Strategy | 3 minute read
New industry data has confirmed what we at onebite have long considered; that there is a significant disconnect between marketing teams, CMOs and the C-suites they serve. The new data reveals each partner in the marketing function (including Senior Executives) have a different viewpoint on the purpose and intentions of marketing and its strategy.
The study has left every CEO and CMO asking: “Is it time to realign marketing operations?”
‘Wanted: CMOs with 20/20 Vision’ (the new study from The Economist Group) shows that almost 20% of the C-suite do not believe marketing is key to their organisation meeting objectives. A finding that raises questions about how we as marketers can reaffirm our position, and how we make the best use of our resources to take the lead in strategic business promotion and growth.
Headline findings from new study
The top alarming results from The Economist Group’s report were:
The C-suite and their CMOs are failing to agree.
- Only 25% of the C-suite felt company culture and purpose is a key strategic priority compared to 43% of CMOs.
- 54% of the C-suite consider the key strategic focus of marketing to be short-term (1-2 years), compared to 63% of CMOs.
- The C-suite want marketing to deliver greater focus on customer experience and engagement (CMOs consider it only fourth on their list of priorities).
Meanwhile, CMOs and their marketing teams are also at odds.
- Only 26% of team marketers think that marketing has a significant influence on strategic priorities, but 47% of CMOs believe this to be the case.
- 29% of marketers believe marketing has an influence on business performance and growth, but 55% of CMOs think so.
- Only 19% of the marketing department consider brand purpose to be a key priority, yet 43% of CMOs believe it is.
Closing the disconnect gap
What with the upheavals of Covid-19 and the blurring lines of communication between levels of seniority, the landscape has become ragged and it’s time for us (marketers) to smooth things over.
The role of marketing has evolved over time, necessarily redefining its position to account for the changing face of digital communication and social media. Was it during the digital take-over that the miscommunication was lost and the confidence in marketing results against ROI fell?
Marketers must now realise it’s not too late to take back control and bring a new and exceptional link into the chain, to clear the way, and assertively lead marketing teams forward.
Outsource to realign
How can we close the disconnect gap?
Here at onebite, we believe the future of outsourcing CMOs and Marketing Directors is where many businesses will reap benefits. Outsourcing may not seem like an instinctive solution to fix in-house communication dilemmas. However, a fresh pair of eyes, superior experience, and resources at the ready, can open up the door to communication and start smoothing over the cracks.
CEOs respond well to new ideas, new ways of thinking, and an outsourced Marketing Director with access to agency tools, presents a strategic solution to an ever-growing problem. It’s also a lower risk for ROI as outsourcing at this level reduces the high expense of salaries, benefits and bonuses.
Outsourcing has seen an increase in recent months, with the pandemic making the need for this type of service even stronger. More and more data is highlighting the requirement for a marketing shake-up. Perhaps, it’s time for us marketers to analyse the future and ask ourselves, “Is it time to say goodbye to the traditional marketing function set-up?”
Interested to learn more about the value of outsourcing? Contact us to discuss our new Marketing Director as a Service package.