Did you know that the average tenure of a Head of Marketing position continues to fall, reaching just 41 months according to the latest Spencer Stuart research published by the WSJ?
It is still one of the shortest average terms of office of any chief in the C-suite, according to a recent report by Korn Ferry. But one piece of good news in the past year is that although conditions for CMOs have become more difficult since the coronavirus pandemic, “In many cases, CMOs are not being removed, but it’s been pretty dramatic layoffs beneath them” said Greg Welch, practice leader for marketing, sales and communication at Spencer Stuart.
So just how long have you been in your position?
The Bad News
A global survey by the Fournaise Marketing Group provides one possible explanation for the continued decline in tenure. It highlights the ongoing tensions between CEOs and CMOs. A huge 80% of CEOs don’t trust or are unimpressed with their CMOs, compared to just 10% for their CFOs and CIOs. Why is this?
Perhaps it’s because CEOs don’t understand the role of a CMO or is there still an issue with the ROI of the marketing budget? I’ll let you be the judge of this in your own situation.
Another piece of research by HubSpot reported that Marketing as a career suffers credibility issues as well. It ranked the most trustworthy jobs, with Doctor ranking number one and near the bottom, just above Car Salesman and well below Barista, was “Marketer”. Car salesmen? Really? That is scandalous!
Let’s start at the beginning. What opportunities are there, that marketers can keep their jobs? Despite the short lifespan of a CMO, and while the position is plagued by high turnover, this could also be because CMOs are highly visible.
Therefore they can be targets for promotions or a steal by their industry competitors. Nice to feel wanted, isn’t it?
It is understandably important that a new CMO quickly makes an impact. More so than any other c-suite function, bar the CEO of course, who sometimes faces almost immediate criticism by shareholders and the financial world, upon being named.
Another piece of good news for the head of the marketing function is that being on the executive board they have access to resources. The bad news is that as the CMO is a member of the EB, management expects them to make (profitable) changes fast.
And even more so if they have just been hired! The board trusts the new CMO to analyse the situation, identify what needs to be done, develop the plan to do it and then take actions. And all of this in their first 3 months or so!
Are you or have you yourself been in exactly this situation? Tough isn’t it?
That’s why many CMOs hire a supportive advisor or sounding board such as myself to accompany them on this stressful early part of their journey. (If you’d like to discuss opportunities of working with me, contact me here: https://c3centricity.com/contact)
In the meantime, here is what I would do if I were in the position of a new CMO, or one who is reaching their four-year breakpoint and is not ready to leave quite yet.
The latest Forbes research into the CMO function highlights three major areas where the head of marketing’s remit now goes far beyond the previous traditional, more creative areas.
In the report they mention three changes that CMOs are grappling with in an effort to impact both inside and outside their organisation:
- How the relationships between brands and customers have changed. The most influential CMOs lead digital transformation with a customer-first mindset.
- How brands can offer the very best customer experience. Top CMOs are championing the voice of their customers and aligning their organizations around better customer experiences.
- How brands can become more human and approachable. CMOs are no longer afraid to raise their voice or take a stand on political and social issues – because that’s how they connect and build trust with their customers. Take a look at the Forbes list of The World’s Most Influential CMOs of 2019 to see inspiring examples of this.
The report concludes:
How can we better know and serve our customers — not as a collection of data points, but as people? @Forbes #CMO #Marketing Click To Tweet
“The world’s most influential CMOs recognize that customer experience is the new brand, and inspire marketers everywhere to ask: How can we better know and serve our customers — not as a collection of data points, but as people?”
So how should a Head of Marketing (CMO), whether a seasoned veteran or new to the job, tackle their business from a fresh perspective? I suggest looking at the following five areas. However, before delving into them, it is worth adding a comment.
The most influential CMOs also recognize that their ultimate job is driving business growth. And to do that, effective CMOs play a larger role, taking on additional responsibilities in areas as diverse as internal culture, talent, IT purchasing, and customer engagement. Talk about broadening their skill-set!
So marketers, have I answered your question about how to keep your job? Are these five steps sufficient to make a difference? Personally, I think so – but only if they are followed with real actions and change.
After all, making an impact is the name of the game in any profession but especially for one that previously relied on creative juices alone. Do you agree? What changes are you making or would you like to see made in your own organisations?