What do award-winning films have in common with CMOs and corporate strategy development?
CMOs often have the data and insights they need to focus on their customers, helping them identify growth areas for their organization. By being customer obsessed, an organization can focus on giving customers what they need to succeed. However, despite the fact that CMOs have all the information and analytics about their customers, the percentage of his CMOs who actually participate in corporate strategy development sessions is much lower than expected. Fewer than 35% of his CMOs surveyed in Forrester’s January 2022 Global CMO Strategy Survey said he was always involved in formulating corporate strategy.
A question arises here. What can more CMOs do to get that seat at the corporate strategy table?
Just as the success of an award-winning film requires a range of roles and responsibilities, from co-producers and screenwriters to actors and production crew, so is building a corporate strategy important to an organization. It is a work. Combines different functions to understand, prioritize and align the external and internal dynamics that shape the growth opportunities and choices the organization will make for maximum success in his 3-5 years is needed.
CMOs don’t want to be on the sidelines, they simply receive and react to corporate strategy as it is communicated to them. Likewise, they don’t want to be mere contributors who enter data and insights on demand and participate when requested. CMOs want to be co-producers of corporate strategy, partnering with executive teams and driving initiatives across the organization to identify growth opportunities and deliver value.
To do so, CMOs must possess the key competencies to succeed in their mission of igniting and driving customer-oriented growth in their organizations. They should be:
- change leader Manage transformation, champion customer obsession, and push the boundaries of customer experience front and center.
- alignment engineer It spans the various functions of an organization and enables them to unite toward a common goal. CMOs achieve this by providing a shared view of their customers’ insights and needs in order for the organization to execute a customer-centric strategy.
- functional harness Identify and shape the right marketing competencies to help your marketing organization adapt to change with agility and champion customer obsession across your company.
Many CMOs have taken a seat at the strategy table. For more information on how to participate, register for Forrester’s B2B Summit North America. hereThe session “Capturing a Strategic Advantage: A CMO’s Guide” provides tactics and guidance for a variety of organizational cultures.
This post was written and first appeared by Principal Analyst Mavis Liew. here.