article | August 22, 2014
3 Reasons You Should Care About 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? With limited budgets in smaller companies, it’s imperative to prove marketing’s ROI. As CMO he understands this. He knows it’s the only way the CEO will invest more in marketing.
In the last 12 months, SBI monitored how marketers increased their contribution to revenue. We asked the best executives the same question. How are top marketers contributing to the revenue growth of their companies? To learn more, register here. You will get a copy of our report and a 90 min. workshop with a marketing strategist. You will see what top marketing leaders are doing differently than their less successful counterparts.
With this in mind, most marketing leaders have begun their 2015 planning. What is your marketing strategy going to look like next year? Have you started your marketing plan? If not, download the Marketing Strategy Tool to get started.
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 money 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 downloading the Marketing Strategy Tool. It will help you get started on your 2015 strategy. To learn even more, download our report and sign up for our workshop here. Be sure to set your team up for success in 2015.