The Insight

June 12, 2020

Top 5 Things CMOs Should Focus on in 2020

By iresearch
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cmo insights
Others Technology

There was a time when the Chief Marketing Officer was just tasked with what their title suggests: being the head of all marketing operations within a firm. Today, that job description has changed so much, a CMO is one of the singular most important persons in any organization you walk into.

Besides being the ones required to cough up the amazing marketing campaigns and direct the flow of ads, they are also tasked with driving revenue. That is not to mention their place in integrating what the customer wants into the product line while still being the bridge between the marketing link/ consumers to the execs at the higher top.

Seeing as that can be a lot, here are five things every CMO needs to focus on if they are to achieve all of these goals – and more – this year.

Focus #1 – Getting CFOs on Board

There has always been a longstanding battle between the marketing and finance teams, even if they never want to talk about it.

Even though they are working for the same company, the finance team might not see the need to release more funds to the marketing aspect of the business. When this happens, it is the fault of the CMO – and we stand by that.

As the CMO, it is your job to speak to the CFO and their team in the language that they understand.

Finance is all about getting the best bang for their bucks, so don’t speak in terms of impressions and clicks only. Start measuring the metrics that track how well your marketing efforts are contributing to the revenue model of the company.

Likewise, CMOs have a lot to do in getting CFOs to see long term plans instead of short-term plays. That way, they can commit even more funds to make the long-term marketing campaigns of the company happen.

Finally, CMOs should start asking for the CFO's help. This brings a sense of inclusion, allows the CFO to see what is going on internally and could spark the kind of interest that makes synergy even smoother.

Focus #2 – Identifying Key Metrics

We have touched up on this above, but it deserves a section of its own anyways.

One of the reasons why it seems like companies are not giving their CMOs the attention that they deserve is the fact that most of them do not know how to report their successes the right way. Reporting such success is made even more challenging with the presence of multiple channels of marketing as we have it today. That should not be so.

Being the final authority on ad campaigns, marketing concepts and such directional moves of the company, a CMO should know what the brand hopes to achieve with just about every marketing content it puts out. This should be communicated with the rest of the executives and team first to ensure that everyone is on the same page.

At this point, it becomes easier to know what the company is expecting, rather than just looking for some numbers to fill up the reports.

When these results then start coming in, they sound more delicious to the ears of the decision-makers in the industry.

Focus #3 – Role, Not Title

Many believe that the role of the CMO is fading in today’s brands and companies. We could not be more against that.

We are seeing a lot of different titles being thrown around in the business landscape. For some, it is the Chief Growth Officer, while others go with something more elaborate like the Chief Digital Officer. No matter which one it is – either of those we mentioned or another variation – it takes nothing away from the fact that they mean the same thing.

Thus, this is not the time for CMOs to focus on the titles which they bear at work. Rather, they should be more concerned with delivering what they have been installed in that role to do. Only then can they make the role worth it, no matter what the title that comes with it.

Focus #4 – Understanding the Business

CMOs are in a strategic role, but only a few of them know this.

According to a recent survey, 53% of business executives believe that their CMOs could one day become the ones to rule as the CEO of the same company. If that says anything of the role, it is how it could be the perfect breeding ground for the ultimate position in the company.

Thus, the CMO should not assume the position and believe that they will need to work with the marketing team only. As growth and revenue driver, they should also be at the forefront of uniting the various departments across the company such that they can work together for the common goal.

This does not mean the CMO has to start breaching into every team such a brand has. That leads us to the last focus.

Focus #5 – Integration’

In this piece, we have discussed the importance of collaboration between the CMO and CFO for the betterment of the company. What we have not discussed is how the CMO can also benefit – personally, and on behalf of the company – when they integrate with other departments.

Every section of the company is focused on driving growth. Thus, this puts them in the pocket of the CMO too. Part of making this integration happen is also knowing when to approach.

For example, the Chief Information Officer (CIO) is another important asset to the CMO – and 64% of business execs believe that a synergy between these two can help in gathering data better. However, CIOs feel sidelined when they are only contacted at the point of platform selection, design and deployment for the collection of data.

When they are involved right from the start of the campaign launch discussion, though, there would be no stopping the digital plan to ensue from such a collaboration.

Do any of these trends jump out?
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