I would like to help prevent this so I asked my CEO clients what can be done.
Here are the 5 things that are driving ’em nuts:
1- Spending more money on staff than on demand generation programs.
2- Going to trade shows.
3- Investing in print advertising.
4- Sending out direct mail.
5- Investing in “strategic branding” when the sales teams don’t have enough leads to call on.
I have refereed many CEO vs. CMO title fights. Here are my recommendations on how to become the heavy weight champion of the CMO world.
1- Invest $1 in demand gen programs for every $1 spent on staff. The programs to non-program benchmarks are 1:1. If your ratio is out of whack, fix it.
2- Determine how much revenue was generated from the last three trade shows attended. If you cannot answer the question, cancel all trade show appearances. If the revenue exceeds the cost by 2x, ask the CEO to come to a show to see how your team rocks.
3- Replace print advertising with mobile advertising. 65% of adults state they consume media on a mobile device (source: Pew Internet Study). Your customers have moved. Go where they are. Show your CEO you are staying current.
4- Re-allocate your direct mail budget to PPC on Google, Facebook, and Linkedin. You will reduce your spend, increase the response rate, and generate more revenue.
5- Build a lead management process that provides 50% of the lead volume for the sales force. Stop worrying about mentions in the Wall Street Journal and get focused 100% on filling the top of the funnel at the same rate as your sales counterpart.
If replacing direct mail with mobile advertising is of interest give my pal Brian Fetherstonaugh over at OgilivyOne a call. He has a super smart team that can get you going on this quickly.