As a Chief Marketing Officer #CMO who holds Board Positions #NED, Amanda Johnston-Pell GAICD often gets asked by other CMOs, ”How did you make that happen, or what was your pitch in terms of how you built the case for your candidacy?”
In her article, Amanda Johnston-Pell shares some of the latest thinking on this timely topic and some of the data points that can help you build out your point of view while helping advocacy for your expertise as CMO being relevant to today’s Boards.
1. “The lack of marketing representation on boards is a pain point smart companies would do well to address if they want to win in today’s consumer-centric market. After all, who is better suited than CMOs to understand the customer and develop plans to effectively drive top line growth?”
2. “Today a wider swath of industries is looking for the kind of know-how CMOs possess. They want growth generators, because many companies are struggling to find mechanisms to drive the top line. Not all marketers have the enterprise-wide leadership experience to serve as growth sherpas, but those who do can provide governance and stewardship for demand-generation strategies.”
3. “Growth isn’t coming from cost-cutting anymore. There’s nothing left to cut. It’s not going to do them any good to bring on board another CFO in their 60s. They need differentiation, and they need it now.”
4. “If the CMO is technical and has product management responsibility, they can offer product, pricing, and packaging insight. CMOs who are martech-savvy and data-driven can offer advice on revenue attribution and best practices. CMOs who are active in the industry can provide introductions and recommendations around analyst influence and awareness or brand-building strategies. CMOs who are well-connected in the VC community can help with fundraising both from an introductions and pitch development point of view.”
5. “Most marketers in some form or fashion have been involved in innovation, and whether it’s more typical corporate development or more leading principles, either way it’s a critical thing marketers bring into the board mix,”
7. “Boards are really looking for fresh perspective and strategic business insights. There’s an agreement among board members that somebody who has deep marketing skills will also bring good business insights, is strategic and creative. Companies in the midst of a transformation — such as a transition to an online mentality from an offline one, or from business-to-business to business-to-consumer — are more inclined to seek out marketers for their boards”
8. “In particular, boards that are committed to embracing digital, from not only the philosophical perspective but also in terms of the very real financial investment that is required, need CMOs capable of asking the right questions. CMOs can offer perspective on the ideal organizational structure, how to assess the relevance of new technology to the business, choosing appropriate external partners and how to best eliminate internal roadblocks.”
This article was originally published by Amanda Johnston-Pell GAICD on LinkedIn, September 2018.