There’s nothing like anonymity to really reveal honest opinions, and that was just the case with a recent study by the Fournaise Group. The study of 1,200 C-level executives found that “80% of CEOs ‘admit they do not really trust and are not very impressed’ by their CMOs. That’s compared to the 90% of CEOs who say they do trust and value their CFOs and CIOs.” Wow, tell us how you really feel CEOs.
Now, are all CMOs naturally dishonest underperformers? Probably not. The disconnect likely lies with the fact that CFOs and CIOs are more strongly tied to ROI and the bottom line than their marketing counterparts. The subjective nature of marketing has always made it difficult to tie campaigns to financial growth.
Fortunately for marketers, the industry is in the middle of a renaissance of sorts. Social media has given rise to more empowered consumers that respond only to inbound marketing that’s focused on value, rendering the large ad budgets of giant corporations less powerful and effectively leveling the playing field for all marketers. At the same time, marketing automation solutions are providing unprecedented access to true marketing ROI and campaign performance.
The New Age of Marketing
Inbound, not Outbound
The days of blasting your message to millions through high-priced advertisements are waning. The new consumer is social, well informed, and tech savvy. Paid advertising is not only glanced over by consumers, but is starting to escape their notice altogether. Your marketing tactics need to evolve with your consumers. Focus on inbound strategies that will build relationships with your customers. Create content that provides value by doing one of the following:
- solving a problem
- educating on a certain topic
- making life easier for your audience.
This content will also serve as the fuel for your content marketing engine by attracting, converting, and nurturing leads.
Close the Loop on Reporting
The uncertainty and error that have always prevented marketing from demonstrating concrete impact on revenue are becoming things of the past. Marketing automation solutions allow you to attribute a closed sale back to the campaign that originally brought that prospect in and the campaign that prompted them to convert. You can see the whole process illustrated in a recent snapshot. Accurate attribution allows marketers to demonstrate concrete ROI numbers, determine campaign effectiveness, and better understand the sales funnel.
Big Data Yields Big Results
With more data and analytics at the fingertips of marketers than ever before, we will start to see data driven decisions leading to:
- more accurate segmentation
- campaigns with more impact
- a better marketing mix
- and much more.
Marketers are an extremely adaptable class of professionals– with the rapid pace of technological innovation, they have to be. Marketers will begin to put their data from analytics and marketing automation services to work to sculpt more efficient, more accountable, and more trustworthy marketing departments than ever before.
What do you think of the Fournaise Group’s findings? Do you agree that marketing is on the verge of becoming a much more trusted department? Let us know what you think in the comments below!