The CMO balancing act
Marketing Week has been taking an in-depth look at the impact of short-termism on brand building.
“Short-term marketing tactics are increasingly taking precedence over long-term brand building, and whether it’s a symptom or a cause, the tenure of marketers is also getting shorter…”
In a series of articles, CMOs have been comprehensively analysed and topics covered are:
- Should CMOs be brand guardians, especially when tenures are falling?
- Can CMOs still be creative when short term targets have such a priority?
In our annual “Tech Heads” study, we found that 90 per cent of CMOs say they’re having to become more creative and innovative to compete with other suppliers in the market.
Creativity offers a competitive edge in an increasingly crowded market, but it’s not easy. It is subjective, possibly risky, and hard to measure, with businesses taking a chance on ideas with no guarantee on the outcome. However, it also delivers the greatest rewards because when it works, it is a key differentiator, and buying decisions can take minutes, rather than months.
A stand out quote from Marketing Week says:
“Shrinking marketing budgets and the use of short-term metrics to measure campaign success have resulted in a sharp drop in creativity, according to the IPA’s ‘Selling creativity short: Creativity and effectiveness under threat’ report.”
Author of the IPA report mentioned above, Peter Field, says: “If you undermine long-term thinking and strategy, you entirely undermine creativity because it lives in that world of long-termism.”
This leaves CMOs with lots to think about. The challenge is a balancing act. So how do you balance your short-term & long-term marketing objectives?
Our guide “The Long & Short Of It” looks at the issues around short term growth versus long term stability and ends with five questions to ask your board/stakeholders to make sure that marketing is ingrained deep in the business allowing the creativity that long-termism brings to flow.
Download The Long & Short Of It