The Gartner CMO Strategic Priorities Survey 2021 shows that 73 per cent of CMOs expect to rely on existing customers to fuel growth in 2021 rather than look to develop new markets. Of these CMOs, 39 per cent plan to increase sales of existing products to existing customers, while 34 per cent will introduce new products to those same customers in 2021.
“CMOs must take care to ensure that their own strategic approach is matched to the enterprise’s aspirations.”
Reinvent marketing strategies with care
“CMOs cannot reinvent and rescale everything while still executing effectively and remaining agile in a year that promises more challenges,” says Augie Ray, VP Analyst, Gartner. “Those who attempt to reinvent too much simultaneously risk failing to do any one thing right while overburdening their teams.”
The most effective approach is a moderate one that avoids reinventing the wheel. For every strategy you rescale, choose another to reduce or retire. For every strategy you try to reinvent, return another to a pre-pandemic level and approach.
Three strategies to boost marketing ROI
- Be ruthlessly selective CMOs must prioritize what they choose to reinvent, rescale, reduce, retire or merely return to pre-pandemic levels. It is critical to focus on the efforts that are most essential in the short term, most aligned with organizational growth strategies for 2021, and best suited to the organization’s capabilities and resources. Any other initiatives should be delayed, deprioritized, or delegated.
- Ensure proper documentation and support Make sure that every decision to reinvent or otherwise modify strategies are properly documented for other stakeholders. This will reassure the rest of management that marketing’s priorities are focused on the initiatives with the highest returns.
- Focus on scenario planning CMOs will need to make tough trade-offs today. But they should also be prepared to make quick changes. Institute formal scenario planning to support a constant and agile cycle of iterative adjustments throughout 2021 as economic conditions warrant.
Last year’s optimism that budgetary contractions would be short-lived looks to be quite tempered as we kick off the new year. As uncertainty and economic turmoil persist, CMOs must be careful to not fall victim to the “do more with less” mindset.