The CMO’s Approach to Seeking C-Suite Allies

    The CMO's Approach to Seeking C-Suite Allies

    There is a lot of optimism in the air about the pandemic coming to an end due to the increasingly extensive vaccine deployment. People want things to get back to normal – at home and work. Marketing executives, however, believe there will be no going back to the way things were in 2019. Many CMOs witnessed significant budget cuts in 2020 and are unsure what may happen next.

    According to industry experts, one thing is certain: digital ad spending – which for the first time in 2020 topped non-digital ad spending – will continue to rise. CMOs are investing in martech tools to handle activities on digital channels more efficiently, and they expect this trend to continue in 2021.

    However, there is apprehension too, as CMOs assess the ramifications of a marketing budget cut that may persist in the coming years. Will this put the CMO role in jeopardy? One thing CMOs can do to improve their position in the future, is form alliances with their C-suite neighbors, the CEO, CIO, and CFO.

    Also Read: Re-Thinking Customer Acquisition Focusing On Less Measurable Bets

    Trying to reach across the table

    So, how can CMOs build a close connection with their executive suite peers? The first stage is to assess what employees in each role require, to perform their duties as efficiently and effectively as possible, as well as how marketing might assist. CMOs can consider how CEOs, CIOs, and CFOs use technology and data, as well as how marketing can contribute.

    It’s also useful to consider the decisions that CEOs, CIOs, and CFOs need to make, as well as how marketing and sales are intertwined. CEOs are concerned with the whole corporate strategy, and marketing plays an important role in this. CIOs are focused on technology and data, which has an impact on marketing and vice versa. CMOs can gain traction by focusing on financial performance as CFOs do.

    Collaborating with C-suite neighbors

    CMOs can work towards a collaborative relationship with the C-suite peers if they keep these broad ideas in mind. Since not many CEOs have a background in sales or marketing, CMOs who want to form an alliance with their CEO may have to make up ground thereby demonstrating how marketing contributes to large-scale business results.

    Collaborating on martech purchases is one of the quickest ways to create an alliance with the CIO. Across the organization, there has been a tendency of decentralization, with department heads making their own technology purchasing decisions without consulting the CIO. However, according to a 2020 survey by Infosys “CMO and C-suite: The DNA of partnership”, 44% of organizations believe that a close CMO-CIO partnership can enhance earnings by 5% or more, which is the reason enough to investigate deeper ties.

    Also Read: Why Should CIOs and CMOs Work Together to Drive Business Transformation

    Accepting responsibility

    Credible evidence of marketing’s impact on corporate results is the single asset that helps CMOs develop better connections with all of their C-suite counterparts. The significance of data credibility cannot be overstated. Data created by martech solutions won’t be useful outside of marketing unless it’s presented in a way that non-marketers can understand.

    With the ability to precisely assess performance, CMOs can join the strategy table, collaborating with CEOs to transform business goals into marketing activities that generate the lead volume, velocity, and conversion rates required to accomplish company goals. Accurate data also enables the CMO to defend marketing budgets and argue for increases.

    Data demonstrating marketing’s impact can also assist CIOs in justifying technology investments and demonstrating how solution stacks align across departments to meet company goals. Furthermore, reliable marketing data can assist CFOs and their finance teams in developing accurate predictions and providing insights that help the company navigate business uncertainties.

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