Last week, Forbes Insights hosted a webinar titled, “The Transformative CMO,” moderated by Bruce Rogers, Chief Insights Officer from Forbes Media, and guest speaker Kim Whitler, an Assistant Professor at Darden School of Business at the University of Virginia. They discussed trends currently influencing the role of the CMO, the challenges and opportunities these leaders face, and the 11 essential characteristics of the transformative CMO that lead to high-performing marketing organizations.
The webinar focused on transformation, and we were introduced to the fact that 93 percent of multi-national companies are in some phase of changing their business models, but only half of these executives believe their companies are ready for this transformational change.
Rogers and Whitler discussed marketing’s budding responsibility in becoming a growth partner by increasing its focus and ownership over the customer experience and provided key indicators of where over-performing organizations were succeeding. For example 67 percent of over-performing marketing organizations have KPIs linked directly to business performance versus only 47 percent of under-performing organizations.
As marketing’s responsibility grows, so does the need to connect sales revenue to marketing performance—measuring the correlation between marketing KPIs and business impact. Forbes found that over-performing marketing organizations are breaking down departmental silos to drive business efficiency and impact across the customer experience.
You too can become an over-performing marketing organization by driving cross-departmental collaboration to enhance the customer experience. Listen to the webinar or review the SlideShare and discover the 11 key characteristics of transformative CMOs, as well as the 5 key drivers that must be accounted for to build a future-proof marketing department.