Mind the (marketing) gap!

In this edition of "The Marketing Gap for CEOs" I wanted to discuss the concept of the marketing knowledge gap, and what this means for CEOs trying to grow their business.

Firstly, what is the marketing knowledge gap for CEOs?

Over the last five years, I've worked closely with lots of great CEOs running very successful businesses that have largely grown organically to where they are in terms of revenue.

They run good businesses with a product or service that there is clearly a need for and as a result, even with basic marketing tactics in place they have grown and scaled to where they are now.

But as the expression goes, "what got them here, won't get them there."

Why?

Because in most cases there is a knowledge gap when it comes to marketing. And given their position as the head of the organisation this is somewhat of a taboo.

No one wants to admit they have a knowledge gap when they're in a senior position.

Instead, they hire a professional to fill that marketing gap like an agency or consultant, but this presents a very real and obvious problem.

How do they know they're getting the best and most importantly, the right advice to help them grow?

How to spot if you have a marketing gap as a CEO

It's not always easy to spot the gap or very apparent. So, what are some common traits of CEOs that have a gap in their marketing knowledge that's holding their business back from growth from ￡1m to ￡2m+ revenue pa?

• Lack of marketing metrics in place to measure what is working, and what isn't
• No definable marketing strategy in place
• Overreliance on a few tactics to bring in leads and sales
• No CRM system in place to manage customers
• Lack of clarity over the positioning of the business in the market
• Inadequate resources being placed in marketing the business
• Lack of budget allocated to brand marketing
• No consistency in the marketing of the business

The risks of not closing the marketing knowledge gap

As a CEO, running a business with gaps in your marketing knowledge poses significant risks.

Without a thorough understanding of marketing, it's difficult to effectively strategise and align marketing initiatives with your overall business goals. This can result in wasted resources on inefficient tactics, missed opportunities to engage potential customers, and diminished competitive edge.

A lack of understanding of key marketing metrics can prevent informed decision-making, potentially leading to subpar returns on investment in what marketing you are doing.

So, how do you close the marketing gap as a CEO?

As the CEO it's your responsibility to be multiskilled enough to be able to properly query anyone you hire to work for you.

Of course, you need to focus on strategic and operational tasks, but a little knowledge can go a long way, so here are my tips on upskilling yourself in marketing strategy and tactics.

1. Listen to podcasts on marketing such as the brilliant Marketing Week Podcast series or for strategy then HBR on Strategy is great
2. Read books regularly on important marketing topics such as positioning (Obviously Awesome by April Dunford) or storytelling (Building a StoryBrand by Donald Miller)
3. Use apps like Blinkist for access to bite-sized learning on marketing - Blinkist summaries popular business books into 'Blinks' typically less than 20 mins.
4. Connect on LinkedIn and follow renowned marketers like Mark Ritson, Byron Sharp, Anita Elberse, and April Dunford - read their posts and articles
5. Read websites like McKinsey & Co. and Harvard Business Review for reports, insights, and articles on marketing and strategy

Ultimately it's on you the CEO of your organisation to understand the marketing foundations that your business sits on, and by getting to grips with some of the fundamentals it puts you in a stronger position to make informed decisions about how to grow.

What next?

I hope you enjoyed this edition of The Marketing Gap for CEOs. if you've identified with any of the points I've raised in this newsletter and want to have a chat about closing your knowledge gap when it comes to marketing, feel free to book a call with me