Marketing Executive's Handbook on Expansion Strategies: Building Brands that Convert Consumers
Marketing Executive's Handbook on Expansion Strategies: Building Brands that Convert Consumers
2024 has undeniably shown everyone the ability to achieve more with fewer resources.
Marketing leaders, including CMOs, are no exception to this rule as they strive to meet increasing expectations while working with shrinking budgets. However, their responsibility extends beyond just creating captivating campaigns; they also need to establish a foundation for conversions, arming their sales teams with the necessary tools to close deals effectively.
Balancing these tasks requires a thorough understanding of the complex relationship between marketing and sales, embracing strategic approaches that foster growth, and bravely crossing boundaries to unify efforts across the entire organization.
The foundation of achieving this balance lies in understanding exactly where marketing ends and sales begins.
Growth Marketing: A Collaborative Effort, with Advertising Serving as Air Support and Sales as the Frontline Troops
Although marketing and sales may operate at distinct levels, their cooperation is essential for promoting growth.
Marketing and sales should work together seamlessly, as was perfectly illustrated by Eric Hanson, CMO at Mitel, in our recent discussion about the CMO's role. According to Eric, "Marketing provides the air cover, while the sales team engages in hand-to-hand combat in the trenches."
This analogy highlights a critical truth in modern growth marketing: marketing and sales must operate as complementary forces, enhancing each other's impact.
Eric, with extensive marketing experience, emphasized the necessity of CMOs to engage with the entire growth-driving force within the organization. "Yes, we can deliver the message, create awareness, and provide the tools that make our salespeople successful, but ultimately, it's the sales team that closes deals," Eric explained, underscoring the importance of a team-oriented approach.
"No executive in the C-Suite can be successful if the others are lagging behind, and the CMO's role is to set the stage for everyone on the growth team to achieve their goals," Eric concluded.
This goal requires a shift in mindset, focusing on growth-oriented strategies rather than solely on brand-building efforts.
Why Growth Marketing Requires the Collaboration of Marketing and Sales to Drive Growth
The days of prioritizing vanity metrics are long gone.
Marketing campaigns must now demonstrate clear pathways to revenue, ensuring a smooth transition from marketing-qualified leads to sales teams.
Chris Savage, CEO of Wistia, emphasizes this alignment. "One of the key lessons from our 2024 State of Video Report is that having a large budget doesn't necessarily result in better outcomes, particularly on the revenue side. Low-budget videos can easily outperform high-production videos when they effectively build an authentic case for conversion, instead of just awareness."
But how can a CMO drive conversions?
Matthew Herbert, co-founder and CEO of Tracksuit, has devoted his career to helping CMOs answer this question.
"Brand has been proven to serve as a sustainable growth moat," Matthew explained, "but if people acknowledge your brand but aren't considering it, you're missing the mark."
Growth marketing demands more than flashy ads and high-profile cover shots. Building a brand that converts requires a commitment to authenticity that previous CMOs might have found uncomfortable.
Matthew emphasized the importance of understanding where your brand stands in the eyes of your customers and what it needs to do to meet their expectations.
"Awareness alone isn't enough to drive sales," he said. "You need to reach your audience at the right time and with material that resonates with them precisely when they are ready to consider buying, and crafting this equation correctly isn't always simple."
Although building a converting brand might not be simple, it is undoubtedly worthwhile.
One way CMOs can begin with building brands that convert is by breaking down the silos within their own organizations, ensuring the marketing aligns with every other aspect of the company's growth strategy.
How CMOs Can Build Brands that Convert, Rather Than Just Brands with Recognition
Perhaps the most critical action a CMO can take is to reach beyond the marketing team and deeply engage the rest of the organization to fully understand what truly drives client conversion and growth and what does not.
Eric Hanson from Mitel highlights the success of CMOs who adopt a more collaborative, orchestrating role.
"The better a CMO can orchestrate action across the organization, incorporating insights from product management to finance, the better they'll grasp what motivates clients to convert and resonate with the company's offerings," Eric noted.
Moreover, Eric emphasized the transformative role of a CMO as a change agent within the organization.
"A great CMO serves as a catalyst for change within the company, and the journey to grow into and within this role is never-ending," Eric concluded.
Jim Kaskade, CEO of Conversica, shed light on the role technology can play in bridging some of the gaps in many companies today.
"AI tools have significantly transformed the way marketing and sales teams collaborate," Jim explained. "The right AI tools can help teams engage leads more effectively, ensuring no opportunities are lost and every learner is analyzed for lessons learned."
Jim views AI as a force multiplier, enabling marketers to work more efficiently while empowering sales teams to allocate their time and focus on high-value interactions.
"The technology does not replace the human element; instead, it strengthens it, allowing teams to prioritize what matters most and making CMOs even more powerful agents of change within their organizations," Jim noted.
The Role of AI in Growth Marketing: Enhancing Precision and Personalization
Nick Smith, founder of Sailes, reiterated this perspective, emphasizing how AI introduces a new level of precision in sales, thereby enhancing the performance of CMOs.
"We've shifted from simple lead lists to active engagement strategies, utilizing AI to pinpoint who to contact, when to contact them, and most crucially, how to engage them effectively," Nick explains, a shift that's set to revolutionize CMO roles.
This change, Nick highlights, stems from addressing actual issues instead of following trends, a notion marketers should bear in mind.
"We designed our sales tools to handle specific troubles our clients encounter, such as enhancing mass personalization or prioritizing leads efficiently. When AI is seamlessly integrated into sales and marketing, it doesn't just boost productivity. It aids the whole organization in connecting with potential leads in a more authentic and conversion-oriented manner."
Nick also stresses the continuous development aspect of incorporating AI in sales and marketing synergy.
"AI tools ought to adapt to your teams. Top systems get wiser with time, learning from each interaction and adjusting strategies to better align with customer requirements."
For CMOs, this implies adopting tools that promote collaborative real-time work and data sharing, ensuring everyone from executive suites to sales floors has the insights necessary for success.
The hurdles of growth marketing are formidable, but so are the rewards. As Eric Hanson from Mitel puts it, "The CMO's role revolves around playing the long game while also delivering immediate successes. If you can achieve both, you and the company triumph."
The future's uncertain, but one thing's for sure; as CMOs navigate the trials ahead, they must stay focused on growth catalysts, both in the present and the future.
The chief marketing officer (CMO) can optimize sales by employing growth marketing strategies, which involve collaborating with the sales team and leveraging technology such as AI. For example, using AI tools to identify potential leads and personalize engagement can significantly enhance productivity and increase conversions.
To optimize sales through growth marketing, CMOs should follow a team-oriented approach, fostering collaboration between marketing and sales. By engaging with the entire growth-driving force in the organization, CMOs can set the stage for everyone to achieve their goals, ensuring that marketing provides the necessary support for the sales team to close deals effectively. This shift in mindset from focusing on brand-building to growth-oriented strategies can lead to building brands that not only have recognition but also convert potential customers into buyers.