CMOs Navigate Balancing Act of Awareness and Conversion in 2024

CMOs Embrace the Challenge of Balancing Awareness and Conversion in 2024

In 2024, it’s clear that businesses around the world, including here in San Francisco, are learning to do more with less. The marketing landscape is shifting, and Chief Marketing Officers (CMOs) are navigating the tricky terrain between creating awareness and driving conversions. While the expectation for captivating campaigns is higher than ever, they also face the need to support their sales teams adequately, leading to some fascinating dialogues about strategy and collaboration.

The Unique Challenges Facing CMOs

CMOs must juggle tight budgets while delivering powerful campaigns that resonate with audiences. Eric Hanson, CMO at Mitel, succinctly described this scenario during a recent conversation: “Marketing provides air cover while the sales team fights hand to hand in the trenches.” This analogy perfectly captures the essence of teamwork required in modern growth marketing.

Hanson explains how important it is that marketing and sales do not operate in isolation. “Marketing doesn’t close deals; sales does,” he points out, emphasizing the need for a seamless transition from generating leads through marketing to converting those leads in sales. CMOs today must navigate this delicate balance, continuously paving the way for their teams on the growth front.

Shifting Focus towards Conversion

The landscape has also seen a shift away from vanity metrics. Marketing campaigns are increasingly required to demonstrate clear pathways to revenue. As Chris Savage, CEO of Wistia, points out: “Large budgets don’t guarantee outsized outcomes.” This means that creative and authentic content can often outperform high-budget productions, particularly when it prioritizes conversion over mere branding.

So, how can CMOs flip the script to focus more on conversions? Matthew Herbert, co-founder and CEO of Tracksuit, emphasizes that a solid brand isn’t just about recognition; it must drive concrete growth. “Awareness alone isn’t enough to drive sales,” Herbert asserts. “You need to reach your audiences where they are and when they are ready to consider buying.” This entails delivering materials tailored to their specific needs, a challenging but rewarding path that CMOs must explore.

Breaking Down Silos

One effective strategy for CMOs may lie in breaking down silos within their own organizations. By closely interacting with different departments—be it product management, finance, or any other core area—CMOs can uncover vital insights into what drives client conversion.

Hanson suggests that successful CMOs often adopt an orchestrator role rather than take a dictatorial approach. They act as a central hub of communication, harnessing data to better understand client needs and expectations. “A great CMO serves as a change agent for the company,” he adds, showcasing the dynamic and ongoing nature of the role.

Leveraging Technology for Success

Technology is also playing an essential part in bridging gaps between marketing and sales. Jim Kaskade, CEO of Conversica, elaborates on this trend: “AI tools have revolutionized how marketing and sales teams collaborate.” With proper tools, teams can work together more efficiently, ensuring smooth lead engagement and learning from each interaction to optimize future strategies.

Nick Smith, founder of Sailes, reinforces how AI can bring precision to sales processes. By moving beyond static lists of leads to dynamic engagement strategies, AI helps determine who to reach out to and how to do it effectively. “When AI is employed correctly, it enables teams to connect with prospects in a more genuine and conversion-bound manner,” he notes.

Looking Ahead in Growth Marketing

Despite the myriad challenges that lie ahead, the opportunities within growth marketing are plentiful. Eric Hanson captures this sentiment beautifully: “The CMO’s role is all about playing the long game while also delivering short-term results.” As CMOs gear up for what’s to come, they must keep their focus on what truly drives growth, today and into the future.

As business professionals, what are your thoughts on the evolving responsibilities of CMOs? Join the conversation! If you want to share your experiences or insights, our community encourages open discussions where your voice can be heard.