The inward-looking CMO

The last couple of years have been the most tumultuous period for businesses in recent human history. Overnight, offices across the world were forced to change the way they operate, and several business models were disrupted from the root-up. The changes, which initially felt temporary, lasted for months, and no aspect of work — staff, budgets, infrastructure, or relationships — was left unaffected.

Now, even as the masks come off and the crowds return, business is far from usual in the post-pandemic world. Economic projections paint an unnerving picture and there are headwinds to growth that are expected to stay for a while.

We are also at the end of a year, the time when organizations start looking ahead and planning budgets. This will be a tough task because there are no precedents to go by — this year is unlike any others in the past. So as we all pull out our spreadsheets and work our calculations, research and advisory firm Forrester believes the priority for clients will be entirely different:

“Trust will be at the forefront of business priorities in 2023.”        

Business leaders across company sizes and industries are always in an unending search for more opportunities. You could be a salesperson at a software firm or the marketing head of a consumer brand, you have the same goal: look for new leads and generate new business.

This approach seems pretty straightforward — almost obvious. But is it the ONLY right choice?

I’ve been thinking about a fresh perspective that I’d like to share with you today: The “inward-looking approach". It could be far more rewarding for companies, particularly the large B2B ones that offer multiple services and products, across segments.

Forrester notes that B2B CMOs are already realizing the importance of their current customer base as a source for growth.

“Winning B2B organizations will be those that rethink their relationships
with buyers and customers and re-establish how they support the creation of value across all stages of the customer lifecycle.” - Forrester         

Large firms have opportunities for cross-selling and we have many examples of companies that have mastered this art. Yet, they consciously mandate the closures of these opportunities to the sales teams, in the name of Large Account Management Practices.

I spoke to many Enterprise CMOs, curiously popping the questions: Are you 100% sure that all the marketing material you send out to your accounts is interpreted in the same way? Have you spoken to your end customers directly? Are you involved in the true sense or just handed the baton to the sales team?

With marketing having to play a larger role in the boardroom, function leaders are often stretched in responsibilities of multi-agencies. There are several low-hanging fruits that are often missed. Lately, the buzzword “account-based marketing ” has shifted to “account-based sales and marketing.” This is the right way because that’s where the CMOs can get a huge revenue growth impact.

A lot of companies have taken this approach seriously but there is still a lot of potential.

We all know that onboarding a new customer comes at a higher cost than advancing engagement with an existing account. Marketers know the pulse and have a captive audience and database. They also have insights that can deliver high returns. So, why not ensure that your clients are aware of the whole breadth of your offerings? Talk to them, Re-Instate, Re-Ignite and Don’t leave the closures to account management teams. Take charge.

There is a huge white space that can easily be tapped. [Hey, you, marketing folks, you can up your MQLs and convert to SQLs by your own self.]

Be an Inward Looking CMO!