Marketing today is more than branding and advertising, it has evolved into a multi-dimensional and technical discipline, with new marketing technology solutions rapidly proliferating every year.
According to a recent McKinsey report, companies that prioritize marketing as the cornerstone of their growth strategy outperform their competitors. In fact, B2C and B2B companies who view branding and advertising as a top growth strategy are twice as likely to achieve revenue growth of 5% or more than those that do not.
What does this signify for a President or CEO? It is imperative to recognize marketing’s potential as a growth accelerator. Harvard Business Review notes that few CEOs truly grasp this potential.
Success hinges on aligning marketing’s primary goal with the overall business strategy and defining the necessary support for the marketing team. Additionally, appointing a dedicated leader to champion the voice of the customer, conveying their concerns and needs to the management team, is crucial. In too many organizations this is fragmented, leading to a scenario where everyone feels responsible for the customer, yet no one takes ownership.
9 out of 10 CEOs claimed they believe that the scope of marketing is well defined. However, when CEOs and their CMOs were asked about the primary role of marketing, only half of these partnerships within the same company provided matching responses. – MacKinsey & Company Report, Exhibit 2
For CEOs and companies not leveraging marketing to drive growth, it’s time for a strategic reset. Growth leaders generate 80% more shareholder value than their peers over a 10-year period – and marketing can be a growth accelerator. Yet, too often, CEOs fail to take the necessary actions to kickstart this process.
It’s time to place marketing at the core of your growth strategy.
Resources
People2People Marketing – Drive business growth.
Digital Marketing – See your path to purchase clearly.
Branding – Do brands need to be constantly evolving?