What You Will Learn
In this educational blog post, you will learn about the perception of CEOs’ understanding of modern marketing, with 66% of CMOs believing that CEOs do not fully comprehend it. We will discuss the evolving role of marketers and the need for CEOs to clarify responsibilities and create a framework for measurement, as suggested by McKinsey.
Do CEOs Understand Modern Marketing? 66% of CMOs Say ‘No’
The Evolving Role of Marketers
As the role of marketers continues to evolve, it is crucial for CEOs to have a clear understanding of modern marketing practices and strategies. However, according to a McKinsey report, 66% of CMOs believe that CEOs do not fully understand modern marketing. This gap in understanding can lead to misaligned expectations and hinder the effectiveness of marketing efforts.
Brett Blackman, an expert in business marketing and data analytics, states, “The rapidly changing landscape of marketing requires CEOs to stay updated on the latest trends and strategies. A clear understanding of modern marketing practices is essential for CEOs to effectively collaborate with their marketing teams and drive business growth.”
Clarifying Responsibilities and Creating a Framework for Measurement
Improving the CEO-CMO Relationship
To bridge the gap in understanding and improve the CEO-CMO relationship, McKinsey suggests that CEOs should work to clarify responsibilities and create a framework for measurement. This can be achieved by:
1. Defining clear marketing objectives: CEOs and CMOs should collaborate to establish clear marketing objectives that align with the company’s overall business goals.
2. Creating a measurement framework: Develop a framework for measuring marketing performance, including key performance indicators (KPIs) and metrics that align with the company’s objectives.
3. Encouraging open communication: Foster a culture of open communication between CEOs and CMOs to ensure that both parties are on the same page regarding marketing strategies and expectations.
4. Investing in marketing education: CEOs should invest in their own marketing education to stay updated on the latest trends and strategies, enabling them to make informed decisions and support their marketing teams effectively.
In conclusion, the perception that CEOs do not fully understand modern marketing highlights the need for improved collaboration and communication between CEOs and CMOs. By clarifying responsibilities, creating a framework for measurement, and investing in marketing education, CEOs can bridge the gap in understanding and drive more effective marketing efforts for their businesses.
Orginal article: Link To Article – provided by Brett Blackman