Excerpted from Myths and Opportunities.
Demand is growing among corporate boards for directors with what we call “modern marketing” skills, specifically experience in digital and social media as well as mobile platforms and omnichannel retail. That doesn't mean, however, that all senior marketers are destined for the boardroom. What can marketers do to position themselves for board opportunities? We offer some practical advice based on our years of work with boards.
Know your value. You should be able to clearly articulate where your interests lie and why you want to serve on a corporate board, beyond having marketing expertise. Where you would be able to add value to a specific type or size of company? What are the challenges or governance topics that interest you or that you feel qualified to address? What do you hope to get out of a board assignment, and what do you have to offer in return? Answering these questions will allow you to appropriately frame up your own credentials and share them with individuals who are in a position to recommend you. Marketers aspiring to serve on a board should understand that they can’t just expect to be the “marketing expert,” as boards want multifaceted directors with broad-based business perspective.
Make sure your boss is on board. Advising your CEO of your interest in a board role and gaining his or her approval early on will pave the way when specific opportunities arise. Some companies have explicit rules about outside board service or place limits on the number of outside commitments, so make sure you understand your company’s policies. Also, your CEO may be in a position to recommend you for board opportunities if he or she is aware of your interest.
Build a wide network of advocates. Some director vacancies are filled though direct networking rather than through search firms. Therefore, it’s important to plant the seed with your CEO, directors on your own board and other friends and colleagues who serve on boards or as board advisers so that they know of your interest and can suggest you when an opening arises. An endorsement by individuals in the boardroom who have seen you in action in your job, interacting with your own company’s board or serving on a nonprofit or smaller company board is powerful.
Get involved now. There are many places where you can get useful board experience and put your knowledge to work: local nonprofits, universities, smaller companies and private companies, including private equity portfolio companies, and advisory boards. Participating on these boards provides board experience, allows others to see you in action in a board setting and helps build relationships that can open doors to other opportunities.
Get smart about governance. Consider attending director education classes and events, which can help you become more familiar with the governance issues shaping the boardroom today. In addition, these events may introduce you to well-connected individuals who can offer insight into the director selection process.
Do your homework. Before agreeing to join a board, know what you are getting into: review SEC filings and other publicly available information and meet with multiple members of the governance/nominating committee and key members of management, including the CEO, chief financial officer, general counsel and maybe even the external auditor. Check the company’s corporate governance ratings, examine its public policy positions and speak with industry and financial analysts about the company as well as your own industry contacts. That said, understand that surprises can happen no matter how much vetting you do.
Learn more about important considerations for the marketing officer seeking a board role.