With the rise of Big Data and more sophisticated strategies, techniques, and technologies, today’s marketing departments have the potential to be a pretty powerful force.
Unfortunately, too many companies aren’t taking advantage of that power the way that they could be, as illustrated by the infographic below from the CMO Council.
While today’s marketers are expected to help drive growth, they aren’t getting the support they need to fill that role. While 68% of senior managers see CMOs as being responsible for growth, only 31% say that line-of-business leaders offer them real support.
CMOs know that there are tasks that they need to focus on to build growth. 48% list crafting growth strategies as an important focus, 44% consider defining and shaping the brand to be a priority, and 42% say that they should be spending time executing campaigns.
The thing is, CMOs are often stuck doing things that aren’t really adding to their growth-driving goals:
- 42% are spending their time reviewing budgets, plans, content and campaign elements
- 42% are spending their time attending meetings
- 37% are spending their time evolving brand narrative
With all their time being taken up by those tasks, they’re unable to pay attention to things that would actually help to drive growth!
- Only 8% are able to find ways to recover, reactivate, and re-engage customers
- Only 10% are embracing new monetization programs
- Only 15% are modifying marketing practices to boost performance
That’s a lot of wasted opportunity! So what can CMOs do to get back on track? In order to claim their rightful place as growth-drivers in a business, CMOs must:
- Regain control and shape customer experience
- Use technology as an innovation driver
- Shift to a revenue-centric vision
Shifting the focus of marketing to a more revenue-centred approach is a great way to grow the business but marketers need organizational support to reach these goals. How do you implement revenue-centric marketing from your playbook? Let me know in the comments.