I once heard a story about a friendly CMO who left three cards in an envelope for his successor to use only during tough times. After a phase of business growth, the new CMO noticed a decline in performance. Remembering the cards, he pulled out the first one, which said: Blame Legacy Creative. He went to the CEO and claimed that the old creative was outdated and needed a refresh. With the new creative, business results quickly improved. However, they soon plateaued and began to fall again. Knowing the cards had worked before, he took out the second card, which said: Blame Weak Talent. The CMO returned to the CEO’s office, saying they needed to reorganize and improve talent. Once more, the numbers started to rise. But this improvement was short-lived, and faced with declining results again, the CMO frantically turned to the last card, which read: Prepare Three Cards.

For any business leader, stepping into an existing situation and finding the right strategy for success is very challenging. Understanding the business, its structure, investors, analysts, and many other aspects can be tiring and may easily lead you backward instead of forward. This is why CMOs often have a high turnover rate. I’ve seen many top performers face difficulties with this, and I’ve pinpointed five key things that a new CMO must get right to ensure early success.

Understand the Story Before Rewriting It

It’s amazing the number of top marketing executives who arrive in a new position at a successful company with a preconceived notion about the brand and grandiose ideas on how it will be changed. What they should already know is that every brand has its defining Story. Great brands have Stories that have been developed, nurtured and cultivated over years, sometimes decades. Its your responsibility as CMO to examine the underlying insights that led to that Story, so that you can revitalize those essential ideas for a new consumer audience. Too many CMOs want to make their mark by trashing what’s there—don’t fall into that ego trip. Assume that the Story has something to offer and then work on it to bring out its best and most important qualities.

Renovate Before You Innovate

I learned this lesson from former Coca-Cola CMO Sergio Zyman, who learned this valuable lesson with the introduction of New Coke in 1985. Too often, incoming CMOs look past the existing product portfolio to new products as the solution to all the growth woes. While innovation has its place in the marketing mix, don’t ignore the opportunity to revitalize existing products. In many instances, they need only to be refreshed and polished in order to grow.

Withhold Judgment

I learned this one the hard way. During my first week working as CMO, I asked one of my VPs to give me an assessment of the team. He walked me through his entire staff and indicated he had one team member who was a solid worker, but who didn’t do much without being told to do it. Rather than question the assessment, I took it at face value and treated that employee in a manner consistent with what I’d learned. When that VP left the organization, this person had to step in and pick up much of the slack left by the vacancy. To my amazement, this team member was proactive and had great insight. I learned that the problem wasn’t with the employee but with his boss, who rejected all his ideas and caused him to do as he was told. I’m not saying there aren’t people on your team who may be in over their heads, but always assume everyone has a strength that may not have been uncovered yet. You may find a few hidden gems.

Be Sure Strategy Supports Story

I once worked on a top-selling, super-premium brand whose team felt it was appropriate to spend 80% of their marketing dollars on price discounting and rebates. This mixed-up approach led to significant brand confusion and Story dilution—was the brand high-quality or was it bargain basement stuff? Consumers weren’t sure anymore. There was a critical disconnect between what they saw and what the marketing team felt they were projecting into the marketplace. If your Story is strong you have to tell it consistently and support it constantly with your activities, ensuring that your marketing and advertising are aligned properly. Alignment and relentless consistency are critical when it comes to Story.

Ignore the Voices in Your Head, Listen to the Voices in the Market

Most marketing executives walk into a new position with at least some idea of how to improve the marketing, simplify the messaging and restructure the organization—but just set those ideas aside for a minute. Get out of your office and go where the customers are. Sit with them. Experience the product with them. Watch what they do and don’t do, what they say and don’t say. Ask a lot of questions. I worked on a vodka brand years ago and before looking at presentations, research or financials, I went with the head of sales to the bar (several, actually). We sat with the bartender and had a conversation. “When you make a martini,” I asked him, “what brand of vodka do you recommend?” The answer led to a number of additional questions that helped me understand how the “gatekeepers” thought about the product. Similar conversations with consumers yielded the same type of insight. As we’ve written elsewhere on this blog, it’s this kind of focus on the customer that allows you to initiate a more productive, consumer-centric view of the product and the market.

Most CMOs I’ve met are hard-charging Type A personalities. They want to win and win quickly. After thirty years in the business, my advice is focus on what you have and what you can do with it before dismissing it all to start over again.

Want more advice and insights? Download the 3S Playbook for Transformational Marketers here.