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CEOs: What You're Not Being Told and Why It's Costing You Big Time

Written by: Phil Stubbs

It’s a tough job being a CEO of any business – the highest-ranking person in a company or other institution, ultimately responsible for taking managerial decisions.

However, a CEO also has to rely on their leadership team to take responsibility for parts of the business – after all, a CEO can’t make every decision. It’s particularly hard today as we keep hearing Digital Transformationthis and Digital Transformation that. Let me help you, but first let me tell you what may be happening within your trusted team.Most C-suite/board members have had illustrious careers and been rewarded with a seat at the top table. That also means many of them have not been on the ‘frontline’ of their business discipline for quite some time.When we talk about how 3.197 billion people are on social media, how 6.8 people are involved in a b2b purchasing decision and how 57% of the buying process has been completed before a business engages with a supplier* – this means that b2b has shifted to being influenced via social media – it’s become a valuable decision-making tool. This can strike fear into many a CMO, CFO, CTO, VP Sales. Why?Well, we are talking about people that most probably didn’t have to factor social media into their strategies when they were learning and plying their trade. So much so, they will probably be insisting that their methodology, no matter how out of date, is the best way forward for your business. Afterall, it’s what made them successful back in their day. In fact, they will insist it’s the only way. A sales leadermost probably won’t walk up to their CEO and say ‘You know what? I’ve been making the sales teams cold-call, send out emails and go to events, but I shouldn’t have. It’s a waste of time and effort and if we do get a sale it’s more through luck than judgement. I want me team trained in social selling – it’s the best way for us to prospect and can give us 20% extra new revenue’.Related: The Case for Data Unification for Sales and MarketingA CMO won’t sit down in the CEO’s office ‘I’m going to stop us spending money on Digital Marketing, SEO and AdWords, the ROI is terrible. We are going to stop sending out emails and I propose we put a stop on any events for the next 12 months. We are going to focus on social sellingand support the sales team – it will give us 20% new revenue with vastly reduced cost of acquisition’.I also doubt the CFO will take the CEO to lunch and announce‘I know you trust me, so back me on this one – I’ve looked at the numbers and our marketing spend is producing very little revenue and profit. We seem to be hellbent on spending more money to bring is less leads and chasing our tails. I’m going to slash $400k of wasted spend across sales, marketing and HR and we will also produce 20% more new revenue’.As a CEO you will be thinking ‘are you crazy Phil, of course they would come and tell me’. Now here’s the issue – to have any of the conversations I have suggested – the person would feel like they were:
  • talking themselves out of a job
  • having to tell you what they had stood by in the past no longer works
  • stepping out of their comfort zone into the unknown
  • have to embrace social media and have a decent LinkedIn profile (we know most senior people have shockingly bad profiles)
  • admit they need outside help
  • So, it’s easier not say anything.Want to know more and why I know many CEO’s are being short changed and how I can help you? I’m here on LinkedIn and Twitter @PhilStubbs14 and I will have a call with you, wherever you are in the world and explain in more detail.*thanks to Hootsuite and CEB Gartner for the stats