Our Summit attendees spoke about meeting the expectation that they partner closely with C-suite peers like the CFO, CIO and CHRO to ensure that the business is positioned for success. In the scenarios where CMOs can have the most impact, they’re being hired to refocus the business around the customer and around growth; in turn, their jobs are reframed as not just advertising and brand building, but an important role done in service of the business.
“‘I’m hiring you because I want you to make me feel uncomfortable,’" one attendee recalled hearing from their CEO. “That was a really important conversation to have before I got there. They understood that I was coming in to be an agent of change.”
That said, it’s also critical to “market the marketing internally,” as one attendee put it. Internal stakeholders need to know and understand how marketing generates value and also understand that marketing is a partner and leader in helping an organization achieve its goals.
“It’s everything from town halls to laying down the law with strict guidelines about brand positioning,” that attendee said. “Doing that actually establishes your credibility and some power. They listen to you because you’re the expert on this topic.”
I’m not one of the celebrity CMOs. There’s no disrespect to any of them, but I do think some certain CEOs, and certainly boards, have a jaundiced view of that sort of externally facing profile.”
CMO Summit Attendee
Carving out the right role for marketing
While other C-suite roles, such as general counsel or CFOs, have fairly standard regulations for how they operate within a company, a CMO’s purview can vary — sometimes dramatically — from company to company. And while the temptation may be to “sell” marketing to the CEO, board and the rest of the team, several participants spoke about how the opposite approach was often more effective. Consider instead, what does the CEO and each C-suite peer need, and how can marketing provide that solution to them?
“As a member of the management team, understanding the motivations of each individual member is critical,” one financial services CMO said. “They are sometimes wildly different and it's not a one-size-fits-all. So, when I'm sitting down with CFO, I need a different lens than when I’m sitting down with the CIO or CHRO. What are their perspectives? What are their motivations? Answering those questions changes how you work with them and how you can work together to build plans.”
If you can become the customer’s representative, you're suddenly in every conversation, because you have data and you understand what your customer needs. You are bringing a lot of value to the conversation.”
CMO Summit Attendee
Bringing the customer to the center
Our discussion touched on how marketing can drive value by truly representing the voice of the consumer/customer when it comes to developing business strategy. Marketers’ unique ability to combine data, insights and sometimes empathy makes them indispensable partners in shaping a customer-centered strategy, and not just executing it.
The marketers in our conversation told stories from across industries — including consumer products, healthcare and financial services — about they reframed the C-suite conversation around what customers want and need.
“Knowledge is power,” one participant put it. “In this case, being the person who knows the customer best can take you a really, really long way.”
CMO as storyteller
Helping the CEO tell the story of the strategy has been an inroad to driving the strategy. Helping the CEO articulate the story to the board, to the team, to the employees, has enabled me to influence the company at large.”
CMO Summit Attendee
At a deeper level, marketing’s influence can be whittled down to a basic level: marketers’ unique and innate ability to tell compelling stories. Top marketers can drive immense value by assisting the CEO and other C-suite members in articulating the company’s strategy in a way that resonates with all stakeholders. They are leaders who can help shift attitudes and behaviors, rising above mere functional leadership to becoming invaluable enterprise leaders.
Another participant, who leads marketing at a large financial services firm, shared the impact that had come in collaborating with the CHRO on internal culture change work, based around the idea that they are marketing the company, but to another audience. “It's been really interesting to have that conversation,” the CMO said. “That partnership with the CHRO has given me an area of influence within the organization at large that, frankly, is making the job feel more fulfilling, more interesting and more impactful.”
• • •
The conversation in New York demonstrated how marketers today are becoming powerful influencers inside their own companies. Not surprisingly, the top CMOs we know are able to demonstrate how and why they are indispensable in driving growth, transformation and long-term business value in an increasingly complex environment. We look forward to continuing the dialog.
Attendees
Benji Ann Baer, CBRE Group, Inc.
Linda Boff, Said Differently
Craig Brommers, American Eagle Outfitters, Inc.
Ed Dandridge, American International Group, Inc.
Mani Dasgupta, IBM
Henry Detering, Neuberger Berman Group LLC
Arielle Gross Samuels, General Catalyst Partners
Steve James, Bank of New York Mellon Corporation
Devika Mathrani, New York-Presbyterian Healthcare System
Micky Onvural, TIAA
Emily Pachuta, Ascensus
David Rubin, The New York Times Company
Erik Schneberger, American Century Investments
Dhanusha Sivajee, Tegna, Inc.
Stacy Taffet, The Hershey Company
Stephen Tisdalle, FS Investments
For additional insights on navigating the challenges and opportunities facing marketing leaders, view highlights from other CMO Summits.