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Martin: This is a nice piece, but you are missing two key concepts to the future survival of the CMO. 1). Accountability: We can "measure marketing outcomes" to our hearts content, but until we willingly take accountability for results (good or bad), it doesn't matter. And to that end, there are no "non-financial metrics" that matter at the end of the day. Let's be clear - awareness, consideration, brand equity, and all of the others are worthless unless you eventually sell something to someone and make a profit doing so. Yes, there is a lag time, but at the end of the day that's what it's all about. I don't care what the "likability score of your latest 60-second spot is... we need to stop resting on the laurels of our right brain and translate "non-financial metrics" into shareholder return. Anything else is a distraction. 2). Innovation: Your only references to innovation were through an indirect reference to the iPod... and by insinuating (via Drucker) that it is somehow distinct from marketing. Are you kidding me? Innovation is integral to the 4P's, and central to product. It's one of the ways Marketing drives revenue growth (and should be held accountable for such). Yes, customer orientation is key, but all of the traditional market research in the world would have never developed the Post-It Note, the mini-van, or Twitter. Innovation is the ultimate manifestation of customer orientation and a key role of marketing within the firm - not a antecedent to great marketing. Please, don't get me wrong. You make some really great points, but CMOs must take more direct accountability and drive top-line revenue growth through innovation, or Marketing - as a profession - will become a novel art once practiced, but long forgotten. For it will have been absorbed into finance, operations, strategy, and other functional areas within the firm. Respectfully, Elizabeth Smith Associate Editor, The CMO Journal
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Feb 26, 2010