A Wake-Up Call for CEOs
Coming out of the 2022 ANA Global CMO Growth Summit, it was clear that CEOs were growing increasingly confused with how to get the most out of their marketing function. Instead of increasing investments to building brands in a difficult economy, marketing budgets were being cut.
The ANA and the Global CMO Growth Council tapped McKinsey & Company to study how the CEO-CMO relationship could lead to outsized growth. In a panel moderated by Danielle Bozarth, the Head of the CEO practice at McKinsey, executives from five leading brands shared key takeaways from the landmark study — and spotlighted an alarming lack of understanding among CEOs and business stakeholders on how marketing contributes value to the business.
- CMOs are leaving too much business opportunity on the table because CEOs and leaders of the business don't fully understand how to leverage the marketing function in their business growth strategies.
- Only 50% of CEOs surveyed view marketing and branding as a top-3 growth lever. However, companies where the CEO and CMO are aligned were 2x more likely to achieve more than 5% revenue growth.
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Source
"A Wake-Up Call for CEOs." ANA Global CMO Growth Council, November 2023.