All You Need is More Problems, but Here You Are, Killing it

You did it.You beat out dozens of executives for the job.Became a key player in a growing enterprise.Grasped an opportunity that promises growth.Solved problems.And what have you got for your trouble?A respected position.A responsible role.A deserved sense of pride and accomplishment.And with it—a whole set of new problems:

• Developing and implementing original marketing strategies.
• Dealing with new heights of competition.
• Leading the charge on customer experience.
• Managing marketing budgets during times of economic uncertainty.
• Quantifying marketing ROI against enterprise.

To name only a few. If you wish you had a few more experts you could share these new problems with...... others like yourself who have world-class marketing chops...... then asking the right questions of your next digital agency is paramount.

Questions like:

1. How do you plan on analyzing the current and historical data in our ad account(s)?

• The first thing you must know is HOW an agency will diagnose the constraints inside your current customer acquisition strategy.
• If an agency can’t provide historical proof, deep insights, and clear answers to this fundamental question, consider another agency.

2. Upon analyzing that data, what will you do with the information?

• Does the agency in question have the proper holistic lens and experience to analyze all the big levers in your marketing efforts?
• Can they articulate their claims into a detailed action plan that’s aligned with your goals?

3. Is there some kind of unique plan or process your agency uses to execute on ideas and strategies?

• Since the devil is in the details, you’ll want to know the details of the plan they have for you.
• Details like how they’ll leverage your mix of creative assets and avatar-specific messaging.
• Important things like your blend of interruption-based and intent-based paid traffic channels.
• Big things like the strength of your offer and how it’s positioned at each phase of your funnel and landing pages.

Do they even have a plan? These three questions are vitally important – so insist on them being answered to your full and complete satisfaction. Because what’s at stake is the future. Your future. As CMO, Head of Marketing, or business owner.And CMOs who don’t get the right answers to the right questions lay awake at night wondering if they’ve chosen the wrong agency.Because it could be a year before you know for certain.It’s the uncertainty of it all that breaks down confidence.Speaking of uncertainty and confidence at the CMO level, Deloitte Consulting Group recently surveyed 575 C-suite executives from the top Fortune 500 companies.  And what they uncovered is a significant confidence gap between CMOs and CEOs.Only 5% of CMOs say they are highly confident in their ability to impact the overall direction of the business. That leaves 95% of CMOs—from the top 500 companies in the world—lacking the confidence they can demonstrate financial impact. Maybe that’s why CMOs have the highest turnover rate in the C-suite.Maybe it’s also why 37% of CEOs confess they are ready to fire their CMO if revenue goals aren’t met.

PLANNING FOR SUCCESS

Asking the right questions and getting the right answers is not just important – they will define the success of CMOs heading into the future. Getting the right agency working for you will be one of the smartest decisions you ever make. By the way, this email is adapted from our special report entitled, The CMO's 2023 Guide To Picking The Right Agency or Internal Team.You can get a copy here.