Key Takeaways (5-minute read)
- The average CMO tenure in the US fell to 40 months in 2020, its shortest since 2009.
- The role of CMO is growing increasingly difficult due to current events and continually changing technology.
- CMOs need to work closely with various C-suite team members at their brand to achieve success while getting the help they need and boosting company morale.
As the role of the Chief Marketing Officer (CMO) becomes increasingly nebulous and continually evolves thanks to technology and trends doing the same, it’s crucial for brand executives to recognize not only the value of the CMO position but also the ways in which a CMO can work with others within the organization to achieve optimal results. Whether their top priority is to increase revenue, implement brand strategy, advocate for consumers, solidify the company’s overall mission, or develop a strategy for technology and digital, the CMO can team up with other C-suite executives and members of the team to reach success.
According to Insider Intelligence and eMarketer’s recent “The Evolving Role of the CMO” report, “The average CMO tenure in the US fell to 40.0 months in 2020, its shortest since 2009, per executive recruitment firm Spencer Stuart. For success and longevity in the role, CMOs must identify their company’s needs and align their skills accordingly.”
The decreasing tenure of CMOs is mostly a result not only of pandemic-related stresses but also a sign that the demands of the position are complicated. Here’s how marketing execs can leverage the expertise of other team members to develop a cohesive brand strategy that will boost not only results but also company morale through the power of teamwork.
With the CEO/COO: Naturally, all executives need to have a good working relationship with the Chief Executive Office (and sometimes the Chief Operating Officer) to keep everyone in line with their company’s vision, mission, and overall goals. The CEO is the glue that holds a team together, providing feedback and encouragement and giving the mandates that will keep the brand moving forward. The CMO and CEO must align to formulate the company’s heart and soul and to decide what the message is that they will put into the world. The CEO’s vision should be clear and discussed in-depth so that the CMO can implement it and start spreading the story to consumers, press, and others.
With the CIO/CTO: Technology and marketing tools, especially for digital growth, are changing daily, and for busy executives with a whole host of other responsibilities, it can be nearly impossible to keep up. That’s why the Chief Information Officer or Chief Technology Officer and the CMO can work together to figure out the best ways to implement new technologies and digital marketing strategies, research, and data collection. The CIO may also assist the CMO with information that will be invaluable to advocating for consumers. The voice of the consumer (VoC) is a critical component to the CMO’s mission as the ambassador for the company, sparking the love affair between brand and consumer through messaging, creative, and strategy.
With the CFO: The bottom line is always important, whether a CMO’s top priority is to drive revenue or not. “CMOs are increasingly tasked with looking across the whole customer experience, and not just at the traditional, narrow promotions funnel,” says the Insider Intelligence and eMarketer CMO report. “They are being challenged to think strategically about opportunities for growth, including new products, new services, and tailored offerings for certain customer segments.” Partnering with the Chief Financial Officer can allow the CMO to help develop a company’s financial strategy with the consumer’s satisfaction in mind. Happy audience, happy bottom line.
With the CCO/Creative Director: We make this look good. Working seamlessly with the CCO—in this case Chief Creative Officer—or the Creative Director will allow the CMO and their marketing team to help the CCO and their respective team to identify the most effective creative materials and make a plan to increase it. The marketing department has the insider “scoop” from being the public-facing wing of the brand. They know what consumers are best responding to from a creative perspective, and can in turn work closely with the creative team to make more of what’s working and further expound upon it for success.
“Today, so much of the focus is on the science of marketing,” says David Cooperstein, founder of consulting firm Figurr and former multi-time CMO. Still, science is changing so often thanks to new tools, current events, and consumer trends, so it’s never going to be exact for every brand. There is no one-strategy-fits-all guideline. CMOs and their fellow officers and team leaders must be willing to get in the trenches with their employees to figure out the best way for moving a company forward and ensuring that the customer journey is not only satisfactory but also meeting the mission set forth by the company’s founders or CEO. “Part of the challenge is to identify what works and see how we can make that work just a little bit better.”
With the Agency: For the CMO who’s looking for a strategy-focused approach to all of the above, it can also be an astronomical help to work with an agency that can act as the marketing and/or creative or digital team to carry out your brand’s mission. The global brand studio team at Antonio & Paris works hand in hand with CMOs and other executives to develop, implement, and measure the success of branding strategies through driving consumer connections. Get in touch about your brand’s top priorities and one of our dedicated brand futurists be happy to discuss!
A&P, a brand agency, excels in finding innovative ways for clients to provide exceptional experiences to their customers. Their work includes consumer insight, brand innovation, creative development, mobile and technology solutions for global brands such as AT&T, Mini USA, DIRECTV, Newell Rubbermaid, Tenet Healthcare, and Barco Escape. For more information about A&P, visit them on Facebook, Twitter or antonioandparis.com.