How CMOs become more effective internally
Tom Dougherty, CEO – Stealing Share
17 May 2011
It’s actually not that different from a branding process
For the most part, those in marketing get many things wrong, and it usually starts with chief marketing officers (CMOs) having trouble getting initiatives through the organization. For example, many of them (although, not all) believe the answer to their problems is to level the playing field, so to speak, by duplicating messages of the competition. In addition, too many of them take an inside-out view, marketing product benefits rather than looking at the landscape from the point of view of the target audience.
However, I do have to give the Chief Marketing Officer Council some credit in its recent report titled, “Renovate to Innovate: Building Performance-Driven Marketing Organizations.”
“The objective of brand and marketing is to steal market share. The success can be read in the bottom line.”
It is certainly an inside-baseball kind of report, basically advising CMOs on how to get their marketing initiatives through the internal cultures of their own companies.
Interestingly, however, the three main elements are a bit related to the brand process (and we at Stealing Share endorse). The first: A strong mandate and support from the CEO.
For CEOs who believe that brand (and marketing) is not the province of their office, they should think again. Brand is about the process of preference generating business, which is why it is smart that the CEO is the one who usually contacts us when inquiring about becoming a potential client.
More importantly, it is a decisive CEO who determines the success of a brand. A faltering brand usually means an indecisive CEO.
The second element of the report is having supporting relationships with the entire C suite, which is key to having any important initiative succeed.
It was the third element that interested me most: Having early evidence that marketing is working, especially in terms of stealing market share. That is true, to a point, and it is in this measurement where CMOs often get things wrong.
Yes, the objective of brand and marketing is to steal market share. The success can be read in the bottom line. But it is a slow build because it takes time to imbed a brand in the mindset of target audience. In fact, a quick success may mean you are trendy. A lowering of price can have a quick impact, but it’s dangerous in the long run.
Marketers also can fall into the trap of measuring a marketing initiative’s success by awareness. That’s not it at all because awareness does not mean it is preferred. We may have all seen and can even recite the State Farm commercials where a representative appears once you say, “Like a good neighbor, State Farm is there!” But that does mean we switch insurance providers. (We may even be more aware of what annoys us.)
It must be measured in business success and marketers can prove it by repeating the study they used to build the brand later to measure the effectiveness of the brand in terms of meaning, preference and considered set. (We usually recommend doing the follow-up study 18 months after launch.)
But I will give the CMOs some credit. At least this report understands that marketing – and, especially, brand – does not exist in a vacuum.
Brand Blindnes is Brand Loyalty Tom Dougherty, CEO - Stealing Share 27 April 2017 Brand loyalty and brand blindness Did you know that brand loyalty is a form of brand blindness? Even though most of us believe we act rationally, self-identification is a form of...
ESPN layoffs next step to its doom? Tom Dougherty, CEO - Stealing Share 26 April 2017 ESPN layoffs demonstrate lack of vision The ESPN layoffs announced today came as no surprise. But it still hurts to see good people let go. The number of layoffs and length of tenure...
Research mistakes are preventable Tom Dougherty, CEO - Stealing Share 25 April 2017 Research mistakes. No excuses. Making research mistakes is easier than ever. And these blunders can mangle and mislead brands. Especially brands that are looking for opportunities to...