Jim Lenskold, a renowned author and marketing thought leader, and I were recently discussing marketing ROI. While there is considerable banter regarding various marketing ROI models, predictive analytics, what is right, and what to avoid, we both agreed that far too many CMOs over complicate the process.
People often talk about “the art and science of…”. The fact is, marketing is undergoing a huge pendulum swing from being more about the art of creative engagement, to the technology-driven science relevant engagements. In the past, marketing often focused on creative ideas –plenty of fun, but challenging for businesses to accurately measure and value. That’s changing, as new technology allows marketing to become increasingly data driven, be nimble in its go-to-market approaches, and benefit from continuous optimization.
Leaders who excel have an innate ability to dial up the competitiveness at the right time just so they remain at the top. To demonstrate to others that their passion and effort are well documented, so that all others can be measured against.
Why are CMOs challenged in the C-suite? Are they lacking some of the fundamental management skills of their contemporaries? Or is it because they are not typically responsible for a P&L and its respected commercial route to revenue?
Marketers today need to spend more time maximizing their financial performance, rather than just measuring it. They need to focus more on improving, rather than just proving. In today’s highly competitive business environment, it’s essential that you spend your time and resources improving marketing results, rather than just measuring.
Great leaders are known for simplifying complexity, which makes it easier for the management team to focus on improving the execution of the company’s vision. This is an innate ability to be a decisive problem-solver. Whether it is a war general in the time of battle, or the President of the United States setting policy, making the right choice at the right time is imperative to improving the outcomes.