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Growth Doesn’t Happen By Accident

26 Apr 2024

CEOs who place marketing at the core of their growth strategy are twice as likely to have greater than 5 percent annual growth than their competitors.

In today’s uncertain economic climate, growth can be hard to achieve and maintain. One in four companies won’t grow. Growth doesn’t happen by accident; growth leaders choose to grow and intentionally create strategic distance from their competitors. CEOs need to be asking their marketing teams - what are the outcomes? Too many ask, what are the activities?

A recent survey, conducted by McKinsey highlights some interesting points.

Importance of Marketing-Led Growth:

CEOs who prioritise marketing as a central element of their strategy see significantly higher growth rates. A deep understanding of market dynamics and customer preferences is essential for outpacing competitors.

Consumer Insights are Critical:

There’s a tendency for growth strategies to be driven by financial and analytical considerations rather than being led by consumer insights. This can hinder a company's ability to fully connect with its customers and innovate effectively.

Role Clarity and Accountability:

With multiple leaders overseeing marketing-related activities, there is often a lack of clear ownership, leading to diluted accountability and inefficiency. For sustainable growth to be effective, a clear delineation of the marketing role and its responsibilities is really important.

Strategic Implications:

  1. Enhance the relationship between the CEO-CMO: Collaboration will strengthen the partnership and can foster more integrated and consumer-centric growth strategies. Regular communication and alignment on strategic goals and consumer insights is a good starting point.

  2. Clarify The Marketing Role: Companies benefit from clearly defining the roles and responsibilities within their marketing teams. This clarity leads to better accountability and a more focused approach to market engagement.

  3. Leverage Consumer Insights: Encouraging a shift towards more consumer-led strategies helps companies better meet customer needs and adapt to changing market conditions.

Finally, a well-integrated marketing strategy that aligns with the broader business objectives and leverages deep consumer insights to drive growth is the starting point. So, if you’re a CEO I encourage you to meet with your marketing leaders and reevaluate your strategies regularly to ensure they remain relevant and effective in the evolving and uncertain market landscape.

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