Even after the crucial role that marketing has played in the survival of brands in the wake of the pandemic, many organizations still view marketing as a cost center and support function. To change the view and perception of marketing, marketing leaders should take steps that reveal the positive impact marketing has on the overall organization.
The rise of digital media across the globe has had a transformative impact on today’s B2B marketing landscape. With in-person interactions restricted due to the pandemic, organizations had no choice but to rethink their marketing strategies. This has resulted in organizations incorporating advanced martech stacks as well as having an omnichannel presence.
While this enabled organizations to build their brand awareness and gain the loyalty of their customers, many still do not realize the impact that marketing can have on their overall growth.
It is crucial that B2B organizations understand the importance that brand value can create for the organization. Also, they should help them understand how defining and crafting an engaging value proposition leads to an ongoing and profitable customer relationship.
Here are a few steps B2B brands can take to maximize the impact of the marketing department:
- Ask the board to provide marketing a seat at the table
If the organization does not have a marketing leader at executive-level meetings, they must provide one a seat at the table. The marketing department should understand the overall marketplace, customer problems, and key business objectives to be most effective. If it is an afterthought, it becomes a support function.
If the organization wants to derive real value from its marketing department, it should develop a strategic partnership with marketing and sales. This will enable the marketing leader to thoroughly understand the business landscape while also having the ability to influence strategic priorities that build brands that better deliver on customer requirements.
- Develop an integrated strategic plan
After getting a clear view of the top growth initiatives of the marketing department, B2B brands can design a plan that will help them deliver value. The marketing department should collaborate with the sales department and map out the customer experience journey. This will enable them to jointly identify the opportunities.
If the marketing department is clear on what the organization wants to achieve, it can make better choices. This will also help it identify what steps to avoid, to ensure zero wastage of time and resources.
CMOs should consult with their team to concentrate their focus on the most strategic and revenue-driving activities and not the one that is the priority.
Also Read: Four Strategies to Boost Customer Loyalty
Assess the results
To show the transformational impact the marketing has on the organization, CMOs must show them the required metrics that are driving the growth and revenue. While it is easy to think that impressions, open rates, and click rates are valuable metrics to measure the top part of the funnel and how the content resonates with the audience, they do not drive the revenue.
Instead, the marketing should collaborate with sales to measure the bottom-line impact. They should collaborate with the business analytics to map their marketing efforts to the accurate results.
Shifting the mindset of the organization is not an easy task and can take time. However, by taking the above steps and navigating the barrier strategically, CMOs, in time, can showcase the impact that the marketing has on their overall growth.
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