CMOs have their work cut out for them, as the role can be a double-edged sword. With an expanding purview that goes beyond marketing, CMOs are making strategic business decisions, but that comes with the responsibility to deliver revenues and drive growth.
What is the job of the modern CMO?
Today’s CMO must have a background in both brand and performance marketing to balance creative with data-driven execution. CMOs are responsible for serving the customer across the journey and owning the customer experience. The scope of the position has evolved beyond marketing and now includes elements of corporate and product strategy, with a strong focus on driving and demonstrating business growth.
Is the CMO role disappearing?
Headlines would have us believe CMOs are no more, but the position isn’t extinct, though we would be remiss not to note the challenges of increasing pressures and expanded responsibilities. In the case where “new” C-suite roles—like chief growth officer or chief digital officer—are implemented, that doesn’t necessarily mean the CMO is replaced. These positions are often a complement to or an extension of the marketing chief. Interviewees were less concerned about the title and more interested in what skills and requirements were compulsory in a leader to execute modern marketing. The needs of the role vary by business type and are likely to evolve as objectives change, which may result in short tenures.
Who does the CMO report to?
CMOs should report to the CEO. If not, that should be a red flag that the position will not be strategic in nature. Modern CMOs need a seat in the C-suite to be successful in driving revenues. Those who don’t work for the CEO will be subjugated to traditional marketing tactics and are at risk of being eliminated.
WHAT’S IN THIS REPORT? Informed by over 60 interviews with CMOs, this report covers how the top marketing position has evolved in recent years and analyzes what skills are needed to succeed in the role now and in the future.
KEY STAT: CMOs are performing better than they realize in the eyes of the CEO, according to Deloitte’s February 2019 “C-Suite Study.” There is still room for improvement, however, with other C-suite counterparts.
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