Successful CMOs master strategy beyond just marketing. This list? It’s all about higher-level CMO strategy: investments, budgets, organization. Here’s what I’ve found useful over the past decade. The list will keep growing, and I hope you’ll find something helpful.
Looking for CMO leadership insights? I’ve collected them here.
Investing in marketing
The Long and the Short of It, Les Binet and Peter Field
Try talking marketing investments without knowing short- and long-term effects—you’ll fail. It’s central to the CMO strategy. This 2013 report nails the delicate balance between driving immediate sales and building lasting brand value. Every CMO (and CFO) should read it. Short-term moves? They get results fast, but chip away at your brand’s future. Binet and Field know the long game is where sustainable value lives. Their advice: Play both strategies smart, and don’t confuse their roles. Peter Field wrote a 2021 update article, which adds some interesting new perspectives (tip of the hat to Dominic Grounsell), and Les Binet has given this post-Covid keynote.
Don’t Cut Your Brand-Marketing Budget. Rethink It, Boston Consulting Group
This 2023 BCG report shows that cutting brand marketing during downturns harms companies. Those that cut back often lose market share, see slower sales growth, and experience lower total shareholder returns. Worse, it costs more to rebuild brand momentum later. Instead, the report suggests using economic uncertainty to invest strategically—target key customer segments, adopt precision branding, and maximize marketing ROI. The key takeaway? CMO strategy should be targeted brand marketing during tough times drives long-term growth. The article concludes with a pitch for marketing ROI optimization (the firm happily helps you do this), which is more narrow than the host of options available to CMOs based on the excellent research insights at the start of the paper (tip of the hat to Lisa Delaney).
How Brands Grow, Byron Sharp
I added this piece 2011 here, as the described CMO strategy may require brands to sustain major communication and distribution investments—and lead to intense internal debates for those who need to make a shift. Byron Sharp’s How Brands Grow is a shake-up for brands—especially for those stuck on loyalty or differentiation. His take? Brands grow by upping market penetration, not by crafting deep loyalty. The secret sauce? Being easy to find and easy to remember, with distinctive assets (think logos and colors). Sharp’s seven rules push consistency, broad reach, and pulling in occasional buyers. But watch out—numerous researchers and practitioners argue that loyalty and differentiation matter more than Sharp suggests (link, link). An important read. Just keep a pinch of salt handy (like for all books that take a stand).
Roaring Out of Recession, Ranjay Gulati, Nitin Nohria, and Franz Wohlgezogen
This 2010 report examines 4,700 companies across three global recessions and reveals that only 9% emerged stronger. The winners adopted a progressive approach—cutting costs efficiently while still investing in innovation and growth areas like R&D or distribution. Those that were too defensive or overly aggressive struggled post-recession. The key takeaway: the right CMO strategy balances operational efficiency and strategic investment. It prepares companies to seize growth opportunities once the economy rebounds. To be clear: this research does not say “never cut your marketing budgets” (which some marketers have conveniently concluded). It advocates for balance and requires CMOs to look at the business as a whole—not just marketing.
TV or not TV? Peter Field
Peter Field’s 2024 research argues that TV advertising remains crucial for marketing effectiveness, contrary to predictions of its demise. By analyzing extensive data, he reveals TV’s unique strengths in building mental availability, delivering high attention (over 15 seconds per ad), and creating powerful emotional connections that drive brand growth. The research suggests marketers should allocate around 45-50% of their budget to TV advertising, following a 60:40 rule that balances long-term brand building and short-term performance marketing. Field warns against reducing TV to purely performance marketing, emphasizing its continued importance in creating trusted, emotionally engaging advertising that generates significant business impact.
Setting budgets (in particular zero based)
By request, here’s a sub-group to tackle all the buzz about “zero-based.” There’s a lot of back and forth on what it really means and how to kick it off. Here’s some clarity.
Zero-Based Budgeting for Commercial Spend, Deloitte
In 2018, Deloitte showed how zero-based budgeting (ZBB) can trim waste in consumer goods companies. It’s about using data to move money from low-value spots (like bloated trade promotions) to high-ROI activities. The upside? More accountability and better financial decisions. The challenge? Fighting short-term cuts and shifting mindsets. But when it clicks, ZBB makes costs clear and decisions smarter. What I like: this summary offers solid “how-to” CMO strategy guidance, including both steps and potential risks, making it practical and actionable.
