Becoming a disruptive growth change agent
Never has there been a better time for CMOs to take control of the disruptive growth agenda. Such initiatives are often the most creative, have the biggest revenue potential and command strong leadership. CMOs are well positioned to do so due to their experience of being brand guardians, which will help enable them to intuitively navigate new opportunities internally and externally, and identify new areas of growth.
CMOs that want to reach their potential and move into a disruptive growth role can do so by:
1. Opening the door: The executive that can best articulate a disruptive growth strategy will be the de-facto 'Chief Growth Officer'. As many companies look to create this position, CMOs should be the one to step forward to create the platforms that will catapult their company forward into new business opportunities.
2. Making priorities disruptive: While traditional marketing activities continue to be important, more focus can be afforded to driving disruptive growth initiatives that present higher revenue growth potential. Initiatives include launching new business models, developing new partnerships, and increasing revenues from data monetisation.
3. Accepting clear responsibility for disruptive growth: Establish the 'Office of Disruptive Growth'. Marketing then becomes the epicentre of disruptive growth that moves their organisation to own a greater share of each customer, as well as fostering new customers.
4. Paying more attention to the evolving competitor landscape: Who your competitors were yesterday are not who they are today. Only 43 percent of CMOs believe defending their organisation against new competitors that have not traditionally been part of their industry is a priority to their organisation today. Organisations can avoid being disrupted, but only if they can see what is coming.
5. Becoming a new market entrant: Only 30 percent of CMOs say their organisation is moving into a different industry outside their traditional industry. Organisations that want to get ahead need to diversify their offerings and appeal to new audiences. CMOs have the opportunity to guide that process and identify the best fit.
CMOs are now at an inflection point. They have the clear opportunity to step up to the role of Chief Growth Officer. So far, most have missed the opportunity, resulting in others being front of line for the role. Currently, the position is ripe for the taking, but opportunities such as this one have a shelf life. CEO's already hold CMOs most responsible for disruptive growth, so if they do not capitalise on their window of opportunity to drive it, they may be first in the firing line if targets are not met.
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