Study describes advanced marketing leaders as da Vinci Growth CMOs
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In a recent study conducted by Spencer Stuart and The Institute for Real Growth, ten capabilities were defined for modern CMOs in order to rise to an elite level. Dubbed da Vinci Growth CMOs for their multi-disciplinary art and science characteristics, great CMOs have these diverse competencies that help them drive growth for their firms. “We’ve seen a shift in a lot of companies that are viewing CMOs as growth drivers, not just doers of marketing, a functional discipline that’s often isolated from the business,” said Tom Seclow, who leads the North American Marketing Officer Practice for Spencer Stuart. “And that’s exciting for marketers now.”
These are the building blocks as defined by the research.
- Decoding the world – Top CMOs are able to assess human behavior and market trends, often simplifying complex information into actionable insights “It’s important that they be a couple of steps ahead in looking at where consumer interests are today and where they’re going,” said Seclow.
- Growth strategy – Da Vinci Growth CMOs are able to partner with their C suite peers to translate business strategies into growth opportunities. They can identify where to compete, how to win and how to leverage the full marketing toolkit to accelerate growth.
- Strategic brand development – The COVID-19 pandemic and racial injustice discussions have put brand purpose back on companies’ agendas as customers evaluate which firms they believe they can trust. Authenticity and transparency require corporate leadership and CMOs, who are often the voice of the customer, play a critical role in corporate accountability. And in “house of brands” organizations, CMOs must constantly assess the viability and extensibility of existing brands and develop new ones to capitalize on emerging market opportunities.
- Product and service innovation – Competing in the “same game” is rarely a formula for uncommon growth. Software companies like Adobe are evolving into full-fledged business partners, offering services and experiences that add value beyond code. Peloton’s bike is not fundamentally different from most gym spin bikes, but their innovative programming for in-home exercise is transforming the fitness world. Chick-fil-A’s focus on exceptional drive-through experiences has helped the brand thrive during the pandemic when many restaurants are closing. Astute marketing leaders help their companies innovate for competitive advantage.
- Breakthrough content and engagement – Rising above the noise is not easy but it is critical for getting the most out of a marketing budget. Brand leaders like Restaurant Brands International (Burger King) global CMO Fernando Machado are pushing the limits of what’s possible to engage with inattentive or skeptical consumers. Augmented reality, mobile apps, console gaming, streaming audio and evolving social media platforms allow progressive marketers to engage customers in new and impactful ways.
- Creative customer experience – Marketing leaders are increasingly playing a role in defining end-to-end customer experiences that bridge the physical and digital worlds. This silo-spanning work isn’t easy as it requires involvement from functions beyond Marketing, including Operations, Product Development, Technology and Finance among others. But marketers with a vision can enroll cross-disciplinary support to transform customer experiences and deepen brand relationships.
- Integrated stakeholder engagement – While the communications domain of marketing leaders has historically been prospects and customers, other stakeholders have become increasingly important during the crises of 2020. Employees, channel partners, franchisees, suppliers, the financial community and media are integral in delivering on a brand’s purpose and promise. Responsible CMOs partner effectively with their corporate communications, HR, channel management and investor relations counterparts to deliver a cohesive voice to the marketplace based on core brand principles.
- Revenue and channel leadership – As the world has found ways to work from home during a pandemic, how people buy for their homes and their businesses has shifted rapidly. Products formerly picked up in stores are being delivered from e-commerce companies. B2B sales calls that were once conducted in offices are being held via Zoom or Webex. Buyers are increasingly making their decisions through online research which is blurring the line between digital marketing and digital selling. Revenue leaders like Maria Black, ADP’s president of worldwide sales and marketing, needed to find new agility during the pandemic. Black acknowledged, “I think what the COVID-19 crisis taught me was how we should actually operate. It should be about what the end consumer needs, what the buyer needs, what the prospect needs, and how we can actually work in an agile way to respond to that in a very real-time way.”
- Marketing capability – CMOs lead a corporate function that is in a constant state of disruption. Building the organizational acumen to keep up with change requires a willingness to transform the function, to enhance team member skills and to continuously deliver value. Whether is it Jill Kouri at JLL who revamped the role of marketing to drive local impact for her commercial real estate firm or Michael Lacorazza at Well Fargo who retooled the company’s marketing technology infrastructure to engage with customers in a personalized manner, da Vinci Growth CMOs must marry art with emerging science within the marketing function.
- Media and performance – The pressure to deliver measurable results is a constant for marketing leaders. The use of data to target more precisely and deliver tailored messages in moments that matter is creating opportunity for increasing brand relevance. And married with performance media technology that can more efficiently scale near-personalized, self-optimizing engagement with buyers, CMOs have the most advanced tool set ever for delivering results at their disposal. Da Vinci Growth CMOs like Arjan Dijk at Booking.com are leveraging these tools to drive phenomenal growth for their companies.
What should you do if you want to become a da Vinci Growth CMO? Seclow advises, “I think constantly pushing ourselves, taking master classes, reading. That’s true for all of us in life and as marketers. And understanding who the customer is. The ability to evangelize what the customer wants and needs, and the ability to connect and understand firsthand is what many organizations rely on the marketer to bring. Have an interest and an open philosophy about what can be.”
