3 Questions CMOs Must Answer in 2020
CMOs will drive growth if they set priorities that concentrate marketing resources where they serve customer needs and extract value from data and martech investments.
All eyes are on the chief marketing officer (CMO) to deliver revenue growth in a context of disruption and changing customer behavior, according to a recent Gartner poll. Yet respondents report that market uncertainty and new challenges from competitors have the potential to derail their strategic marketing agendas.
“Incumbent brands are struggling to grow as they face more threats to their market share,” says Alexandra Bellis, Senior Principal, Research, Gartner. “B2C firms are faced with new direct-to-consumer (DTC) competitors that are better able to implement and adapt to digital business, while the B2B buying journey is getting more complex as buying groups get larger and bring conflicting needs to the decision-making process.”
Read More: 4 Key Findings in the Annual Gartner CMO Spend Survey 2019-2020
CMOs must focus on answering three critical questions: How they’ll drive revenue growth, how they’ll set priorities and how they’ll fill skills gaps.
How to drive growth within a changing market
Marketing leaders from both B2B and B2C firms say they aim to focus on accelerating sales conversions and differentiating the firm’s value proposition to drive growth in the short term.
Although CMOs agree on what they need to do, many are unsure about how to achieve their growth targets for their organizations. When asked, 12% or fewer say they’re confident they can overcome shifting market conditions and customer behaviors to realize growth expectations
Read More: A CMO's Guide to Winning in the Turns
To start, focus on reducing friction for the customer. Gartner research shows positive conversion results from efforts that help make customer buying decisions easier. Content that helps customers choose the right product or complete a purchase serves both the customer and the business.