Leverage influence with your CEO by communicating the following benefits
According to recent Forbes survey, a surprising 69% of CEOs report they believe “their companies waste money on marketing initiatives.” –This is a vexing challenge for marketing leaders/CMOs because the purpose of marketing strategies is to drive long-term expansion of customer base and ROI, but seldom to improve short-term profits. Unfortunately, U.S. business has a long history of focusing on immediate returns while overlooking investments that build future market share.
If you are a marketing leader in your company, you can leverage influence with your CEO by communicating the following benefits of strategic marketing–
Attracting new audiences with a redefined, improved brand
The best marketing often requires modifying or revamping your current brand. Be prepared to describe to your CEO how that can attract new demographic groups while achieving a higher conversion rate from your current customers by doing so. Provide your CEO with metrics to help her understand how this can improve your stock price and build ROI. Review this related case.
Focus on inexpensive, but highly effective strategic improvements
Before trying to sell your CEO on high investment marketing strategies, focus on new, low-cost initiatives that can be implemented right away. This may involve nothing more than a transfer of limited funds away from long-standing but low payoff marketing investments.
Do your due diligence to answer probable questions from your CEO
Again, be prepared to respond to all your CEO’s concerns about your new marketing ideas–whether they involve little or no cost or a complete rebranding. For example, be prepared to describe risk (and risk mitigation) factors involved in your plans and the metrics you’ll use to monitor progress.
Also, pitch the idea that predictive metrics can reveal what your competitors’ strengths and weaknesses so your marketing can quickly adapt to challenges.
Share your ideas with other company executives/CEO staff
It’s critical that you build solid, trusting relationships with all your company’s leaders to help as many as possible among them to understand the great potential value of your new marketing initiatives. Whether the CEO later asks their advice one-on-one or company executives meet with him to decide on your proposals, this will strengthen your case.
An improved brand will improve employee motivation
A superb brand translates into an invigorated company culture. It not only attracts customers but also improves employee efficiency and morale. When your employees, from executives to new hires, buy into the mission and vision of your brand, productivity will rise, sales will increase, and customer support will improve. An excellent brand also decreases employee turnover.
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