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Outsider Insights | You Can't Measure AI ROI If You Can't Measure Marketing ROI
Outsider Insights
Across Chief Outsiders, we talk to hundreds of CEOs every month. In this series, we explore the trends and challenges we’re hearing from these discussions – and what you can do if you’re facing the same issues in your business.
Does the 80/20 Rule Apply to Executives?
Fri, Feb 11, 2022 — The Pareto Principle It was business management consultant Joseph Juran who suggested the 80/20 principle and named it after Italian economist Vilfredo Pareto – citing that for many events, roughly 80% of the effects come from 20% of the causes. It was 1906 when Pareto observed that 80% of the land in Italy was owned by 20% of the population. He then noted that 80% of the peas in his garden came from 20% of the pea pods. Today, in business, many have observed this “Pareto Principle” across various company operations:
Injecting the “V-FACTOR” Into Your Marketing Efforts Can Be a Game Changer
Mon, Sep 13, 2021 — If the lifeblood of any business is customer cash, then perhaps we can consider customer satisfaction the heart and soul. As a CEO, you likely are well aware of the value of a satisfied consumer. They stick around, spend more, and often become fierce advocates for your company, its products, and services.
The Fractional Chief Marketer: An Insider’s View
Thu, Aug 19, 2021 — How much is just enough? When you are the CEO of a small or mid-market business, this time-honored question isn’t just a euphemism, but a way of life. Obtaining just the right amount of resources – at the right moment in the company’s maturity – can be a game changer. Enter the fractional executive – an experienced, highly-credentialed CMO-for-hire who can be plugged in for a right-sized engagement, without the expense or expectations of a full-time senior marketing executive.
Do CMOs Really Matter? Harvard Business Review Says Yes!
Thu, Oct 29, 2015 — The October 2015 issue of Harvard Business Review contains an interesting article that discusses the value that Chief Marketing Officer bring to organizations, Do CMOs Really Matter? The business press and academic studies have questioned the value of having a marketing person as a member of the executive team over the past few decades. As you can imagine, the answers have varied. 66% of CMOs recently surveyed indicated they are continually under pressure to demonstrate the value of marketing.
Hiring the Right Marketing Consultant: A Quick Guide
Tue, Oct 20, 2015 — Different Kind of Hiring Hiring a marketing consultant is not exactly like hiring an employee. Here’s why: A consultant should bring value more quickly to your company The problem you are trying to solve is likely finite, not on-going You should expect a consultant’s fees to be disproportionate to a salary So in a nutshell, you should be on the lookout for a firm with an individual who has the experience and track record to quickly add value, and expect this impact will come at a premium as compared to hiring an employee.
3 Ways to Justify a Chief Marketing Officer
Thu, Jun 4, 2015 — I frequently talk to chief executives about the value of a focused, well-reasoned strategic marketing plan. Invariably, during these discussions, I’m hit with the big question: “But how can we measure the ROI of our marketing efforts?” It's THE question that makes many marketers shudder, because, let's face it, what they're really asking is "can you please justify your existence, your budget, and your future with this organization?"
80% of CEOs Have Lost Trust in Their Marketers
Wed, Feb 19, 2014 — The following blog is Part II to my recent blog Over 70% of CMOs failed to deliver expected real ROI for their efforts in 2013 The breadth of discontent among companies with their marketing begs a further look at the why? How have CMOs become less well regarded than say their IT peers, who have something in the neighborhood of a 50% success rating for their projects? Why is the role of the CMO oftentimes the most precarious in the c-suite? Why are 80% of CEOs unhappy with their marketing talent? The consensus seems to be skill level. While many marketers are strong in one or two or even more areas across the board, strength in both left and right brain functions is rare. And oftentimes, the lure of a good creative can be seductive to a CEO, but at the expense of solid business acumen, disappointment is a sure thing. Few marketers have the finance, technical or operations knowledge to effectively lead business modeling, strategy, and positioning as well as marketing functions such as operations and technology, so instead focus on the ‘softer’ or more tactical aspects of the role.
The Beatles CMO - Change Agent
Wed, Feb 12, 2014 — In 1997, Paul McCartney said, “If anyone was a Fifth Beatle, it was Brian.” In my own reflection, manager Brian Epstein could also be called The Beatles CMO. Discovering the band in November 1961 in Liverpool after their many years in Hamburg, Germany playing mainly American rock songs, wearing their jeans and leather, Brian practically turned a miracle with his vision for their potential. Even after being rejected by virtually every record label of the day, Epstein found a way, earned more than any manager of his day (up to 25% of earnings after expenses) and helped build a legacy that seems to be without end. Foundation in Knowing the Market Brian Epstein ran a record store as part of his family’s business. He had the benefit of years of understanding the tastes of the buying public. From this purview, he watched fads ebb and flow.He also had plenty of opportunities to see bands live. He was so successful in his role as at NEMS music store, that when he finally met the Fab Four after a performance at The Cavern, it was Brian who held the most prominence. Reflecting on this meeting with The Beatles, Brian said, “I was immediately struck by their music, their beat, and their sense of humor on stage – and, even afterwards, when I met them, I was struck again by their personal charm. And it was there that, really, it all started.”
Four Must-Have Strategists Every CEO Needs
Sun, May 8, 2011 — Every CEO has the responsibility to set the vision and make certain the strategies to address this vision are created and implemented. The CEO must determine what resource options are best suited to help develop and implement the various strategies and budget accordingly.