New Study Reveals CMO Path to Push Beyond Traditional Brand Storyteller Role and Fully Embrace Growth Driver Mandate and Revenue Strategy Leadership
CMO Council and Deloitte Study Finds Hesitation to Embrace Analytics Skills, Forge New C-Suite Partnerships and Extend Strategic Role Beyond Short-Term Acquisition Goals
SAN JOSE, Calif., May 23, 2018—A new study from the Chief Marketing Officer (CMO) Council and Deloitte, surveying close to 200 chief marketers worldwide, revealed many CMOs are still focused on the traditional storytelling aspect of their position and are less comfortable with aspects associated with driving growth, including acting as revenue science practitioners and customer experience architects.
According to the report, “
To download this study, visit: https://cmocouncil.org/thought-leadership/reports/cmos-and-the-spark-to-drive-growth
“Sales and driving incremental revenue growth are the first steps on the path to profitability, but this is not the destination,” noted Liz Miller, senior vice president of marketing for the CMO Council. “What best practice leaders have demonstrated is that ownership of experience strategy and voice of the customer must inform key business decisions, ranging from product specification and identification of market expansion and global market readiness. This will require a new mastery of data and intelligence, along with skills that
As today’s CMOs remain focused on brand development, customer engagement, lead management and media mix modeling, they are missing the opportunity to focus on business transformation initiatives like mapping global expansion, facilitating mergers and acquisitions, pricing strategy or actively advancing distribution channels.
Of the marketers surveyed, 82 percent believe they are the primary driver of brand development and storytelling, only half believe they own customer experience strategy development. While marketers own the brand and how it melds into engagement and communications, they are also influencers across a vast list of critical business driving functions.
The disconnects between intention to drive growth and capacity to impact the bottom line beyond new customer acquisition continue.
- 68 percent of marketing leaders surveyed expect to drive and optimize growth through new customer acquisition. Only nine percent expect to impact growth through the introduction of new engagement or distribution channels.
- Marketers agree that revenue is the top measure of growth for the organization (95 percent) and for their own personal definition (70 percent). However, while the business also considers gross margin and market share as the second and third indicators of growth, marketers instead look to brand valuation and customer acquisition shifts, highlighting a disconnect in how growth is fundamentally measured.
CMOsare allied with their organizations’ president and head of sales in the development and shaping of new growth strategies, but they do far less to involve supply chain, product and operational partners—key leaders who sit at the front line of customer experience.
“What we hear from our CMO clients is that they are attempting to tackle some of their organizations toughest challenges, sometimes losing sight of keeping the customer at the center of it all,” said Sheryl Jacobson, principal, Deloitte Consulting LLP and CMO customer transformation leader. “For the CMO to be effective, they have to keep the customer at the center of every conversation and figure out solutions that will drive growth. But then translate the strategy into the languages of their c-suite peers.”
The importance is for marketers to align their vision of success with both the customer’s vision of need and value and the business’ definition of growth and success. It will demand more than just a deep understanding of storytelling and the brand and will even transcend having an understanding of the business and the touchpoints spread across it. It will demand that marketers become cultural change agents, sparking innovation in how teams, technologies
About the Study:
Findings of the “
This study is the first of three investigations into the CMO as the growth driver. Next in the series will be a summary of investigative dialogues with growth-driving CMOs, all hailing from fast-growth, sustained-growth or emerging-growth organizations. The final
About the CMO Council
The Chief Marketing Officer (CMO) Council is dedicated to high-level knowledge exchange, thought leadership and personal relationship building among senior corporate marketing leaders and brand decision-makers across a
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including more than 85 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to make an impact that matters — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and