As a CEO, marketing may be just one of numerous aspects of business operations that you may be focused on. Marketing is important because it defines your brand image in the marketplace, and it drives sales. It also can nurture brand loyalty, differentiate your business from the competition and more. However, on a more personal level, marketing can also play a major role in your career success as well as in your ability to find a new job with other top companies later. In fact, marketing can impact your personal career in each of these important ways.
Defining Your Brand’s Reputation
You may be aware that marketing is essential in developing your brand’s image. This can foster loyalty, help you to win business over the competition when the buyer is making a critical decision and more. You may not realize, however, that your brand’s reputation is also associated with your personal professional success. As a CEO, the reputation of your company and brand are inherently linked to you. You are ultimately responsible for defining the brand, leading the company and more. Because marketing plays such a key role in these and other factors, you understandably want to keep a close eye on the development of your marketing campaign.
Bolstering Sales Numbers
CEOs, like Dallin Larsen for example, are also judged by their ability to bolster sales numbers. In many cases, investors expect to see a year-on-year increase in sales and profits. When you look for another position or when you are being recruited by the competition, your sales numbers will be scrutinized heavily. Because your company’s marketing campaign is directly responsible for sales numbers, you can see that marketing is not an area that you want to take a backseat position on. When you are going to be judged on the results, you need to at least monitor or oversee the development and execution of the campaign carefully.
While it is important to have sales numbers as high as possible, you also need to contain overhead. After all, profitability is calculated by subtracting expenses from your sales figures. Marketing expenses can be a major component in your overhead expenses. Therefore, you need guide your team into making the most cost-effective decisions when designing and executing a marketing campaign. Thorough analytical research and a careful analysis of the marketing options available will help you and your team to design and affordable and effective campaign.
Overcoming Public Relations Issues
While marketing may be used to drive sales, establish loyalty and develop your brand image, it can also be used to overcome public relations issues. Many companies will face public relations issues over the years that can be damaging or even devastating for the company. As the CEO, you will be judged on how well you lead the company through its current crisis and build the brand back up. Marketing can be used to communicate directly with your target about beneficial steps your company is taking to deal with the issue or even to simply adjust your customers’ mindset about your company or its products and services after a negative event happens.
Some CEOs are inclined to take a backseat in the area of marketing and let the skilled professionals they hired to handle this important task. While it may not be reasonable for busy CEOs to be fully hands-on with all aspects of marketing because of a busy workload, you should remain in close contact with the department and steer the department in different ways that are in the best interest of the company. When you focus on making decisions that are right for the company, your own reputation may be enhanced as well.