As the marketing landscape is continually changing, CMOs are now pressured to understand how to survive and build effective strategies in this dynamic market. By following the lessons in this feature, CMOs can up the marketing impact on the business’s operation, immensely.
Today the role of CMOs has drastically changed, from being focused on branding and product-led marketing towards a role that is driven by revenue generation and customer delight. As brands enter 2021, CMOs need to further expect changes and be flexible on their understanding and handling of buyer-seller relationships.
Since B2B buyers have become much savvier as they invest their time in researching, evaluating and identifying vendors and partners, they don’t want to frequently interact with sales representatives. Hence, to make the most out of each connecting opportunity across a brand’s various touch points, brands should use data strategies, machine learning models, precision marketing solutions and much more. These can enable the CMOs to apply content for surrounding buyers, identifying in-market accounts and insights for generating measurable business and revenue value.
Below are a few lessons of today’s B2B marketing that CMOs can learn to better drive their brand’s growth and revenue:
- Effective Brand Marketing
For effective demand generation, CMOs need to focus on thoughtful, impactful brand marketing for every piece of content they produce. CMOs should ensure that their every touch point is purposeful and introduces the company to their wide range of audiences. CMOs should have a brand strategy and should commit to a plan that everyone at the company can understand, cares about and believes in.
- Focusing on Right Strategy and People
Having an arsenal of tools can put an organization way ahead of the competition, but if it is not coupled with the right talent, then it is only a waste of available resources. Hence, brands should hire people who are motivated and have the creativity to uniquely apply tools and techniques for effective marketing. Also, having the right people in place can also save a lot of investment in buying new martech tools as they will help the brand to focus on only the right investment.
- Focusing on Insights
B2B attribution plays an important role in understanding the impact of marketing; however, only focusing on its impact against dollars and resources investment instead of understanding and improving the business performance and results, can devalue the purpose of marketing. Going forward, CMOs need to come up with insights and measures that will enable them to put forward the value of marketing in terms of value rather than only in terms of monetary investment.
- Understanding Prospects and Customers
Experts believe that most CMOs are trying to be on good terms with their Sales and other internal stakeholders. While building a strong relationship is great, CMOs should let their prospects and customers act as a compass for them. By understanding the prospects’ challenges, their needs, preferences, CMOs can immensely improve the impact of marketing on the brand’s business operation.