Over a decade of focusing and helping our stakeholders achieve 2x revenue growth, one of the top three gaps we had to address was related to transformation of the marketing function. Sure, sales is out front and instrumental in dealing one on one with the prospect or client but they can't do this alone.
Enter the CMO! Chief marketing officers (CMOs) know that driving efficient growth is a top priority. But in today’s volatile environment customers are unpredictable. Cross-functional collaboration can be a struggle and traditional sources of brand value are eroding.
To meet these challenges, CMOs need to adapt their strategies for efficient growth in a high-velocity world. The current environment demands a relentless focus on using digital to create customer value, advancing cross-functional goals and optimizing shifts for brand value.
What actions should CMOs take now to be successful?
Focus Marketing Efforts on Genuinely Helping Customers in Their Journeys
Based on this, here are some weekly items to consider for a CMO's first 100 days on the job or launching a transformation of their marketing group:
Week 1:
- Meet with key stakeholders across the organization to gain a deep understanding of the company's culture, vision, and priorities.
- Review the company's existing marketing strategy and assess its effectiveness.
- Conduct a comprehensive analysis of the market and competitive landscape to identify opportunities and threats.
Week 2:
- Develop a marketing roadmap that aligns with the company's business objectives and addresses any gaps in the current strategy.
- Establish clear goals and KPIs for the marketing team, with a focus on revenue growth and customer acquisition.
- Evaluate the effectiveness of marketing technology and tools being used and identify potential areas for improvement.
Week 3:
- Develop a comprehensive content marketing strategy to engage and educate customers.
- Establish a social media strategy to increase brand awareness and drive traffic to the company's website.
- Develop a plan to optimize the company's website for search engines and improve user experience.
Week 4:
- Develop a lead generation strategy to increase sales and revenue.
- Establish a customer retention strategy to increase customer loyalty and reduce churn.
- Develop a plan to measure and report on the ROI of marketing initiatives.
Week 5:
- Evaluate the effectiveness of the marketing team and determine if any changes are needed.
- Develop a budget for marketing initiatives and ensure that spending is aligned with business objectives.
- Establish relationships with key industry influencers and thought leaders to increase brand awareness and credibility.
Week 6:
- Foster a culture of innovation and experimentation within the marketing team.
- Develop a crisis management plan to mitigate any potential negative effects on the brand.
- Establish a brand positioning that differentiates the company from competitors.
Week 7:
- Develop a brand messaging strategy that resonates with target audiences.
- Develop a visual identity that aligns with the brand positioning and messaging.
- Establish a customer persona framework to guide marketing efforts.
Week 8:
- Develop a customer journey map to identify opportunities to improve the customer experience.
- Establish a data-driven approach to marketing, incorporating customer data and analytics to inform decision-making.
- Develop a plan to optimize marketing efforts across multiple channels, including email, social media, and paid advertising.
Week 9:
- Develop a plan to leverage customer advocacy and referrals to drive growth.
- Establish partnerships with other companies or organizations to increase brand exposure and drive growth.
- Review and optimize the company's pricing strategy to maximize revenue and profitability.
Week 10:
- Establish a plan to continuously monitor and improve marketing efforts over time.
- Develop a plan to increase customer engagement and loyalty through targeted marketing campaigns.
- Establish a process for gathering and responding to customer feedback.
Over the remaining 10 weeks, the CMO should focus on executing the plans and strategies developed in the first 10 weeks, monitoring progress, and making adjustments as needed. The CMO should also focus on building a high-performing marketing team, fostering a culture of collaboration and innovation, and continually seeking out new opportunities for growth and improvement.
Sales and Marketing Alignment:
Revenue leadership is about collaboration. Collaboration with Marketing and Sales is essential yet few organizations, even when both areas might report up through a Chief Revenue Officer or Chief Commercial Officer, is rarely obtained.
Therefore, a key tool to help is setting your meeting agenda/cadence between these two groups and enforce a structure that is focused on achieving the key revenue targets together.
The meetings range from the strategic at the high-level to the tactical at the implementation and management level.
CMO- CRO Head of Revenue Operations
- Head of Growth Demand Gen Leader
- SDR/BDR Leader Marketing Ops
- Sales Ops Marketing Campaign Management
- Wider Sales Audience
CMO/CSO:
Recommended agenda items for each meeting:
Pipeline attainment and strategy
Sales feedback on Marketing campaigns, events, activities
Status of key initiatives (i.e. ABM efforts engaging key accounts identified by GTM strategy)
Alignment around messaging and results to be shared with board and other executive stakeholders
Head of Growth & Head of Revenue Operations: (Next level MOPs and SOPs roles can be included depending on need and frequency)
Alignment around technology (currently deployed and under consideration)
SLA’s around things like lead handoff, opportunity creation, and dis-positioning leads
Actions or insights derived from reporting and analytics
Confirmation and review that Marketing efforts align with ICP
Product-Market fit, and other items resulting from the GTM strategy
Demand Generation Leader & SDR/BDR Leader
Lead/Campaign feedback (highlight and diagnose the best and worst leads since the last meeting)
Alignment around personas/industries/segments that are being targeted by Marketing Territory/Rep coverage
Upcoming Marketing campaigns, events, or content that could use sales support
Guidance and review of outreach messaging and sequences
Marketing Ops- Sales Ops (functional leads)
Technology review/management assessment
Troubleshooting issues as needed SFDC change requests (if Sales Ops owns admin function)
Alignment around reporting (fields, parameters, data dictionary, etc.) to ensure consistent reporting
Marketing Campaign Management & Wider Sales Audience
Upcoming Marketing campaigns, events, or content
Facilitation and guidance for promoting upcoming campaigns, events or content
Next up on the CMO Agenda: ABM
An Account-Based Marketing (ABM) strategy focuses on targeting specific high-value accounts, rather than broad market segments. To drive revenue and pipeline for a B2B shop selling to the C-suite of automotive lenders, follow these steps:
1. Identify target accounts:
a. Research the persona/target with the highest potential for revenue and long-term partnership.
b. Use firmo-graphic data such as company size, revenue, location, and industry growth to narrow down the list.
