There’s no question that healthcare CMOs have a tough job. After all, these marketing leaders are expected to boost ROI, find meaningful ways to connect with patients, leverage emerging technology wherever possible, elevate the marketing department’s status within the company—and accomplish all of this while sticking to a budget.
It’s no wonder why CMOs have the highest turnover out of all the c-suite positions. In fact, Harvard Business Review reports that more than 40% of today’s CMOs hold onto their job for two years or less. To make matters worse, 80% of CEO report stewing over their CMO’s underperformance and the prospect of firing them.
As a healthcare CMO, it may seem like the cards are already stacked against you. However, there are steps you can take to greatly improve your odds. If you avoid these four common mistakes, you’ll already be well on your way to CMO success:
Mistake #1: Decision Paralysis
As a healthcare CMO, it can be terrifying to make decisions—especially when the CEO is expecting you to drive measurable growth and boost revenue. (No pressure, right?)
In fact, some CMOs are so afraid they’ll make the wrong choice, they avoid making decisions altogether. Instead, they get caught up in an endless cycle of A/B testing, polling and research. In other words, they suffer from decision paralysis.
While it may be tempting to research your way to the “right” decision, don’t fall into this common CMO trap. Not only will your endless exploration delay the decision-making process—but the varying results from your multiple research efforts will further muddy the waters.
While surveys, polls and testing can be helpful, it’s important to take a look at the resulting data holistically instead of getting caught up in the tiny details. In other words, focus on the forest—not the trees. Using this big picture data, you’ll be able to make a series of smart decisions and move forward.
Mistake #2: Anti-Agility
Thanks to the digital revolution, agility is one of the most important aspects in modern marketing. Agility is all about experimenting, taking risks and quickly adjusting to meet your target audience’s demands.
Think you’re already incorporating agile tactics as a CMO? You may want to think again.
A study by McKinsey and the Association of National Advertisers found that nearly 70% of CMOs believe they employ agile marketing processes. However, that’s not the way their team sees it. Only 45% of marketing VPs and 50% of directors agree. Looking at marketing teams as a whole, only 43% believe they are encouraged to take risks and experiment.
So how can you boost agility in your healthcare marketing department? First of all, do your research. Read up on agility and explore ways to implement those methods. Secondly, empower your marketers to create brilliant strategies—even if those strategies involve a high level of risk. By encouraging out-of-the-box thinking, you’ll foster creativity and unlock the true potential of your team.
Mistake #3: Fear of Technology
As mentioned in the first article, technology is now the top priority in healthcare—so it should also be your #1 priority as a healthcare CMO. Patients are increasingly turning to technology to make healthcare choices, and they are looking for new ways to connect. By tapping into these tech solutions, marketers can engage patients in a truly meaningful, impactful way.
In this day and age, there are nearly 4,000 marketing technology tools available to modern marketers. While you certainly wouldn’t want to incorporate all of these solutions, it’s important to identify which MarTech tools could boost your unique marketing efforts. Talk to your team and encourage them to seek out new technologies that could drive growth for your healthcare brand.
Mistake #4: Going At It Alone
If you want to contribute to the long-term success of your organization, it’s imperative to stay abreast of cutting-edge marketing trends. Unfortunately, far too many healthcare CMOs make the mistake of trying to do it all on their own. Yet, there are countless opportunities for healthcare marketers to network and brainstorm with their peers.
That’s where IHM can help! Our community allows CMOs like you to connect with a consortium of peers who face the same obstacles in today’s shifting healthcare world. Through IHM, CMOs have an opportunity to network, brainstorm and collaborate with other progressive hospital and health system marketers.
When you join IHM, you also gain access to cutting-edge strategies from top healthcare experts. We feature world-class marketers from Mayo Clinic, Cleveland Clinic, Ascension, Texas Health Resources and more. The insights these experts provide will help you hone your marketing skills, allowing you to contribute to your organization’s long-term success.
Want to learn more about our powerful networking opportunities? Contact us today!