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According to a Spencer Stuart study, the annual tenure for a Chief Marketing Officer fell again in 2019 – down to an average of 41 months. This is two months shorter than the prior mark of 43 months that was found in 2018. Loyalty360 wrote about this topic in a previous quote article on Tuesday, June 23, 2020, which can be read here.
“The role of CMO is challenging because it requires the ability to quickly adapt to external changes like consumer tastes and technology,” Tom Caporaso, the CEO at Clarus Commerce, said. “What worked six months ago might not work today and on top of that, there is an expectation to show the effectiveness of their marketing efforts. With retail reopening, it’s tempting to focus on the short-term, but successful CMOs will keep the long-term in mind as well. That’s why focusing on loyalty is more important than ever. It may be tempting to leave your loyalty program alone after so much of the customer experience quickly changed recently. But these new customer expectations are exactly why you should be considering how to improve your loyalty program now. That will help solidify customer relationships over the long term. From a loyalty perspective, CMOs will need to challenge themselves to listen to their customers and innovate more than ever.”
Due to the timing of the report, it does not factor in any effects from COVID-19 and its overarching reach on the market.
“The shift in the last several years has seen CMOs take on a larger, more encompassing marketing remit that includes technology, digital platforms, and analytics,” Guy Cierzan, Managing Partner at ICF Next, said. “This isn’t a new trend, but it’s more and more becoming the norm. In a sense, the CMO skillset has expanded. Chief marketers now more than ever need to implement effective marketing strategies that are data-driven and agile to show return on investment – in a nutshell, going from ‘outputs’ to ‘outcomes.’”
The CMO might even be going out of vogue if a MARTECH Today article from mid-December 2019 is to be believed. This article states that the position might start to become reimagined due to changing expectations.
“The CMO title is really semantics,” says Keith Johnston, VP and research director for Forrester, in the above MARTECH Today article, “The significance of all this is really a final signal that whatever the title is, those in it need to rise to the skills and leadership requirements of what the diverse role of the modern ‘C_O’ must be.”
Another article from Marketing Land says that the CMO is a way to tell the long-term growth strategy of a company. There are multiple signals, focusing on the background of the new executive, that might provide insight into the strategy for the company going forward.
According to this article, which can be read above, some of the signals for companies, based on the background of the new CMO, include:
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