This is a 5 part series about key success factors for a modern marketing team and/or the head marketer. The modern marketing team is under duress. We are inundated with information about marketing automation, content marketing, SEO, SEM, cloud connectors, digital body language, sales and marketing alignment, revenue performance management, ad nauseum. The only way the modern marketer (at any level) can survive is to understand the fundamentals as the foundation for all else.
One way to view the fundamentals is to apply key success factors (KSF) to your marketing department as a way to measure your effectiveness. I offer a series of 5 KSFs in a series of blog posts:
Number 1: The CMO or Head Marketer must understand the needs, wants and desires of the target market or target customer. The CMO must know the market and understand how his offering satisfies the requirements of the people in the market. For, without the knowledge of your market, how is it possible to even begin to strategize and execute to drive demand? Many a marketer suspects they know the market because of their vast industry experience or because of what their sales team tells them about the customers. If you’re in a company operating on conjecture, challenge those assumptions. They may be correct or they may be incorrect, but tacit market knowledge needs to be challenged from time-to-time with a true market survey based on random probability sample. Many firms conduct a customer satisfaction survey and consider this as representative of the market. I disagree because customers are inherently biased. They have, after all, already chosen your firm therefore, they are naturally satisfied in most cases. Do the research, this is the only way you will truly understand the market and where your offering fits. CMO must to be the ‘voice of the customer’ to the CEO, R&D, service, operations, and sales. If not the CMO, then who?
Stay tuned for KSF Number 2; The Head Marketer must Understand the Capabilities of their Firm.