Magazine article Marketing

Opinion: Marketing Society - Learn Figures, Earn Respect

Magazine article Marketing

Opinion: Marketing Society - Learn Figures, Earn Respect

Article excerpt

Marketers, like any other professionals, want respect. It is a measure of success, firms driven by marketing should be more profitable and marketing budgets less threatened. More respect means more influence, but what delivers that respect?

The Marketing Society helped garner responses from 108 chief marketing officers (CMOs), which I was able to compare with answers to the same questions from 93 non-marketers of equivalent seniority. The central issue was the influence marketing has within the firm, which I set out as 'Our CMO is involved in corporate strategy formulation.' Not surprisingly, CMOs thought they were more involved than their peers did (means on a five-point scale: 4.6 vs 3.9). The good news is that the score for non-marketers was well above the three midpoint.

CMOs and non-marketer executives peers broadly agreed about most things, such as the importance of delivering results for gaining peer respect.

But they differed sharply over financial competence. CMOs believed their colleagues regarded them as financially competent but that had little effect on their influence. It didn't matter. Respect depended on being marketing savvy, not financially savvy.

Non-marketers, however, believed their CMOs weren't financially savvy and that did matter - it mattered very much. Modern business operates within a financial ecology; if you don't understand finance and accounting, your views will carry a great deal less weight. …

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