CMOs Placing Their Bets for 2020

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Every CMO is forced to make a choice.

You have tons of responsibility across a broad spectrum of strategies and tactics from which to select. But, the most successful CMOs pick at least one initiative where they go all in. This initiative is where the fire burns—where the passion lies. It’s the signature dish in the marketing leader menu. This bold bet is where will you make the most impact.

BTI research found 6 initiatives getting the most energy:

1.      Learning digital marketing. These CMOs want to get ahead of the digital marketing curve and move out of the
beginner stages. They are ultimately looking for new ways to connect with clients and prospects to create a
steady stream of inbound leads.

2.     Focusing on business development. Look for more training, client teams, and reporting in BD to increase skill
levels and generate more business.

3.     Getting client feedback. More than just a want, these CMOs are going all in—making the unrelenting
argument for client feedback—knowing it is the most potent business development tool of all.

4.     Adding technology. Looking for ways to use technology to boost productivity, increase support levels for
partners, and generate better output—all to drive higher win rates.

5.     Increasing client focus. Law firms have so many ways to add client-centricity to their work. These CMOs want
to make it a way of life. For example, ask every client when they want their updates as a standard part of
client intake. You will immediately increase client service and confidence—before you start billing.

6.     Shaping firm strategy. The strategy is underway and these CMOs are going make their voices heard loud and
clear. They are going to bring market perspective, client perspective, and the voice of the client. They will
bring their thoughts and grab a chair at the table.

These are the most popular bets. CMOs believe they will have the most impact. Each of these bets take more than a short-term view—meaning CMOs are being more strategic. You can argue some initiatives are more impactful than others—but this can change quickly once you place the initiative in the context of a specific firm. All are low risk with potential high returns.

About 80% of all CMOs are focused on the 6 initiatives above. The remaining group plans to bet on the following initiatives: establishing key performance indicators, developing pricing strategies, reorganizing to better serve the partners, and hiring more staff.

Successful CMOs make big bets. Your bets provide a voice, authority, drive the mission, and tell everyone what you are all about. Big bets not only get more attention than small bets—they garner more respect. And, bring success. So, the odds are with you.

MBR