In a recent article on Forbes.com Dominique Turpin, proclaimed the death of the Chief Marketing Office (CMO) position. It’s a known fact that CMOs struggle for power and influence in the board room and experience a high turnover rate. While the average corporate life expectancy of a CMO these days is 18-24 months, I think Mr. Turpin is a little premature in his death proclamation. The below points Turpin makes are at the core of CMO’s pain points.
- CMOs are not immersed in product and pricing decisions.
- Economic pressure has led CFOs to become more powerful as they gain control of pricing decisions.
- Marketing impact is hard to measure. As both art and science, it can be difficult to prove the return on investment of some marketing efforts.
- A clear definition of marketing is not as apparent as other areas such as finance or production.
Instead of changing roles or being eliminated as Mr. Turpin suggests, with a focus on the below strategies CMOs can ensure a spot in the C-Suite for years to come.
- Focus on the big picture for the brand. By focusing on the big picture and not becoming bogged down in tactics, platforms and specific strategies, the CMO will be better prepared to participate in decisions throughout the entire sales funnel including product and pricing decisions.
- CMO’s need to lead the customer experience, break down silos and integrate. As technology advances, the need for integration and collaboration within departments becomes crucial. The CMO is in the perfect position to lead the charge.
- Creating ties between technology, customer data and customer experience are essential. Marketing will be the main organizational driver behind collecting and analyzing massive amounts of data. Providing actionable insights from these large quantities of data is crucial.
- Demonstrate return on investment and value of every marketing push to get buy in from CEO. Speak the language of the CEO by delivering recommendations in terms of strategic impact, cost-benefit and how it affects the bottom line.
- Educate the rest of the company and C-Suite about what the marketing department does. Sometimes the marketing department forgets that it’s necessary to market and promote its value inside the company.
We understand pressure is building on CMOs, so Anvil Media has come to the rescue with a series of “Cheat Sheets” providing the essential insights and forward-thinking needed to impress the C-Suite. Download the brief, but powerful Cheat Sheets here.