The CMO Club recently polled its members about who has the most credibility with the CEO. Results show:
- 31% CFO
- 24% Head of Sales
- 13.8% CMO
While I'm not surprised to see CFO or Head of Sales ahead of the
CMO, I am disappointed in the low percentage equated to CMOs—by CMOs.
That said, I think CMOs are in a tough position where they've got to
make the transition from vague marketing reports to hard-hitting proof
points reflecting their contribution to business objectives on the
CEO's agenda.
In response to the poll, The CMO Club asked respondents to provide some insight to their ratings. Their reasoning includes:
- CEO interest in the reports provided.
- Speaking the same language.
CEOs spend more time with CFOs and heads of sales because their
priorities include managing the company's coffers and filling the
company's coffers—ultimately increasing shareholder value.
If
marketing wants to be considered a core pillar of their company's
success, they need to pay some attention to perception. One of the best
ways to do this is to build better relationships with those who do have
the CEO's ear—the CFO and the head of sales.
Sort of like influencing the influencers.
Reports need to focus on things like:
- increase in sales-qualified leads
- increase in pipeline progression
- contribution to reduction of sales cycle
- reduction in customer defections
- efficiency of budget spend related to outcomes produced
Focusing reports on lead generation numbers and growth in
presumptive customer affinity doesn't mean anything unless it results
in deals closed or customer contract renewals. For reports to merit
attention, they must prove marketing initiatives are helping to produce
business results.
This is why it's imperative for CMOs to work
hand-in-glove with heads of sales. In order to gain insights that
reflect high-impact contributions in reporting, marketing needs
visibility across the sales process after the handoff. The farther into
the pipeline marketing can provide assistance that enables sales to win
more deals, faster, the more ammunition they have for hard-hitting
reports CFOs will want to see.
When the CFO sees value in the
efficiency of the budget spend in regards to the results produced,
you've given them something to talk to the CEO about. And, you've
safeguarded your budgets. When heads of sales can report higher sales,
their professional status soars.
Think about this for a minute.
Marketing spends a lot of time (or should) helping prospects and
customers learn how to solve problems. In order to do that they learn
the language thier buyers speak and they use it to increase relevance.
They focus on high priority issues from the buyer's perspective.
Any of this ring a bell?
Well, why can't CMOs apply the same strategy to elevate their status with those who have the CEO's attention?
The more you help someone, the more they're inclined to repay the favor. That's human nature. Plus, they won't want you to stop.
If
CMOs can get CFOs and heads of sales to sing their praises, CEOs will
start taking notice of marketing as more than just a department that
exists because, well, they're supposed to have one.