According to an S&P survey, 1 in 4 companies did not grow at all, and only 10% of S&P 500 companies reported revenue growth relative to GDP for more than 30 consecutive years.
Realizing this, McKinsey launched a survey targeting the C-Suit group. The results of the above survey were presented in Mckinsey latest analysis article, in which they implied that CEOs who consider marketing as the core of their growth strategy are likely to achieve annual growth 5% higher than businesses in the same industry. However, CEOs and CMOs still encounter many difficulties in promoting business growth.
Some of the difficulties mentioned in the survey include: Functions and roles of the CMO position not assigned clearly and accurately; Lack of uniformity in priority areas in marketing; CEOs and CMOs have not accurately assessed the potential level of markets; Misalignment in marketing measurement and alignment with business impact; ….
Understanding the above shortcomings, the article also provides a number of solutions to solve the above outstanding problems of the C-Suit department to help businesses achieve the desired growth level.
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Source: Mckinsey