Neeti Patel’s Post

"The evidence is clear: Growth leaders generate 80% more shareholder value than their peers over a 10-year period — and marketing can be a growth accelerator. But too many CEOs, too often, are not taking the actions that can put it in overdrive. That is a failing you cannot afford: leaving money on the table is not a good strategy." - Harvard Business Review, March 2024 Full article is linked below. This is why I spend so much time developing content and connections on LinkedIn. I wish I saw more of the C-Level from B2B industrial brands investing time into building their personal and company branding. I want to give a shout-out to Brad Barber at H&E Rentals for doing this very well! Article link ---- >

🚀 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐌𝐚𝐫𝐤𝐞𝐭𝐢𝐧𝐠 🚀 Growth is the lifeblood of any business, yet many CEOs often overlook the critical role of marketing and Chief Marketing Officers (CMOs) in driving this growth. This HBR article leverages research findings to underscore the above. 𝐓𝐡𝐞 𝐏𝐫𝐨𝐨𝐟 📊  Companies prioritizing marketing as the core of their growth strategy consistently outperform their competitors. 📊 Those who prioritize branding and advertising as top growth strategies are 𝐭𝐰𝐢𝐜𝐞 𝐚𝐬 𝐥𝐢𝐤𝐞𝐥𝐲 to achieve revenue growth compared to those who don’t. 📊 High-growth companies invest, on average, 𝐭𝐡𝐫𝐞𝐞 𝐭𝐢𝐦𝐞𝐬 more in marketing. 📊 Companies with CMOs deeply involved in strategic planning experience growth rates 1.3 𝐭𝐢𝐦𝐞𝐬 faster. 𝐓𝐡𝐞 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞 🔎  Less than 30% of CEOs view their CMOs as highly effective in driving growth. 🔎 Fragmented ownership of the customer with multiple C-level roles, often claiming ownership. 🔎 Only 50% of CEOs feel comfortable with modern marketing practices, with even fewer CMOs in agreement. This article underscores the crucial need for clarity, understanding, and alignment. It sheds light on why marketing is less frequently utilized as a growth driver despite overwhelming evidence of its effectiveness. 𝐓𝐡𝐞 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧 👉 𝐂𝐥𝐚𝐫𝐢𝐭𝐲: Define the role, focus, and responsibility of marketing within your organization, aligning it closely with broader business objectives and growth strategies. 👉 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩: Invest in better understanding modern marketing and its connection to business growth. Then, select a CMO whose expertise, experience, and enthusiasm align with the marketing organization's defined role, focus, and responsibilities and are, of course, a cultural fit. For instance, if the focus is market growth, hire a growth-minded CMO capable of collaborating effectively with other executive leaders, fostering a culture of innovation within the marketing team, and crafting strategies that drive business growth. 👉 𝐀𝐥𝐢𝐠𝐧𝐦𝐞𝐧𝐭: Ensure precise alignment and agreement on the marketing strategy and plan among the executive team, coupled with a 𝐠𝐞𝐧𝐮𝐢𝐧𝐞 𝐜𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 to making the necessary supporting investments and changes, including structure, people, systems, etc. This ensures everyone is on the same page and working towards shared objectives. 👉 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Establish measurable objectives and hold the marketing leadership accountable for delivering tangible results. #marketing #growthstrategy #leadership

The composition emphasizes the critical part of marketing in a company's growth strategy and highlights the dissociate between CEOs and CMOs in understanding and using marketing for business success. Backed by exploration involving over 100 marketing leaders and 21 CEOs, the findings indicate that companies prioritizing branding and advertising in their growth strategy are doubly as likely to achieve significant profit growth.         To align CEOs and CMOs, the composition proposes three crucial conduct     Define Marketing's part    CEOs must easily define what they anticipate from marketing in terms of invention- led growth, client connections, and erecting a strong brand. Establish a marketing dimension frame connecting company-wide issues to marketing growth strategies.   Appoint a Chief client Advocate     Designate a leader as the principal client advocate, icing a unified approach to client- centric strategies. This person should have real authority and laboriously share in strategic conversations to represent the voice of the consumer. CEOs as Growth Trainers  CEOs should understand ultramodern marketing challenges and openings, investing time in literacy and uniting with CMOs. Encourage a growth mindset in CMOs, holding them responsible for delivering palpable results that support the overall growth docket. The composition underscores the significance of CEOs feting marketing as a multidimensional and specialized discipline, with CEOs acting as trainers to guide the strategic direction. It concludes by emphasizing that growth leaders who work in marketing effectively induce significantly further shareholder value over a 10-time period, making it a critical element of business success.  Please share your views, thoughts, and experiences https://lnkd.in/g5YXheBq #growthmarketing #marketingeffectiveness #marketingstrategy #growthstrategy

Companies who aren’t using marketing to drive growth, it’s time to hit the reset button. Here’s how: 1. Define what you need. When asked, CEOs and CMOs in the same company, what marketing’s primary role was — brand building, customer experience, digital growth, loyalty, or sales support — half the time, they all gave different answers. This is a problem. Alignment is key. 2. Nominate a "chief customer advocate". Unlocking growth is a team sport. In many companies, custody of the customer is fragmented. Defining the role of chief customer advocate is critical and can help make sure a seat at the table is filled by a leader who represents the customer. 3. Become a growth coach. Leaders need to embrace their role as the coach. Their job is to draw up the strategy, not to toss the ball down the field. Marketing today is more than branding and advertising and Harvard Business Review is breaking it down:

