November 3, 2016
by Carla Johnson
In a new report from Accenture Strategy, The C-Level Disruptive Growth Opportunity. Chief Marketing Officers: What your CEO Might Not Be Telling You, authors Kevin Quiring, Rachel Barton and Joanna Levesque bring to light a lurking threat of which CMOs may not be aware – CEO expectations to drive new growth opportunities for the enterprise. As traditional sources of revenue shrink, CEOs are looking for disruptive opportunities for growth and CMOs are the people they expect to drive it.
“Given that CMOs fill a key role in the end-to-end customer experience and typically have control ofm any of the digital levers that drive disruptive growth, CMOs acting as Chief Growth Officers (CGO) only makes sense. The fact that CEOs hold a CMO’s feet closet to the fire if growth targets are not met only further supports this assertion.”
Alignment in this belief, however, is lacking between CEOs and CMOs. One-third of CEOs surveyed said that they would turn to their CMO first if growth targets aren’t being met. Forty-four percent of CEOs believe that disruptive growth is very important while only 37% of CMOs view it that way. Part of this disconnect may come from fractured views of who’s accountable for what. With more “C” titles coming into play – Chief Digital Officer, Chief Experience Officer, Chief Data Officer – the real estate of responsibility isn’t clear.
Smart CMOs connect the dots
Granted, we live in a digital world but digital isn’t the only experience that customers have with a brand. Disruptive growth requires new value propositions and partnership as part of a bigger business platform.
In the report, 33% of CEOs say that marketing will sit under Digital within the next five years. Take heed, CMOs, because you need to take the bull by the horns not only for your own career stability, but to avoid losing control of a key area in the organization.
CMOs should be constantly looking over their shoulder, because the Chief Growth Officer title only comes when growth actually happens. And CEOs are quick to point out that the CMO is the first to go should growth targets not be met.
Telltale signs you’re on the right path
For a CMO to be headed in the right direction to becoming a CGO, they:
- Are in total control of disruptive growth levers
- Spend at least equal time or more on disruptive initiatives, compared to traditional growth agenda
- Have dedicated marketing capital investment budget for infrastructure and application investments
- Have P&L responsibility over disruptive initiatives (e.g., revenue from new ventures)
- Have at least two initiatives ongoing with non-traditional partners to seek new revenue sources
- Are embedded into the C-suite and move at pace (or ahead) of CEOs with respect to disruptive growth
Download the full report.
Photo credit: Flickr user Tsahi Levent-Levi
About Carla Johnson
Consistently recognized as one of the top influencers in content marketing,as well as one of the top 25 in B2B marketing and one of the Top 50 Women in Marketing, Carla’s latest book, Experiences: The 7th Era of Marketing, teaches marketers how to develop, manage and lead the creation of valuable experiences in their organizations. Carla serves on the Executive Board and as the Vice Chair for the Business Marketing Association (a division of the ANA) and is an instructor for the Content Marketing Institute and the Digital Analytics Association. Carla also contributes to industry wide news outlets, forums and conferences on the future of marketing, leading through innovation, and the power of storytelling.