It’s time for CMOs to stop marketing from being judged on superficial design activity and isolated tasks like event management, and start thinking about how the function of marketing can be accountable for improving the company’s commercial performance.
The role of theB2B marketing function can be precarious. It can be undervalued as firms struggle to make the link between marketing activities and bottom-line improvement. Linking marketing activity to bottom line results has always been a vexing issue forB2B marketers and for other company executives. Measuring the return on investment from marketing spend on tradeshows, adverts in trade magazines, brochures and breakfast seminars is acknowledged as being problematic. As a result, marketing is often viewed as a function somewhat isolated from sales and sales performance and, as such, lacking in credibility.
Marketing departments are finding themselves under increasing pressure to justify their spending, prove the effects of their marketing campaigns, and demonstrate program success… or risk losing their budgets.” – Forbes and MarketShare Partners
In recessionary times, marketing can face the deepest cuts. In fact many Fortune 1,000 companies don’t even have a CMO role. A 2009 Ernst & Young survey noted that just 13% to 15% of Fortune 1,000 companies employed some sort of marketing position with a chief or senior-executive-level title such as chief marketing officer or chief revenue officer. If you’re aCMO the question is how do you change this. How do you get the rest of the executive team to take marketing seriously? The answer lies in using digital techniques to turn marketing into an accountable function that makes a C-Level contribution to your company’s business growth.