As a marketing professional, do you know specifically how the marketing investment translates into real value in your organization? If you answered yes, you’re among the few who can. Our studies and those of other firms such as those conducted by Prophet found that as few as 19 percent of companies can consistently and accurately determine what they are getting – if anything – from untold millions in marketing spending.It’s this kind of mystery that can affect the relationship between the CMO and the rest of the C-Suite. While most organizations realize marketing plays a critical role in the organization, the intangible nature of marketing is a key culprit behind the marketing accountability gap.
When organizations are looking for “silver bullets” to improve results and reduce costs, a marketing organization that avoids this fundamental discipline of accountability sits in the cross-hairs. CMOs inside these organizations might find themselves at the mercy of the C-Suite who typically takes arbitrary actions such as cutting budgets or changing personnel to effect change.
With the New Year right around the corner and budgets on the line, CMOs and other marketing leaders should use accountability to build a bridge between marketing and the rest of the organization. Contrary to “popular belief” marketing is not a cost center. Investments in marketing do translate to the bottom line. Yet most marketing professionals neglect to demonstrate this value. These four steps can help you begin to construct the bridge and demonstrate this value
