Gartner says “no longer seen as the promotional chief or chairman of arts and crafts, the CMO is now expected to drive strategic growth for the business. This candidate knows brands, products, markets and customers. Often, they’re expected to monetize engagement via digital commerce. The challenge for this candidate is proving they can run predictable business. That begins, of course, with running marketing itself like a predictable business – not a house of cards and certainly not a hall of mirrors.”
Recent research from the CMO Council confirms that the CMO is certainly gaining C-suite respect. CMO confidence is soaring, but there is still room for growth:
It is perhaps interesting, in this context, to look at some of the findings from the recent Adobe CMO Research “Digital Roadblock: Marketers struggle to reinvent themselves”. Whilst the CMO is gaining C-suite respect there are still significant challenges to be addressed and dealt with to ensure a future-proof and fit for purpose marketing organisation:
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How CMOs deal with these challenges will have direct impact on their success and recognition. The CMO Council’s research shows that there are big variables in the CMO’s compensation with 36.9% of CMOs who earn more than $350,000 rating their digital marketing performance as excellent; whilst 0% of CMO’s who report their digital marketing as failing earns more than $350,000. There is no doubt that there are big opportunities ahead for the CMOs who are able to make the necessary transition and build the right marketing organisation. |