How are pioneering CMOs driving lasting growth? A 3-minute guide
How do you strike the right balance between building core business and identifying exciting new revenue streams? Are CMOs stuck in an outdated operating model? Do CMOs have to respond to unrealistic expectations of CEOs with one hand tied behind their back?
We spoke to over 1000 CEO’s and CMO’s across the globe to get a grasp on the biggest challenges facing marketing today and how these are successfully being tackled. This blog summarises the key findings, but you can also dive into the full report here.
The research reveals how a small cohort of marketing leaders (1 in 6 respondents) are challenging business as usual and inspiring lasting change across their organisations. As a result they are delivering an average 11% greater shareholder return. Our research lifts the lid on what sets these pioneering CMOs apart.
Marketing is undergoing a profound and lasting shift, with more than 75% of CMOs admitting that past formulas are no match against the new breed of disruptors that seem able to win, time and again, by delivering more relevant customer experiences. Under heightened expectations of the CEO, the pioneering CMO’s are tackling this challenge head on. No longer tentatively dipping their toes into new waters, they have a clear customer-centred vision for how they need to move forward, and they are making it happen.
“There couldn't be a better time to work in marketing, because there’s more tools, more pace, more innovation, more reach, more impact, more challenge, more everything” Mark Evans, Direct Line Group
We’ve found the ways pioneering CMOs are transforming their organisations fall into three broad categories:
1. Reinventing for the now and the new – taking the reins of innovation and disruptive growth.
CMOs today are finding themselves stretched across the need to deliver growth through the core business whilst also identifying innovative solutions for future growth. Whilst striking the right balance is difficult, our pioneering CMOs have recognised their organisations need to be set up to remain in a permanent state of change, if they are to successfully deliver on the ever-evolving needs of customers. By architecting an organisation that is pro-active in understanding these needs and responsive to them, they are able to identify alternative sources of growth… through reinvention of the current customer experience, breakthrough innovation or entirely new revenue streams.
“The main challenge of a busy business – especially a big one, is how you keep today's wheels on, and work out what tomorrow's need to look like” Sarah Warby, HyperJar
2.Rejecting a broken marketing culture – challenging conventional wisdom and the status quo.
Among leading CMOs there is clear recognition that growth will not come by simply working harder or smarter within existing organisational culture, infrastructure or process.
If the CMO’s role is to orchestrate the customer experience, then they must ensure this is delivered consistently across channels and galvanize the rest of the organization into action around this customer agenda. Doing this effectively in a fluid customer landscape requires a total rewiring of the capabilities and culture through which the customer experience is enabled. The report explores this in detail.
3. Rewiring their operating models for growth – unlocking value by driving collaboration.
Pioneering CMOs are looking both inside and outside their organisations to create the operating model of the future, that drives new growth and unlocks value. They have recognized that eliminating silos and overcoming dissonance with other functions inside their organisations is critical to architect a future-ready organisation. Equally important is the recognition that many of the most potent skills required exist outside the organization. They are looking to evolve their ecosystem of partners to access the capabilities to deliver against constantly evolving customer needs. Our pioneering CMOs show that getting these things right can truly help to unlock future growth.
Leading CMOs are rewiring their culture, talent, organisation and ecosystem to become more agile at innovating and delivering increasingly relevant customer experience. They are breaking down the traditional silos to lead the organisation around the customer. They are approaching this challenge with confidence, ambition and without fear of failure.
Download the report now to learn more about how pioneering CMOs are delivering growth in practice. For a personalised discussion of the findings and implications for your company, please get in touch.