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Did you know that the average tenure of a CMO in the United States is around 43 months or just over 3.5 years? According to a study by Korn Ferry, the average CMO tenure in 2020 was 41 months, down from 43 months in 2019. Another study by Spencer Stuart found that the median CMO tenure in 2020 was 25.5 months, up slightly from 24 months in 2019.
So why does this matter?
There is no magic pill for marketing. It takes time and persistence to effect change across an organization and attract customers…and CMO’s need time. Change in leadership always leads to a domino effect and will cost your organization more than anticipated. The relatively short average tenure of CMOs is often attributed to the high-pressure nature of the job, the need to stay on top of rapidly changing marketing trends and technologies, and the intense focus on delivering results.
Some of the most significant pressures on CMOs today include:
Meeting Revenue Goals: CMOs are under constant pressure to deliver results and meet revenue targets. They are responsible for driving business growth through marketing strategies and campaigns that generate leads, convert prospects into customers, and retain existing customers.
Balancing Short-Term and Long-Term Goals: CMOs need to balance short-term goals such as driving immediate sales with long-term goals such as building brand awareness and loyalty. They need to create marketing strategies that deliver results in the short-term while also positioning their brand for long-term success.
Keeping up with Technology: As marketing technology (MarTech) continues to evolve rapidly, CMOs need to stay up-to-date with the latest trends and tools to remain competitive. They need to understand how to leverage MarTech to create more personalized, relevant, and effective messages and experiences for their customers.
Navigating Data Privacy and Security: With increased data privacy regulations such as GDPR and CCPA, CMOs need to ensure that they are collecting and using customer data in compliance with these regulations. They also need to ensure that customer data is secure and protected from data breaches and cyber attacks.
Managing Budgets: CMOs are responsible for managing marketing budgets and allocating resources to different campaigns and initiatives. They need to ensure that spending is efficient and effective, and that they are generating a positive return on investment (ROI).
In summary, CMOs face a range of pressures in today's business environment, from meeting revenue goals and keeping up with technology, to managing budgets and navigating data privacy and security concerns. To be successful, CMOs need to stay informed, adaptable, and strategic in their approach to marketing and aligned with their CEO. Give them grace…
Emily Bell-Wootten builds brands to make an IMPACT. Working with 60 brands across 17 industries has taught her to be agile and focus on human centered design, leading her companies to over 1 billion in growth. She has been a CEO, CMO, Fractional CMO, and a global CX and MarTech thought leader for 2 Fortune 100 companies. Outside of her career responsibilities, she is passionate about volunteering in her community to effect real change.
Want to schedule some time with Emily? Contact her at https://www.emilybellwootten.com/contact for a free 30 minute consultation.
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