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At the end of each week, we highlight the stories that matter and provide our perspective on what they mean for our customers and the industry. From the changing role of the CMO to the need to speak the language of the boardroom, this has been a busy week. This is my view.
title challenge
There was a lot of discussion this week about the role of marketer. Is the CMO role nearing its end? However, alternative titles continue to emerge. According to LinkedIn data, the Chief Revenue Officer is currently the fourth fastest growing marketing role in the UK. Last year, he was chief growth officer. And don’t forget your chief customer officer and chief commercial officer.
After a turbulent few years, companies are looking to grow again. Are chief revenue officers or chief growth officers better able to do that than chief marketing officers? Hmm, no. Achieving goals and accomplishing them depends on the ability of the individual in the role.
In a feature analyzing the changing shape of the CMO role, linked below, marketers discussed what it means for the industry. While some see this as a “healthy step” in marketing breadth, others see it as an unnecessary rebadging exercise that overcomplicates things.
If it’s an equivalent successor, a CMO wearing chief growth officer clothes, it’s just a symbolic gesture. An attempt to reposition marketing to key stakeholders. But it comes with risks. Removing “marketing” from a marketer’s job title can reduce marketing’s credibility in the eyes of others around the table. As Mark Ritson pointed out this week, if finance leaders suggested changing the CFO title, they would be laughed out of the building.
But as always, actions always speak louder than words. Even more important is the marketer’s ability to deliver results, whatever you call it. Just as a beloved grandma is loved whether she is called Nana, Nanny, Grandma, or Grandma, a good marketer is a good marketer regardless of their title.
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board talk
Speaking the language of the boardroom and knowing how to frame a conversation is far more important than a shiny new job title.
In a feature looking at the future of marketing leadership, one marketer said building credibility in the boardroom is “critical.” While much progress has been made, Gary Booker, head marketer at Rentokil Initial, says marketing is still seen by some as “a bit of a dark art” that marketers have to grapple with. He said it was true. “Our job as marketing leaders should continue to be about the creation of corporate value and return for shareholders…Marketing leaders must always be commercially minded, but we must do more than that.” he said.
This is what On the Beach CMO Zoe Harris emphasized this week as she reflected on her first year as a member of the company’s board.
Her role will continue to be that of Chief Marketing Officer, but she will discuss with marketers how to drive business growth and ensure there is a clear link between commercial performance and brand health. I advised you to do so. This means never talking about brand health in isolation.
“Brand health is about long-term customer acquisition, satisfaction, and retention, and when you think about it in terms of growth opportunities and bottom-line impact, you’re speaking the same language as the board of directors. ” she said. .
Harris also said that participating in broader business conversations has given him a broader perspective and allows him to see what’s inside investors’ heads, meaning he can look further into long-term opportunities. He said that he has acquired the ability to think about things and understand the big picture.
It’s a self-fulfilling prophecy. Winning seats has made people realize the importance of marketing. But having her at the table means marketing has also penetrated much deeper into the business and has even more opportunities to make an impact.
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75% – Starling Bank brand awareness, up from 8% in 2018
Challenger banks are celebrating their 10th anniversary and this is an opportunity to evolve and gain recognition. Having achieved its goal of increasing its visibility among consumers, Starling has now switched its focus to increasing visibility and visibility.
The company is doing this by launching a new campaign highlighting its products for the first time. But rather than making it a perfunctory message, Starling puts the customer firmly at the center, focusing on how its products and services are actually used and how they benefit users. is showing.
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next week
We dig deeper into the current state of marketing hiring and find out why it’s time for renewed optimism.
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