In science, “synergy” refers to the way two or more elements combine for greater results than they could achieve on their own. And in business, the same can be true in the C-suite, where collaboration between leaders yields greater efficiency and better decision-making.
Here are some ways that collaboration between chief operating officers (COOs) and chief marketing officers (CMOs) can create synergy to drive the business forward.
Alignment of Business Objectives
Too often, marketing and operations divisions operate in separate silos rather than working in sync. Or marketing may be brought in late in the customer cycle rather than having a key voice in the accomplishment of business objectives.
By working together, COOs and CMOs can collaborate on business objectives. This means that marketers aren’t merely executing a plan based on a decision made by another member of the C-suite, but they have an active voice in shaping corporate strategy.
If nothing else, a collaboration between COOs and CMOs can lead to an agreement on company priorities and can ensure that business leaders are working toward the same goals.
Alignment of KPIs
Historically, COOs and CMOs have spoken different languages when it comes to accomplishing the company mission.
Naturally, COOs are driven by customer-driven data such as lifetime margin. But marketing professionals commonly rely on a broader set of information, including qualitative data such as market sentiment analysis or brand awareness.
Bringing these two mindsets together is no easy task. But by creating stronger partnerships, COOs and CMOs can bridge the gap between their departments and learn how these key metrics overlap and reinforce one another.
Improved Decision-Making
Once objectives and KPIs are aligned, CMOs and COOs are better equipped to contribute to the company’s decision-making process.
By bringing CMOs and COOs together early in the data-decision process, companies are able to make decisions that account for the metrics that matter to marketing teams.
For example, CMOs can help companies consider how an upcoming decision might impact the company brand. Or a CMO can introduce past marketing data — such as customer testimonials or feedback from focus groups — to guide future decisions.
Increased Efficiency
With better communication comes greater efficiency. And by understanding the metrics that matter to CMOs and COOs, each department can allocate resources more efficiently to contribute to the company’s growth.
This means that COOs can help CMOs recognize the impact of their marketing plans on the company’s bottom line. Likewise, CMOs can explain the potential benefits of rolling out a new marketing strategy.
Partnerships between CMOs and COOs can also improve the efficiency of the C-suite as a whole. By aligning departments with a common goal, it will be far easier to hold discussions and communicate about future decisions.
This is especially important during the customer experience process. CMOs can influence the way customers interact towards marketing plans and promotional events, ensuring a smoother planning process for the entire company.
Greater Flexibility and Resilience
In an uncertain world, businesses need greater agility to navigate rapidly shifting economic conditions. This happens to be where CMOs and other marketing teams can be particularly helpful.
Many businesses are experiencing the sting of inflation as consumers are moving away from “nice-to-have” purchases to focus on absolute necessities. Successful companies are learning to reposition themselves and demonstrate how their goods and services address customer needs. CMOs can help shape this message to continue connecting with their customer base.
Through these partnerships, the company is better poised to remain resilient even in the face of economic challenges and changing consumer expectations.
Understanding the Evolving C-Suite
Increasingly, the most powerful corporations are relying on more than just the CEO to make strategic decisions. Instead, management rests in the hands of a series of professionals, each of whom represents a larger team actively serving the company.
The more companies can foster strong partnerships between members of the C-suite, the better they’ll be able to make business decisions and adapt to changing economic conditions or industry trends. CMOs and COOs can be leaders in this capacity, providing a model for strong collaboration across departments.
Learn more in 4 Ways CMOs and COOs Can Build a Strong Collaboration
