At the end of the day, while specific skills are certainly sought after on boards, the scarcity of open directorships mean that most are looking for a lot more than “specialist” directors. Rather, they want people who can provide many years of service and contribute on multiple issues — many of which may be unknown today — over that period.
Brand and marketing issues are increasingly becoming board imperatives
While the board's role starts with a fundamental duty to shareholders, its oversight in many ways over the past several years has expanded to include a broader array of constituents, such as employees, customers, the communities in which the company works, etc. — in other words, areas that fall directly into the purview of marketing. Meanwhile, as the AI revolution raises both risks and opportunities, marketing leaders can bring unique perspectives into the boardroom.
The fact is, when companies misstep on brand and marketing issues, it can be destructive to shareholder value; and companies that get these issues right often unlock unexpected value. That’s why board directors who understand both how to protect a brand and how to advance it, and subsequently how that can benefit shareholders, are increasingly valuable. Boards in some industries are also seeking directors who can represent the “customer voice.” Overall, that’s why we’ve seen some boards seek marketers as directors, appreciating what they can bring in thinking about a brand and how that can create long-term shareholder value.
Sometimes, the “intangibles” put one board candidate over another
One of our attendees, a marketer who serves on the board of a professional services company, noted that she was struck in the interview process by how many questions she got about why she wanted to be on the board. It aligns with something we see all the time: Skills and expertise matter a lot, yes, but the board is also seeking a commitment to doing the job well, and an interest and passion for the business.
Particularly savvy nominating/governance committee chairs and board chairs are looking beyond your resume. Will you help create a more diverse array of perspectives? How will you contribute to a healthy and substantive debate? Are you willing to speak up when you disagree, and when you dissent can you do it in ways that are productive and move the conversation forward?
Build up your expertise
For marketers seeking board opportunities, it can be worthwhile to consider a wider range of companies from small-cap to large-cap, and public to private. As long as you can be passionate about what the company does and believe you have something valuable to contribute, expanding your bounds can be fruitful, especially when you consider the scarcity of major company board spots.