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The role of chief marketing officer (CMO) is facing significant challenges and changes, according to a new article in Fast Company.
Despite their potential to shape a company's message, reach audiences, and drive revenue, CMOs are experiencing dwindling confidence and shorter tenures. The average CMO's tenure has dropped to just 40 months, and they struggle to communicate their value within the organization.
This lack of confidence has led to high-profile marketing missteps. The problem lies in a cycle where CMOs enter organizations with unclear expectations, are set up to fail, and then leave, perpetuating a transient mindset.
CMOs are also facing a credibility crisis with low CEO confidence and trust levels. During a 2022 study, CEOs reported they have “great confidence” in their CMOs 34% of the time, and 32% said they trusted their CMOs. This situation pushes CMOs to prioritize short-term gains over long-term strategies, leading to risky decisions like the embrace of ill-fated trends, such as the metaverse.
According to Chris Gadek, vice president of growth at AdQuick, a shift is needed in how CMOs approach their role. They must become more technologically adept, combining creative vision with data-driven insights.
In a study by LinkedIn, CMOs reported that they expect the mastery of marketing technology and data analytics will become their chief concerns in the next two years. As of now, it ranks second behind “creative strategy and execution.”
Data can help restore trust and guide strategic decision-making, allowing CMOs to demonstrate their value and make informed choices that align with the organization's needs.
The solution involves rebalancing the CMO role to emphasize strategic, empirical, and long-term decision-making. This shift requires leveraging technology and data to inform choices, validate decisions, and demonstrate results.
Successful CMOs will be those who blend creativity with technology, bridging the gap between subjective and objective aspects of modern marketing. By doing so, they can regain confidence and respect within their organizations and make impactful contributions over a longer timeframe.
Find the complete Fast Company article here.