CEOs who place marketing at the core of their growth strategy double their chances of achieving outside growth, according to a study by one of the world’s largest consulting firms.
A report from McKinsey & Company, “The power of partnership: How the CEO-CMO relationship can drive outside growth,” also said the importance of strong internal relationships should not be underestimated when setting strategic objectives.
McKinsey said its research found leaders who work cohesively with marketing professionals can often unlock growth in ways that other firms may not.
“The relationship between CEOs and CMOs, particularly how they jointly defined marketing’s role and remit to shape growth strategy, was highly correlated to their companies’ performance,” the report said.
Talking to Financial Promoter about the report, Vasco Vaz Rodrigues, CMO at Aurum Solutions, a data management and software company, said his relationship with the company’s CEO was pivotal to its growth.
“We strategically placed sales and marketing at the heart of our organisation, unifying our company’s various departments under a singular purpose: delivering value to our clients,” said Vaz Rodrigues.
In an article to accompany McKinsey’s report, the global consulting firm noted: “Marketing has rapidly evolved into a multidimensional, technical discipline, and modern marketing has become increasingly complex… The number of strategies, tactics, tools, and levers available to marketers has grown exponentially, broadening the potential of what marketing can achieve.”
Vaz Rodrigues said the foundation of Aurum’s success “lies in the trust we have for each other, our shared commitment to open communication and joint planning. This approach has allowed us to craft a winning strategy.”
McKinsey’s report concluded: “CEOs can no longer afford to underestimate marketing as their
growth partner.”
This article is taken from the print issue of Financial Promoter. Click here to subscribe.