Thanks to the widespread deployment of vaccines, there is a lot of optimism about the pandemic coming to an end. Although many people want to return to their regular lives, marketing professionals already know that nothing will ever be the same. Substantial budget cuts were made in the last two years, leaving many CMOs unsure of what would come next.
One thing is for sure: spending on digital marketing, which has exceeded expenditures on non-digital types of marketing, will only increase. To manage activity on digital channels more effectively, CMOs are spending money on MarTech tools, and they expect this trend to continue in 2022 and beyond.
However, there is also a sense of dread as CMOs assess the effects of a possible continuation of a decline in marketing spending in the coming years. Will that put the CMO position at risk?
One thing that CMOs can do to strengthen their position in the future is to form partnerships with their C-suite neighbors – the CEO, CFO, and CIO.
Taking the Perspective of Other C-Suite Executives into Account
So, how can CMOs get along with their c-suite counterparts? The first stage is to think about what each person in each role requires to accomplish their duties as effectively and efficiently as possible and how marketing can be of assistance. CMOs can consider how CEOs, CFOs, and CIOs use technology and data and how marketing can help. It also helps to think about the choices CEOs, CFOs, and CIOs must make and the connections between marketing. The individual’s perspective in each role should also be considered.
Also Read: Boost Performance and ROI with Marketing Performance Management
Collaborating with C-Suite Neighbors
CMOs can work toward a collaborative relationship with their C-suite neighbors by keeping a few broad guidelines in mind. Only a tiny fraction of people has experience in sales or marketing; therefore, CMOs who want to develop a relationship with their CEO may need to gain some ground by showcasing how marketing contributes to significant business outcomes.
Working together to make MarTech purchases is one of the best ways to win over the CIO. Decentralization is becoming more popular in businesses, and department heads are increasingly choosing their own technology without necessarily consulting the CIO. However, a close CMO-CIO relationship can increase revenues, which is sufficient justification to explore closer ties.
The fact that CMOs are becoming more data-driven opens the door for collaboration with CFOs because they both speak the same language. CMOs and CFOs can discuss marketing’s influence on the bottom line, for instance, on returns on campaign investments.
Being Accountable
Credible proof of marketing’s effect on business performance is the one thing CMOs can do to improve ties with all of their C-suite counterparts. The credibility of the data cannot be emphasized enough. Unless data generated by MarTech solutions are placed in a context that non-marketing people can understand, it won’t mean much outside marketing.
This is the reason why a large number of B2B businesses have already included a company CRM in their solution stack. Adding marketing data in the CRM, which serves as the revenue record, can be used by CMOs to add context that might otherwise be lacking. They can leverage the CRM data to align the marketing departments’ efforts with that of sales, collaborating to boost demand generation efforts.
Also Read: Boosting Customer Retention with Customer Engagement Platform
When CMOs can monitor performance precisely, they can join CEOs at the strategy table to translate business goals into marketing operations that generate the lead volume, lead velocity, and lead conversion rates required to accomplish company goals. The CMO can support marketing expenditure and justify an increase with the use of accurate data.
Data that may prove the value of marketing can also help CIOs justify technology expenditures and demonstrate how solution stacks align across teams to support business goals. Additionally, trustworthy marketing data can assist CFOs and their finance teams in developing predictions and providing insights that aid the company in navigating economic uncertainties.
The old myth that CMOs are more attuned to art than science is perhaps less true now than it has ever been in the history of the CMO role. Modern CMOs who are successful embrace accountability and data because they recognize the importance of marketing and are eager to tell others about it. The same characteristics can help CMOs in making friends in the C-suite.