firm-level outcomes.
- Focus on growth: Marketers need to be encouraged by c-suite to take calculated risks that align with the overall corporate growth.
- Demonstrate the real impact of marketing: The more marketers can demonstrate the impact, the more likely are they to receive additional resources to support strategic planning.
- Fund marketing for the long term: Building and maintaining growth takes sustained investment.
- Don’t compete on price build value: A buoyant economy creates such a shift as customers feel less concerned about debt and more about quality.
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It’s human nature to focus mostly on easy tasks that keep the business humming, but this short-term mindset delivers very diminishing results over a period of time. Marketing can then lead into the future with the right focus and support.