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Are You Ready to Be a CMO? Part 2 by NANCY EGAN, FSMPS, and MARJANNE PEARSON

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Are You Ready to Be a CMO? Part 2 by NANCY EGAN, FSMPS, and MARJANNE PEARSON cmo forum Are You Ready to Be a CMO? Part 2 BY NANCY EGAN, FSMPS, AND MARJANNE PEARSON This article is the second in a series that explores the influence with decision-makers inside and outside of our firms. reasons why the Chief Marketing Officer (CMO) role So it is understandable that many of us want the power and is of increasing importance to firms and what that prestige that the CMO title implies. means for marketers. It addresses how marketing We think we want a seat at the table with the other “C” class roles have evolved in response to the new landscape. executives—where we can help shape the destiny of our firm, The authors see four very different marketing as well as our own destiny. But is it the role we are personally leadership positions, all valid and important, but best suited to play and the one that will make us happy as well befitting different organizations and goals. This is a as successful? And is that where we can make the greatest discussion of mindset: How does the marketer deal contribution to the success of our firm? with the challenge? Three basic job descriptions are found in the appendices to Weld Coxe’s seminal book, Marketing Architectural and Engineering Marketers are notoriously competitive.We like to win, be it a Services: Marketing Director/Manager, Marketing proposal or a promotion.We like to be first with competitive Coordinator, and Lead Finder.Thirty years later, these three information or the latest technology.And we want to have roles have splintered into dozens of titles that reflect increasing 14 | SMPS Marketer Marketing Resource Provider Closer/Doer Marketing Sector Leader Constituency The leaders of the firm involved in The firm & its clients The firm & its clients within defined marketing & business development boundaries (market sectors or customer segments) Agenda Support the efforts of key practice Serve as ambassador & client advocate, Leverage opportunities for a specific leaders to target potential clients, build while building relationships & securing practice area to achieve strategic goals relationships, & secure new commissions. new & repeat business. (i.e., capture market share, create distinctiveness, build brand). Activities: Participate in development of marketing Participate in development of strategies Understand & be active in the market Vision & Strategy plans in accordance with business goals related to firm’s vision, as well as overall sector as well as related sectors (for established by firm leadership. mix of markets, clients, & projects. cross-selling). Work with key practice leaders & other Participate in development of programs Lead the effort to address strategic issues staff to plan & implement strategies & that enhance client relationship related to the market sector. tactics that support the acquisition of management. Create marketing & business development new/repeat business. strategies that provide the highest value to firm & clients within the sector. Activities: Coordinate and/or manage firm’s efforts Develop & manage client relationships Be the principal author of value Marketing & BD related to : that lead to new & repeat business. propositions for the market sector. • Business development tracking & support Assess client & project opportunities, Lead assessment of clients in the sector, in- including the need for customized cluding risk management & financial goals. • PR activities services, risk management, & firm’s Lead assessment of market trends & other • Database management financial goals. external issues, including opportunities to • Development of marketing & business Develop value propositions that provide cross-sell in collaboration with other development materials highest value to firm & clients. Market Sector Leaders. • Development & maintenance of relation- Manage project delivery process for Lead the effort to develop & organize ships with consultants & collaborators specific commissions. resources within the market sector that will create the highest value for firm & • Market research Participate in civic/professional activities its clients. that enhance firm image. • Proposal development & production Serve as ambassador & client advocate • Special event planning within the market sector, building rela- tionships & securing new/repeat business. • Web site management Outcome Impact on marketing/business Impact on firm’s overall business, Creation of competitive advantage within development strategy & implementation. including markets, strategy, process & market sector. organization. Marketing as a cost center. Greater share market sector. Return on investment, primarily quanti- Relationship Capital: Access & Networks Return on investment, both quantitative tative. & qualitative. Intellectual Capital: Capabilities Image Capital: Distinctiveness Relationship Capital: Networks Intellectual Capital: Expertise Relationship Capital: Access & Networks Typical Title Marketing Coordinator/Manager Project Director Market Sector Leader Proposal Writer/Coordinator Project Principal Practice Leader Director of Marketing Principal-in-Charge Principal-in-Charge Marketing Roles 1. These roles are among the prototypes we are seeing in contemporary professional service firms. sophistication in the marketing of professional services.True, environment for professional practice that we discussed in the certain of the titles on our business cards are synonyms or, in article “Is Your Firm Ready for a CMO?” (SMPS Marketer, June some cases, disguises meant to appease the management, the 2005). Other roles have expanded to encompass new responsi- marketer, or the potential client. Is the Client Relations bilities in changing organizations.There is no “one-size-fits- Manager really a lead finder? Or is the newly promoted most” solution in the search for a fit between the marketing Marketing Manager still a proposal writer 95% of the time? needs of a firm and the talents and ambition of the marketer. With all the “job-titles-of-the-future” labeling going on, new However, the maturation of the profession and the diversity of roles have, in fact, developed in response to the changing firm models have created the opportunity for each of us to find August 2005 | 15 Talent Agent Business Development Broker Driver of Growth Constituency Specific talent within the firm Clients & decision-makers The practices of the firm Agenda Leverage opportunities to connect talent Seek opportunities to develop & imple- Leverage opportunities for firm to achieve & clients, creating new & innovative ment sales strategies with potential strategic goals (i.e., diversity,capture relationships & outcomes. clients & decision-makers that will lead market share, create distinctiveness, build to new business. brand). Activities: Understand & have access to broadest Participate in development of strategy Lead the effort to create alignment Vision & Strategy cultural, social, & economic contexts. related to the overall mix of markets, between firm’s goals & marketing agenda. clients, & projects. Participate in development of innovative Lead the effort to create coherent & value propositions & strategies. Participate in development of strategy integrated marketing/business develop- related to image & positioning. ment strategies that provide the highest Develop image & positioning strategies value to firm & its clients. (aka “aura management”). Develop programs that enhance client relationship management. Understand & have access to the broadest cultural, social, & economic contexts. Activities: Serve as ambassador to build relationships. Serve as ambassador to build relationships. Be a principal author of firm’s value propositions. Marketing & BD Create opportunities to position specific Leverage firm’s brand, positioning, talent with decision-makers & decision- networks, & capabilities. Lead the effort to create opportunities influencers. that lead to sustainability. Conduct market research/ reconnaissance Create promotional materials & opportu- that lead to prospective opportunities. Lead the effort to assess markets & clients, nities (i.e., speaking engagements or including market trends, risk management, Facilitate the introduction of firm publications) that enhance firm’s image & other internal/external issues. principals. & positioning strategies. Lead effort to develop & organize Participate in proposal & interview resources that will create the highest strategy/development. value for firm & its clients. Maintain contact with clients during Participate as a Market Sector Leader delivery of firm’s services. or Closer/Doer in specific marketing/ business development activities. Outcome Creation of new value. Creation of networks. Creation of competitive advantage. Radical innovation. Return on investment, primarily Greater diversity & share of markets/ quantitative (fueled by sales, revenues business. Return on investment, both quantitative & commissions). & qualitative. Return on investment, both quantitative Relationship Capital: Access & Networks & qualitative. Image Capital: Prestige Image Capital: Distinctiveness Relationship Capital: Access & Networks Intellectual Capital: Strategic Vision Typical Title Director of Business Development Director of Business Development Chief Marketing Officer (CMO) Director of Client Development Account Executive Director of Corporate Development Director of Marketing President/CEO Marketing Roles 2. a role in which we can excel—if we are honest about what we However, when every Closer/Doer in the firm has the potential can and want to do, as well as what the firm needs in a marketer. to
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