2. Map stakeholders within accounts:
a. Identify key decision-makers (e.g., CEO, CFO, CTO) and influencers (e.g., Directors, Managers) within each target account.
b. Understand their roles, priorities, and pain points.
3. Develop personalized content and messaging:
a. Develop value propositions addressing the unique needs and pain points of each stakeholder.
b. Create tailored content for different stages of the buyer's journey (awareness, consideration, decision).
4. Select communication channels:
a. Prioritize channels that are most effective for reaching your target audience (e.g., email, LinkedIn, industry events).
b. Utilize account-specific outreach, like personalized emails or LinkedIn messages, to engage with stakeholders.
5. Execute targeted marketing campaigns:
a. Use a mix of digital and offline tactics, such as display advertising, email marketing, webinars, and direct mail.
b. Align sales and marketing teams to ensure smooth coordination and follow-up on leads.
6. Monitor, measure, and optimize:
a. Track relevant KPIs (e.g., engagement, pipeline generation, revenue) to evaluate the success of your ABM efforts.
b. Analyze campaign performance and make data-driven adjustments to improve outcomes.
7. Nurture relationships and expand:
a. Continue to engage with stakeholders even after a deal is closed, building long-term relationships.
b. Identify opportunities to up-sell, cross-sell, or expand your offerings within the target accounts.
By following a planned-out/written-out ABM strategy, you can effectively target the C-suite and drive revenue and pipeline growth for your B2B shop.
In relation to measuring your ABM efforts, there are several key metrics that can help you review the success of your account-based marketing (ABM) campaign. Here are a few: 1. Account Coverage: This metric measures the percentage of target accounts that you have engaged with through your ABM campaign. It can help you determine how well you are reaching your intended audience and identify gaps in your coverage. 2. Pipeline Velocity: This metric measures the speed at which target accounts move through your sales pipeline. It can help you identify bottlenecks and areas where you can improve your sales process. 3. Deal Size: This metric measures the average deal size for your target accounts. It can help you identify which accounts are the most valuable and prioritize your sales efforts accordingly. 4. Win Rate: This metric measures the percentage of deals that you win with your target accounts. It can help you identify which tactics are most effective and optimize your sales process. 5. Customer Lifetime Value (CLV): This metric measures the total value that a customer brings to your business over their lifetime. It can help you identify which accounts are the most valuable and prioritize your retention efforts accordingly. 6. Customer Satisfaction (CSAT): This metric measures how satisfied your customers are with your products or services. It can help you identify areas where you can improve your customer experience and increase customer loyalty. 7. Return on Investment (ROI): This metric measures the financial return on your ABM campaign investment. It can help you determine whether your ABM campaign is generating a positive return and identify areas where you can improve your ROI.
There are several examples of successful account-based marketing (ABM) campaigns that have driven revenue for businesses. Here are a few detailed examples: 1. Terminus: Terminus is an account-based marketing platform that used their own platform to run an ABM campaign targeting 1,000 accounts. They used a multi-channel approach that included email, display ads, direct mail, and social media to engage with their target accounts. The campaign resulted in a 313% increase in pipeline and a 48% increase in sales revenue. 2. ServiceNow: ServiceNow is a cloud computing company that used ABM to target IT decision-makers at enterprise companies. They used a multi-channel approach that included targeted ads, personalized landing pages, direct mail, and events to engage with their target accounts. The campaign resulted in a 200% increase in pipeline and a 35% increase in average deal size. 3. Demandbase: Demandbase is an ABM platform that used their own platform to run an ABM campaign targeting 200 accounts. They used a multi-channel approach that included targeted ads, personalized landing pages, direct mail, and events to engage with their target accounts. The campaign resulted in a 42% increase in pipeline and a 20% increase in average deal size. 4. Snowflake: Snowflake is a cloud data platform that used ABM to target enterprise companies in the financial services industry. They used a multi-channel approach that included targeted ads, personalized landing pages, and direct mail to engage with their target accounts. The campaign resulted in a 300% increase in pipeline and a 100% increase in average deal size. 5. Engagio: Engagio is an ABM platform that used their own platform to run an ABM campaign targeting 200 accounts. They used a multi-channel approach that included targeted ads, personalized landing pages, direct mail, and events to engage with their target accounts. The campaign resulted in a 10x increase in pipeline and a 5x increase in average deal size. These are just a few examples of successful ABM campaigns that have driven revenue for businesses. The key to a successful ABM campaign is to identify your target accounts, personalize your messaging, and use a multi-channel approach to engage with them.
Enclosing some related links and insight on growing and measuring growth. Please see below:
https://www.mattallendevelopment.com/post/key-measures-strategies-for-the-cro-m-allen-s-po
https://www.mattallendevelopment.com/post/cro-sales-pro-what-s-your-plan-this-month-this-week
About the author:
Matt Slonaker is a revenue growth and financial services business executive, with a strong track record in generating revenue growth and leading teams. He has experience working with both startups and multibillion-dollar market leaders, and has managed over a billion dollars in revenue in the last decade. He has founded his own company, M. Allen, and served over 20 clients since 2020, and has also worked in executive roles at global companies such as Firstsource, Morgan Stanley, JP Morgan Chase, and H&R Block. He is skilled in operations, revenue enablement, information technology, and other areas. Additionally, he is a US Military Combat Veteran and a career coach for military veterans in transition to the civilian sector since 2017.
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