Published: 19 July 2023
Chief marketing officers must leverage a wide network of cross-functional stakeholders to deliver value and accomplish their objectives. To be effective, CMOs must properly identify stakeholders, assess their roles and engagement, and actively manage them.
Marketing shares responsibility with other stakeholders for capabilities that are vital to delivering their strategy. However, CMOs have not identified strong supporters or inhibitors outside of the C-suite, indicating that they are not effectively managing stakeholder relationships.
A key challenge of stakeholder management is identifying the most critical relationships. Missing a stakeholder or selecting the wrong stakeholder poses a potential performance hazard.
Failing to effectively manage stakeholder relationships risks marketing prioritizing the wrong activities, taking on responsibilities that should belong to other functions and struggling to create a positive perception of marketing impact.
To successfully manage cross-functional stakeholder relationships, CMOs should:
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