article | August 19, 2017
3 Reasons You Should Re-evaluate Your Marketing Strategy
I recently spoke with a CMO who had just transitioned to a start-up company. His marketing team was now one tenth the size he was used to. The challenge remained the same though. How can he measure and track contribution to revenue? To assess your marketing strategy, leverage the How to Make Your Number in 2018 to evaluate whether your marketing strategy is a problem. Flip to the introduction of the Marketing Strategy section on page 238 to review ten questions to ask yourself.
With limited budgets in smaller companies, it’s imperative to prove marketing’s ROI. As the Chief Marketing Officer, he understands this. He knows it’s the only way the CEO will invest more in marketing.
So, Why Should You Care?
Having a strong marketing strategy is the only way to successfully contribute to the revenue goal. It will also impact your life in 3 key ways:
#1 – Your Job Security
The average tenure for a marketing leader is 4 years. On the other hand, CEOs have an average tenure of 7-8 years. The correlation is clear. If a CEO does not see contribution from his marketing leader, they are out. The good news? Our research shows with the right marketing strategy in place, CMOs last 9+ years. The same is true for CEOs. In these cases, the CMO and CEO share a fulfilling professional relationship.
#2 – Your Personal Brand
In today’s day and age, your personal brand is more important than ever. As a marketer your personal brand can and will be measured. Marketing leaders with the right strategy enjoy 65%-132% better performance. Yet another reason to be sure you have the correct marketing strategy in place.
#3 – Your Income
About half of a marketing leader’s compensation depends on how the company does as a whole. Companies with the right marketing strategy are much more likely to exceed expectations. 31% more likely in fact. Essentially, increased contribution to revenue results in more compensation for the CMO.
As a marketing leader you have two choices. You can stay with what you’ve been doing. If you already have the right strategy, this is the choice to make. You are all set. You’re secure in your job, and happy with your personal brand and salary. What’s the second choice? Contribute more to the revenue goal by designing and executing the right marketing strategy.
Which choice will you make? If it’s #2, start by assessing your marketing strategy through a new lens. Leverage the How to Make Your Number in 2018 to evaluate whether your marketing strategy is a problem. Flip to the introduction of the Marketing Strategy section on page 238 to review ten questions to ask yourself, or take the Revenue Growth Diagnostic test and rate your Marketing Strategy against SBI’s emerging best practices to find out if:
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