20Growth: Hubspot CMO Kipp Bodnar on Why the Best Marketers Think Like VCs | Why the Best Companies Do Not Start with Product Marketing | New Channels; When To Do, How Much To Spend, How To Test, When To Stop
Sep 28, 2022
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Kipp Bodnar, CMO of HubSpot, shares insights from his extensive marketing career. He emphasizes the significance of channel selection and resource allocation for startup founders, offering frameworks to guide their marketing strategies. Kipp discusses the interplay between product marketing and personal branding, advocating for storytelling that resonates with customers. He also reflects on common pitfalls in new channels and the evolving nature of marketing tactics, urging marketers to adapt and focus intensively on areas of expertise for growth.
Focus on selecting the right marketing channel and allocating resources effectively.
Embrace personal branding and emotional marketing alongside traditional tactics for brand growth.
Be willing to experiment with new channels, persist with what works, and stop what doesn't.
Develop a clear and aligned culture within teams for effective collaboration and goal achievement.
Aspiring CMOs should make counterintuitive trade-offs, gain diverse experiences, and focus on continuous learning.
Deep dives
The Importance of a Clear and Simple Story in Marketing
A key factor contributing to the success of inbound marketing has been its simple, valuable, and clear story. The education-first approach, encapsulated in a 10-slide story that highlights the shift in marketing strategies due to evolving technology, has resonated well and effectively conveyed the message.
The Evolution but Resilience of Email Marketing
Email marketing tactics have shown resilience over the last five years due to the inherently open nature of email protocols. Despite some changes affected by companies like Apple, email marketing has maintained its core functionality, making it a reliable marketing channel.
Reconsideration of Dormant Marketing Tactics
Rather than tactics dying out, they often go dormant only to resurface later. For example, out-of-home advertising, which was perceived to have declined, is now making a comeback with innovative platforms like OneScreen providing attribution and new opportunities.
The Power of Emotional Marketing and Brand Building
Empowering marketers with emotional marketing skills alongside logical expertise can be a transformative aspect for professional growth. The blend of emotional intelligence in storytelling and brand building can elevate a marketer's effectiveness and impact on the audience.
Balancing Knowledge Breadth and Team Leadership as a CMO
As a CMO, there is a constant need to scale marketing strategies across international markets while leading diverse teams. Focusing on enhancing knowledge breadth in marketing areas and refining leadership skills for effective team collaboration remains a significant area for improvement.
Key Considerations for Aspiring Marketers to Become CMOs
For aspiring marketers aiming to become CMOs, focusing on making counterintuitive trade-offs is crucial. These trade-offs involve gaining diverse experiences in various marketing realms, scaling leadership through effective delegation, and continuous learning across different functional areas.
Learning from Mistakes in Staff Management
One of the greatest challenges for a CMO lies in managing people-related aspects within the team. Identifying the right skill set required at different growth stages, making necessary hires, and being proactive in evaluating team performance are essential for effective personnel management.
Aligning Goals for Effective Cross-Functional Collaboration
Creating a culture of alignment through clearly defined goals and incentives is pivotal for fostering effective collaboration across marketing, sales, product, and engineering teams. By aligning around common objectives and building a transparent communication framework, cross-functional relationships can thrive.
Strategies to Accelerate Learning and Expertise Acquisition
To accelerate learning and achieve expertise in various domains, individuals can engage in immersive learning experiences by seeking guidance from lesser-known experts and sources. By approaching learning with persistence and a curiosity-driven mindset, individuals can rapidly expand their knowledge and skill set in diverse areas.
Innovative Marketing Approaches and Lessons from Kasha
Kasha's success can be attributed to their effective targeting of a younger demographic through platform-centric marketing strategies like TikTok and in-person activations. Their ability to resonate with a specific audience segment showcases the impact of innovative marketing tactics on brand engagement and growth.
How Kipp made his way into the world of marketing and came to be CMO @ Hubspot?
What does Kipp know now that he wishes all CMOs knew when they started?
2.) Choosing The Channel:
How does Kipp advise founders on which channel they should focus on? What is the framework which will tell them which channel is right for them?
How many different channels should they try? How focussed should they be? Should they have independent teams for each channel?
How do the best founders allocate resources to new channels? How do you know when one is not working and you need to stop? When do you just need to keep going and persisting?
What have been some of Kipp's biggest mistakes when entering new channels?
3.) Product Marketing, Brand Marketing and Founders Marketing:
How does Kipp advise founders who say that, "social and personal brand is just not for them"?
In what two ways does Kipp believe that all businesses are constrained?
Does Kipp agree that the state of product marketing has never been worse? What is truly great product marketing to Kipp?
How does Kipp distinguish between good and great brand marketing? How has what it takes to be great at brand marketing changed over time?
4.) The Best Marketing People:
What are signs of clear 10x performers in marketing?
What advice would Kipp give to someone aspiring to be a CMO? What mistakes do 95% make that they should change?
How do the best CMOs manage up and manage their team? Why does Kipp compare the role of the CMO to the general manager in NFL teams?
Why does Kipp believe the role of the CMO is a lonely one? What are the hardest elements?
What framework for learning does Kipp use to learn all new topics? What works? What does not?
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