COURTLAND BROOKS - "59% of marketing leaders reporting increased pressure from CEOs and 45% experiencing pressure from CFOs."
A Harvard Business Review article lays out some keen advice for CMOs to help lower stress. Here's their advice, in a nutshell...
Build your case based on business priorities
New member acquisition is almost always a priority for dating and social apps. But how about brand awareness and stature. How about your market leadership and ranking. Make sure you have metrics to help make your case.
Get closer to your CFO
"Only 35% of marketers report that they use 'an integrated marketing team in which marketing and finance experts work together.'" You'll be more successful if the CFO is informed, and aligned with your marketing efforts. Plus, can help inform your decision making and quantification efforts.
Crack the lock on your magical hypotheses
As a marketing leader, you have informed ideas, hypotheses. Share them, along with the logic behind them, with your CFO and team members. It will make life easier later on, if you get them on board with your logic at the outset.
Measure brand and customer metrics
"Only 3% of marketers reported measuring brand equity "consistently". This is something that should measured more consistently. I will help lift your marketing budget if you can show effect here. Great brands get great conversions.
Get closer to your C-suite peers
"Only 17% [of C-suite executives] said they collaborated with the CMO in the last 12 months." Take time to meet your CXOs one at a time to offer evidence and logic for your spending and address their questions. Marketing is an investment, not just a cost!
Run experiments
Use a control group that does not get marketing spending. The goal is to build a strong understanding of the counterfactual — what if marketing spending had not occurred? Design and run experiments right and it will really help inform your marketing strategy choices.