The Chief Marketing Officer has always been an important role in a company, managing corporate approaches to advertising, budgeting marketing income, performing pricing and market research exercises, and monitoring analytics. In recent years, the CMO position has changed radically as marketing approaches have transitioned from traditional to digital strategies, forcing new and untested tactics. Managing a web-based approach to marketing may require a different skill set but by following these four tips, CMOs can harness the power of the web while creating a marketing strategy that works.
Find the Tie Between Spending and Revenue
Diversification is great when it comes to business endeavors, but knowing where your revenue is coming from and focusing your time and attention there can be even more valuable. In many cases, other executives like the CEO and the COO have the final say in how the company budget is allocated, but an effective CMO can put much-needed expertise into the process. Marketing analytics can show a significant connection between which expenses are triggering revenue, allowing marketers to hone in on what works. For small companies with reduced budgets, this kind of insight can be extremely valuable, helping marketing departments find a clear focus and prompting better economic decision-making skills.
Identify and Share Metrics
Measuring success in business is notoriously complex, but the rise of digital marketing provides CMOs with more ways than ever to track efficiencies. Analytics are incredibly important, providing a quantifiable approach to interpreting results from marketing campaigns and highlighting what tactics are most effective. These KPIs play heavily into a marketing team's success, exposing strengths and weaknesses in the market and providing insight into which digital strategies are worth the time and the money. Metrics can give your focus and leadership a direction, helping you move beyond the allure of glossy brochures and clever graphics in order to implement a strategy that works.
Take a Stab at Experimentation
Have you ever heard the expression "curiosity killed the cat?" Of course you have. As the adage implies, letting curiosity get the better of you can be a recipe for disaster. However, as many people forget, there's a second part: "and satisfaction brought him back." Sometimes, getting a little curious and taking steps forward can lead to great things. In marketing, experimentation can be a very important element in creating campaigns that work. There's a time and a place for playing it safe, but taking chances may end in success. By basing creative, original innovations on analytics and metrics, there's a much greater chance your experimentation will succeed, leading to new and innovative strategies that can transform your marketing approach.
Pick a Problem, Not a Solution
As with many business undertakings, choosing a solution without identifying a problem can be a risky game. Too many marketers are ready to implement shiny, high-tech tools without fully examining whether or not these additions will actually make a difference. This solutions-centered approach can work when you know what's wrong and what will fix it, but choosing to implement the latest and greatest tools simply in the hopes that they have potential can squander your budget and provide you with nothing. Instead, identify a problem in need of attention and then research the tools and tactics that could be a good investment.
Creating a marketing approach that works takes time, experience, a keen understanding of business functions, and a willingness to take risks. The CMO position is one that, when used correctly, can be invaluable to a company's success. By focusing on revenue-driving approaches, making the most of analytics, taking chances with experimentation, and focusing on problems rather than solutions, leading a successful marketing campaign can be can the boost your company needs.