Zero-Based Productivity—Marketing: Measure, Allocate, and Invest Marketing Dollars More Effectively, McKinsey & Company
AMcKinsey’s consultants laid out in 2018 how zero-based budgeting (ZBB) as CMO strategy could work wonders in marketing. By getting super granular with data, companies can cut 10–25% of marketing costs and reinvest the savings into high-ROI areas. It’s about ditching outdated spend patterns, reallocating based on what actually drives value, and improving communication across the business. The method sharpens focus on “working” vs. “nonworking” media and establishes a baseline to control cost drivers. If you want to learn more, there is also the 2017 Five Myths (and Realities) About Zero-Based Budgeting and this 2017 update.
Pricing power
Not a marketing guide, but pricing deserves a mention. Why? It’s how CMOs break into bigger roles. It’s the closest thing to the P&L, right after sales. And if marketers feel the “imposter phenomenon,” it’s usually here. Time to fix that.
The Power of Pricing, McKinsey & Company
This really is a primer, including all the pricing facts you’ll hear at the typical conference speech (“1% price increase can yield an 8% rise in operating profits, far surpassing the impact of cost-cutting or increasing sales volumes“). McKinsey’s 2014 report shows pricing is a big profit driver, but “price leaks”—from discounts and promos—bleed away revenue. The CMO strategy? Focus on the “pocket price” (what’s left after all the cuts). Using analytics to understand price drivers leads to big profit wins. Have your team read this too.
Marketing organization
Building a high-performing marketing team is a tough gig for CMOs. Global or local? Centers of excellence? The choices seem never-ending. But after 20+ years of doing this, here’s my big lesson: people beat structure. Hire the best for the most important tasks—then build the org around them. This approach isn’t in line with the typical “best practice blueprint” consultants push in the pieces below, but I’m perfectly fine with ruffling a few feathers 😀.
The Agile Marketing Organization, Boston Consulting Group
Hold off on “agile” for a second. This 2015 BCG report digs into how marketing can keep up in today’s fast-paced digital world. Creativity and brand-building? Not enough anymore. CMO strategy today is all about integrating data analytics, content, programmatic buying, etc.. Sure, “agile” pops up, but this is really about foundational organizational stuff—global vs. local teams, specialists vs. generalists. If you’re building a marketing org, this is a really good read.
A Field Guide to Modern Marketing, Bain & Company
Bain’s 2024 B2C marketing guide spells out the new complexity marketers face as consumer behavior and digital channels shift. The old ways? No longer enough. Bain says CMO strategy needs to master nine areas, from integrating digital hubs and retail media to using insights tied directly to business units. Big takeaway: brand managers aren’t just marketing; they’re P&L leaders now. Plus, collaboration across e-commerce, insights, and other functions is non-negotiable. The challenge? Balancing agility with structured planning to deliver personalized experiences at every customer touchpoint. The piece is current and well structured (a little generic for my taste) and I found the charts very useful.
Modern Marketing: What It Is, What It Isn’t, and How to Do It, McKinsey & Company
McKinsey’s 2020 report is all about shifting mindsets to make marketing drive growth in the digital age. The three big ones? Unifier, customer-centric, and ROI-focused. The CMO strategy must be about breaking silos, using data to put customers first, and getting laser-focused on ROI across every channel. My former colleagues Sarah Armstrong, Dianne Esber, Jason Heller, and Björn Timelin break down the principles, not tools, but if you’re looking to refocus your team’s priorities, it’s a good read.
B2B Marketing Organization Design, Forrester (partly walled for pay)
Forrester’s collection of articles and videos (not a full report) covers the some basics of effective B2B marketing organization design. It’s about aligning your team with business goals, managing resources smartly, and cutting workflow friction. One core idea for the CMO strategy? The “Eight Cs”: Clarity, Competency, Concept, Capacity, Cost, Chart, Calibration, and Communication. These should help leaders build scalable, customer-obsessed, data-driven organizations. Some parts are just teasers for paid content, but there’s still good stuff here for B2B CMOs looking for fresh ideas.
Brand activism
Reducing the Risks of Corporate Activism, Whitler, Barta, Harvard Business Review
CMOs are feeling the heat to make their brands take a stand on social issues. But brand activism? It’s a minefield—even with the best intentions. Kim Whitler and I dug into these challenges in our 2024 journal article, where we also share a roadmap for aligning your brand’s stance with its identity and the risks around consumer reactions. Check out the free HBR piece.
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