Not only do marketing leaders need to work closely with CIOs at an organization, they also need to have a good relationship with CFOs. Knowing about finance can help you articulate the ROI your company gets from marketing. As technology changes, the role of the CMO does too, and knowing how to work with a variety of C-suite leaders is key for CMOs.
This week, I’ve collected articles that look at the forces that are moving at the C-level, and what CMOs need to know.
CMOs: Would Finance Basics Help You and the Marketing Team? Sirius Decisions: “Improve the perception of marketing. CMOs should educate the CFO and finance about how marketing has changed over the years from primarily a creative and sales support function to a unit that drives key corporate goals such as revenue, cost efficiencies, profitability, customer experience, the brand, and ultimately valuations.”
5 Ways CIOs are Essential Allies for Today’s Tech-Savvy CMOs. Venture Beat: “Ideally, the CMO should initiate the research on available tech solutions and narrow it down to a short list, if not a single finalist, and then invite the IT team to evaluate the choice in terms of security, integration, and price. When you approach your CEO to request approval on a big tech spend, your odds of success skyrocket if you already have the CIO’s stamp of approval.”
Are CFOs and CMOs Able to Effectively Handle Role Reversals? Marketing Interactive: “A CMO’s priority will naturally always be in building brands and services. Their prime concern is achieving efficiency and effectiveness in their campaigns, channels and budgets. Their focus continues to be to increase brand awareness and relevance and growth. But in the world of big data and analytics, things are changing.”
How the Internet of Things is Disrupting the C-suite. Star Tribune: “One of the more dramatic transformations for IoT companies, in my opinion, is that of the chief marketing officer. The real-time nature of IoT creates the need for real-time market data and market-driven feature changes. … The IoT connects the marketing of the product to the delivery and experience of the product. CMOs now have the opportunity to incorporate the duties of a CDO — chief digital officer — and will need to become fluent in both IT and operations.”
Money Men Grab More Power. CNBC: “Even though marketing and finance seemingly sit on opposite ends of the business — the logical left brain breaking-down data vs. the creative right brain generating the next go-to-market campaign — today’s top CFOs are actually more intimately plugged-in to marketing than most people recognize.
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