The essence of this article is clear➡️ Growth leaders create 80% more value for shareholders over 10 years, and #marketing can help boost that growth. However, many CEOs aren't taking the steps needed to fully unlock this potential. This is a costly mistake - leaving money on the table is never a good strategy! https://lnkd.in/gp2fYrAY

It's hard for marketing to deliver the best possible results for your company if your leadership team and marketing team aren't aligned on what marketing is supposed to do.   New research from McKinsey & Company shows that companies that view branding and advertising as a top growth strategy are twice as likely to see significant revenue growth as those that don't, but also that few CEOs recognize the potential for marketing as a growth accelerator.   To get the most out of your marketing initiatives, your planning process should start with a shared understanding of what your company's goals are. Then, your team should develop marketing goals that ladder up to your overall business needs. Only then should you decide what projects marketing should take on, and what the success criteria for each should be so that each marketing activity supports the overall goals of the company. By aligning your marketing projects and success to your business goals, you ensure that marketing's efforts aren't wasted and that those efforts line up with what you're trying to achieve as a company.   Business Goals --> Marketing Goals --> Marketing Activities   Want more tips to get your marketing and leadership teams on the same page? Check out this article from Harvard Business Review that discusses the McKinsey research in more detail and outlines three key steps you can take to get your C-suite and marketing team better aligned, so that marketing can be the growth driver for your company that it should be.   #marketingstrategy #marketingplanning #businessgrowth

🚀 #GrowthMindset | #MarketingLeadership | #StrategyInAction 🚀 🔍 Dive deep into the heart of growth strategies, and you'll find a surprising truth - the alignment (or misalignment in most cases unfortunately) between CEOs and their marketing maestros can dramatically steer a company's journey toward success or mediocrity. This HBR article confirms well my own experiences. Through my own work, I’ve had the privilege to observe firsthand the transformative power of marketing when it's woven into the corporate strategy fabric. Yet, the chasm between C-suite perceptions and marketing's potential impact is more than just a gap—it's a missed opportunity of epic proportions. 💡 The evidence is compelling - companies that embrace marketing as a core pillar of their growth strategy don't just inch ahead; they leapfrog over competitors. Think of marketing not just as branding or advertising but as the pulsating heart of customer understanding and engagement. It's where growth is ignited. 🤔 So, why the disconnect? It often boils down to a lack of shared vision. When CEOs and CMOs don't see eye-to-eye on marketing's role, the result is a diluted strategy with weakened growth potential (this is true both in B2B and B2C environments). But it doesn't have to be this way. 🚀 Here are a few takeaways from the article which I can underline 💯 percent: ✅ **Clarity and Alignment:** It’s critical for CEOs and CMOs to align on marketing’s strategic role. Open dialogue is key. ✅ **Empowerment:** Designate a chief customer advocate—whether it's the CMO or another role—to ensure the customer's voice drives the growth strategy. ✅ **CEO as Coach:** CEOs, embrace your role in championing marketing’s strategic value. Understand, support, and empower your marketing teams. ✅ **Accountability:** Ensure marketing strategies are directly linked to growth outcomes. Make every effort count. ✅ **Unified Voice:** A singular, strong customer voice within the leadership team can be a game-changer for growth. In my experience, when marketing is integrated as a cornerstone of strategic planning, companies not only capture value but create it, paving the way for unprecedented growth. #Leadership #CMOInsights #CorporateGrowth #StrategicMarketing https://lnkd.in/e9Udjpzr

For CEOs and companies who aren’t using marketing to drive growth, it’s time to hit the reset button. Here’s how: 1. Define what you need. When asked, CEOs and CMOs in the same company, what marketing’s primary role was — brand building, customer experience, digital growth, loyalty, or sales support — half the time, they all gave different answers. This is a problem. Alignment is key. 2. Nominate a chief customer advocate. Unlocking growth is a team sport. In many companies, custody of the customer is fragmented. Defining the role of chief customer advocate is critical and can help make sure a seat at the table is filled by a leader who represents the customer. 3. Become a growth coach. CEOs need to embrace their role as the coach. Their job is to draw up the strategy, not to toss the ball down the field. Marketing today is more than branding and advertising and Harvard Business Review is breaking it down:

For CEOs and companies who aren’t using marketing to drive growth, it’s time to hit the reset button. Here’s how: 1. Define what you need. When asked, CEOs and CMOs in the same company, what marketing’s primary role was — brand building, customer experience, digital growth, loyalty, or sales support — half the time, they all gave different answers. This is a problem. Alignment is key. 2. Nominate a chief customer advocate. Unlocking growth is a team sport. In many companies, custody of the customer is fragmented. Defining the role of chief customer advocate is critical and can help make sure a seat at the table is filled by a leader who represents the customer. 3. Become a growth coach. CEOs need to embrace their role as the coach. Their job is to draw up the strategy, not to toss the ball down the field. Marketing today is more than branding and advertising and Harvard Business Review is breaking it down:

Many CEOs underestimate the power of marketing to fuel growth, but research shows that companies prioritizing marketing are twice as likely to see significant revenue increases. To unlock this potential, CEOs should clearly define marketing's role and goals, appoint a chief customer advocate with leadership authority, and actively coach and empower their CMOs. By investing in modern marketing strategies and aligning with their marketing leaders, CEOs can drive substantial growth and avoid leaving money on the table. https://lnkd.in/db85Grgx