CMOs: To Grow Brands, Stop ‘Top-Down Silos’
No more trickle-down leadership theories, CMOs. New research shows brands that thrive do so when teams work together.
“Brands experience greater revenue growth when companies use a networked marketing structure with cross-functional teams,” reads Thursday’s announcement from the Association of National Advertisers about its research.
The ANA found CMOs could reorganize brands in these ways:
- Own and Manage Touchpoints. The marketing team needs to know about, understand, and have the ability to manage all the high-impact touchpoints that form the customer experience.
- Embrace Data. Customer understanding is facilitated by a heavy focus on data. Marketing must own the customer data and constantly improve its proficiency to gain valuable insights. Furthermore, this capability should remain in-house for security reasons.
- Acquire Skills. Customer data management was the top training priority. But almost one-third of study participants rated their ability to establish the right measures as poor. Many of the companies reported a data and analytics skills gap, and needed to reassess their skills to fill critical skills and talent gaps.
- Have Patience. Meaningful organization change is a journey — often a long one. Because restructuring can take a long time, it’s important to set everyone’s expectations accordingly. The journey involves changing the way the organization thinks, the attitudes of team members, and the culture, so it is unrealistic to expect beneficial, lasting change to come from one or two meetings.
What do you think, marketers?
Please respond in the comments section below.
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