Are you planning to scale up your business? Marketing plays an integral role in determining your company’s growth. As CEO, you need to ask yourself — what do you think of your marketing team? Are you completely aware of the ongoing strategies implemented by your company’s CMO (Chief Marketing Officer)? This article will take you through the four most important questions you should ask as a CEO to build a strong marketing front.
Before that, let’s have a look at-
Where Do Most CEOs Go Wrong?
Being a CEO is never easy. As a CEO, you must be the leader and make critical decisions to keep your business running and growing. However, one mistake that most CEOs make is that they think they know everything about their business. Once the business is established, CEOs need to look at it from a fresh perspective to scale the business. One way to do this is to consider the services of an executive coach to strengthen decision-making skills and develop strategies for better growth.
4 Marketing Questions CEOs Should Ask Themselves
Are you monitoring the performance of your lead generation strategies?
The first question CEOs should ask their marketing executives is: What brings us the most leads? Is it our affiliate program, Gmail ads, social media posts, cold calling, etc.? There are many platforms through which customers can connect with you, but you need to identify the most effective one. As a CEO, you might consider focusing all your marketing efforts on an affiliate program, but that might not be the best lead-generation platform. Keep in constant touch with your sales and marketing team so that you can utilize your resources better.
How can you identify and improve your best lead-generation source?
Identifying the best-performing lead-generation platform is essential. However, what’s more important is using this platform to grow your business and generate more leads. Once you have outlined a strategy for your marketing plan, you may know what works best and stop wasting your money on ineffective advertising methods.
How to compete with your rivals?
Thanks to technology, data collection and analysis have become way simpler. CEOs should be in touch with the CMOs of the company and do thorough market research and growth planning. Chief Marketing Officers are the experts in utilizing their marketing skills and know their consumers the best.
We advise CEOs not to just rely on their data but to pay close attention to their CMOs’ counsel. This also helps to build trust and eventually leads to performance growth.
Where should you start with marketing?
Plan, Plan, and Plan! Do not act impulsively. Instead, identify your target market, create a demand for the product/service, and formulate the best marketing strategy. You should be able to clearly define your market position and incorporate this into your marketing plans. Where most companies go wrong is that they target new customers and start introducing new services. However, it has been observed that selling to current customers yields a much higher return on investment. So, start with upselling and acquire new leads later.
Final Words
CEOs have a lot on their plate, and it can be challenging to manage all at once. It’s best to utilize the services of a business coach who can give you an unbiased opinion on the marketing efforts and help you communicate better with the marketing team to drive growth.
