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.
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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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