Here’s the paradox: in an era where the mantra of “growth, growth, growth” is chanted ever louder, how is it that the business function responsible for driving business growth – marketing – is so poorly represented in the boardroom?
Many marketers fail to appreciate the importance of learning the language of the boardroom and even more fail to take the time to expand their knowledge of other functions in the business. In general, marketers have tended to focus on progression within their own department in the shortest possible time. In contrast, progressive marketers see the value in taking assignments outside of their function to broaden their knowledge and enhance their prospects of being invited into the boardroom.
Two positive developments, however, are helping marketing to address under-representation within the boardroom. First, many companies are grasping the importance of putting the customer at the heart of all they do and marketing as the voice of the customer in the business is central to that. Second, the data-rich age in which we’re living enables marketers to more effectively point the way to long-term growth.
In my role, I’m frequently in discussions with chief marketing officers (CMOs). Through talking to them about their 2015 priorities, I’ve found encouragement that there are CMOs out there who know what needs to happen for marketing professionals to be invited into the boardroom. Here is what a few of these successful marketers have to say about their priorities for 2015.
Mark Phibbs, vice-president EMEA Marketing, Adobe Systems Europe
2015 will be the year CMOs get serious about data and technology, increasing their influence in the business. With the rise of digital marketing now consuming approximately 30% of marketing budgets in the UK, marketers can track the return on investment on search, display, web interactions, social, email and online video. Predictive analytics and media mix assessment are used by the most savvy marketers to show how X investment will give Y in terms of traffic, conversion and sales.
The increasing use of digital marketing and technology means we have better data to really measure the return on investment for marketing. This will allow us to be increasingly seen as directors of customers and revenue, rather than the director of spending.
Lysa Hardy, chief marketing officer, NBTY Europe
The world of marketing has never been more complex or more critical to business growth. With a plethora of new mediums to reach consumers, marketers have to keep ahead of new technologies, make the right choices about where to invest in often unproven channels and ensure that the basic principles of building compelling brands don’t get lost.
The blend of art and science to draw rational and emotional connections with consumers has never been straightforward, but now more than ever businesses are looking to us as CMOs to lead and build a plan that has the customer at its heart and show the tangible contribution of marketing activities.
Simon Michaelides, marketing director, UKTV
The future needs to be collaborative. The boundaries between PR and marketing, editorial and advertising and online and offline are increasingly blurring. As CMOs, the onus is on us to establish common objectives and build closer relationships with our peers. This will enable a more coordinated and multi-disciplinary approach to marketing and communication.
Equally, to have impact at board level, it’s essential to be able to engage in the wider commercial debate, take a broad strategic view and ultimately establish marketing as essential to the long-term viability of the business.
The priorities expressed here are spot-on. I am confident that, if embraced by the CMO community as a whole, we can look forward to a year where the under-representation of marketing in the boardroom can steadily be resolved.
Mike Hughes is director general at advertiser trade body ISBA and a judge for the Marketing Academy Fellowship programme, which is sponsored by the ISBA. All the CMOs quoted have taken part in this training to equip them to become the CEOs of tomorrow.
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