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April 2, 2024
Put Marketing at the Core of Your Growth Strategy
Summary
This article emphasizes the significant advantage companies gain by integrating marketing into their core growth strategy, highlighting McKinsey research findings that businesses prioritizing branding and advertising as key to their growth are likely to experience revenue increases of 5% or more at double the rate of those who don't. However, it also points out a common pitfall: the lack of alignment between CEOs and Chief Marketing Officers (CMOs) on the role of marketing, which undermines its potential as a growth accelerator. The authors propose three critical steps to realign this perspective: clearly defining marketing's objectives, appointing a dedicated individual as the chief customer voice, and the need for CEOs to adopt a role as growth coaches, comprehensively understanding and guiding marketing strategies without micromanaging the execution.
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