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Companies that make the decision to put marketing at the core of their growth strategy outperform the competition, according to McKinsey research. Specifically, both B2C and B2B companies who view branding and advertising as a top two growth strategy are twice as likely to see revenue growth of 5% or more than those that don’t (67% to 33%). Yet their research also showed that few CEOs recognize the potential for marketing as a growth accelerator. They recommend three actions for CEOs to hit the reset button. The first is to define what you need from marketing. While it sounds obvious, their research found that more than half the time CEOs and CMOs in the same company were misaligned on marketing’s primary role. Second, nominate one person to serve as the chief voice of the customer. In two many organizations this is fragmented, and when everyone owns the customer, then no one does. Third, the CEO should function as a growth coach. They should have a handle on the challenges and opportunities of modern marketing, but their job is to draw up the strategy, not toss the ball down the field.
Growth is a perpetual business priority. So it’s imperative that CEOs understand how their marketing function and chief marketing officers (CMOs) can contribute to that goal. Few do — and that misalignment can be costly.
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Copyright for syndicated content belongs to the linked Source : Harvard Business – https://hbr.org/2024/03/put-marketing-at-the-core-of-your-growth-strategy