Trust in Marketing is at Risk.These CMOs and Marketing Influencers Share How to Fix
The average tenure of a CMO is under 4 years representing a crisis in confidence amongst business leadership when it comes to marketing. Expectations for marketing are higher than ever amongst business leaders and customers alike.
To advance the valuable contributions marketing can make from boosting short term sales to growing long term market share, it is important for marketers to build trust and influence. But there are challenges:
- A study from Fournaise Group that fond 73% of CEOs say “Marketers lack business credibility and the ability to generate sufficient growth and 80% of CEOs simply don’t trust marketers at all, while 91% do trust CIOs and CFOs.
- New research from Marketing Week reports only 30% consider marketing ‘very important’ at large B2B companies.
- Marketing as a career suffers some credibility issues as well. A global jobs poll by HubSpot ranked the most trustworthy jobs with Doctor ranking number one and near the bottom, just above Car Salesman and well below Barista, “Marketer”.
- Marketing’s credibility amongst customers has been affected by some of the challenges facing media platforms – from fake news to inappropriate content to measurement. We’ve all seen stats like this one from Nielsen where 92% of consumers trust peer recommendations over advertising.
- Within B2B, research from TrustRadius reports 58% of B2B buyers do not believe claims made by the vendors they most recently bought from.
Despite these challenges the reality is that well researched, planned and executed marketing delivers incredible value for businesses and their customers. Research from Forbes shows Marketing strategy and investments can contribute over 50% of enterprise value.
5 Ways to Grow Influence, Credibility and Trust in Marketing
1. Accelerate the Internal and External Credibility of Marketing
- Internally: Find out the primary business problems faced by your management team and connect your marketing to help solve those problems.
- Internally: Promote your marketing wins, engage stakeholders and measure based on business impact vs. KPIs.
- Externally: Become the “Best Answer” for your customers with personalized, compelling content experiences that include authentic, influential voices.
2. Double Down on Activating Customers
- “It’s time to double down on customers, as their voices, opinions and beliefs say much more about a brand than traditional advertising or marketing can.” (Peter Mühlmann, AdWeek)
- 78% of people who read online reviews find them reliable. (ReportLinker)
- Increasing customer retention by 5% can lead to a 25% to 95% increase in company profits. (Harvard Business Review)
3. Work with Influencers to Become Influential
- Identify: Connect with qualified, relevant influencers and find ways to collaborate on customer-focused content.
- Qualify: Validate influencers and their audiences on a regular basis to ensure quality experiences.
- Engage: Employ always-on listening and social engagement to “keep the love alive” with a VIP influencer community of collaborators & advocates.
4. Create a Content Collaboration Ecosystem
If you help others, including customers, employees, and your brand’s community become more influential through content collaboration, the brand and marketing will grow influence as well.
5. Optimize Measurement to Customer ROI
- Attract: Is your marketing reaching the right audience on the channels they’re influenced by?
- Engage: Is your marketing creating meaningful and satisfying experiences where they want them? Are you creating raving fans?
- Convert: Is your marketing inspiring action across the customer journey: awareness, consideration, purchase, advocacy. Does it deliver on revenue?
There’s a lot to be said about how effective a thing is by how well it is done. Poorly researched, planned, executed and measured marketing doesn’t add a lot of value to the customer experience or the business bottom line. On the other hand, strategic, authentic, data informed and empathetic, dynamic and accountable marketing serves both customers as well as the performance of the business.
I think everyone in the marketing world has an opportunity to take a step back from the information overload and pressures of output on a daily basis to be more thoughtful about the marketing they’re doing. Of course we have to think about the immediate impact of content, ads and campaigns but also about the overall value and impact of marketing on our customers, business and industry. Marketing done well with a clear why, measurement and purpose creates the kind of value that both customers and business leaders will trust, ensuring credibility and investment far into the future.