The CMO role has changed considerably as digital technology has altered the ways businesses market products and services. CMOs are increasingly tasked with determining the best strategies to grow in this environment. To be effective as a growth-focused CMO, there’s a proven framework for success:
- Setting the right goals
- Defining a strategy
- Building a plan
- Measuring campaign execution
- Optimizing strategy
- Communicating results
Embracing this framework enables marketing to capitalize on opportunities and rapidly accelerate growth. Let’s dive a bit deeper into each point.
1. Set Goals
CMOs often underemphasize setting goals. And that’s not because they’re lazy or incompetent. It’s because they’re often too busy focusing on the strategy. Sure, strategy is important, but every strategy needs a clear measure of success.
A CMO of a global financial services firm talked about her role in the Harvard Business Review. She spoke how she expanded her role. It all began with setting goals and defining success. Essentially, she set the goals that she believed were ambitious yet reasonable. Then she “began meeting with her direct reports,” and shared her new vision. This process ensures that the team is aligned and held accountable. For a growth-focused CMO, growth only comes with a destination in mind.
2. Define A Strategy
Once you’ve set your goals, this is where strategy comes into play. Remember, “marketing is one of the most strategic business functions when executed correctly.” Marketing, in and of itself, is a strategy – so executing a marketing strategy needs to come from insight.
To build a solid strategy, brainstorm tactics and approaches with your peers and team members. A well-defined strategy puts a clear focus on the t...