“There is an increasing expectation that marketing will serve as the growth engine for companies.” So goes the final sentence of the opening paragraph in a recent piece from CMO.com exploring the changing role of today’s Chief Marketing Officers.
Indeed, there’s never been a greater time nor greater-challenging time to be a CMO. With the ability to fully measure marketing impact on the bottom line comes the blessing and curse of accountability. And the imperative to be technical and analytical.
Sitting in the CMO seat for the past 7 years, I’ve experienced this firsthand. As I shared with Stephanie Overby for her article, “I always prided myself on creativity and writing, but I’ve had to get comfortable with data and details to be effective as a modern-day CMO.”
At 4C, we’ve helped turn marketing into a revenue function by implementing (and repeating) these 5 steps:
- Track every dollar spent
- Create KPIs and measure outcomes
- Map out purchase journey and create attribution model
- Determine ROI and report out regularly
- Test and iterate
As I told Stephanie, “By positioning marketing as a growth engine rather than an expense, it’s much easier to make the case for incremental budget… Instead of asking, ‘Can we have an extra $100,000?’ [CMOs] can ask, “Can we handle 2,000 more leads?’”
No doubt this is all easier said than done which is why I believe the biggest key to success as a CMO is to build a great team. There’s no one person or skillset that can manage all aspects of multifaceted marketing in a multiscreen world. But, with the right people and the right plan, CMOs can certainly give it a GO!
Read on for more of 4C’s Insights. They’re sure to grow on you!
Read the rest of 4C’s Insights Volume 64 here.
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