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?
The debate about marketing being a cost or an investment still rages on. I think part of it stems from CFOs categorizing marketing costs as an expense on the P&L rather than considering marketing as an opportunity to drive revenue to the top line. The former is required by basic accounting; the latter is required by smart CEOs.
Businesses worldwide will spend approximately $130 billion on marketing software in the next five years, according to a new report by IDC. Total spending is expected to reach $32.3 billion in 2018, up from $20.2 billion in 2014. It’s one of the fastest-growing areas in business tech spending, with a projected annual growth rate of 12.4%.
Many marketers actively avoid financial accountability. They’re not interested in having the uncomfortable conversation: they will feel exposed. So they blather on about some brand mumbo-jumbo, rather than talk about what really counts in business: ROI.
I humbly sit on the Marketing Accountability Standards Board (MASB), among some of the greatest minds from universities, commercial organizations, and practitioners who are now changing marketing for the better. The purpose of this board is to develop the universally accepted standards for all global marketing professionals. Why?