Firstly, as shocking as it may seem, not every business both trusts and loves marketing. Secondly, we know that the CMO role is often the shortest tenure in the boardroom. Thirdly, we know that some see marketing as a sales support function in the B2B space. So, is the CMO undervalued on the board? Read on to find out more.
Chief Marketing Officer as customer champion
In the era of customer marketing, customer engagement and customer experience, the CMO is a growing voice, right? Not always, it seems. When you look at the rapid change in marketing, the overlap with IT, sales and service, new technology and AI, it seems the CMO wears many hats. Those hats also tread on the toes of other departments with the CIO, COO and DoS all vying for dominance. And, that’s before we mention the CFO, holding onto the purse strings tighter than ever.
So, where does that leave the customer? Of all the boardroom roles that could champion the customer perspective, marketing seems most appropriate. Don’t customers need a champion in the boardroom? We think they do and the CMO Survey said that internal growth and customer experience are key priorities. So, where is it going wrong?
A tough time in the fifth paradigm
If you think we are being dramatic at this point, Mastercard’s Chief Marketing & Communications Officer (CMCO) was apoplectic in a recent interview. He believes that if businesses are undermining marketing today, it’s a little short-sighted and that’s going to hurt them in future. He also talks about the new roles of ‘Chief Growth Officer’ and ‘Chief Revenue Officer’ which could be symptomatic of a lack of trust in marketing. In particular, he cites the democratisation of martech as a major challenge in the future.
Yes, when small companies have access to the kinds of marketing tools previously reserved for the largest FMCG players, you need to stand out. But how do you stand out? The answer, according to Mastercard, is differentiation, which is only delivered by marketing. In his opinion, businesses not laying the foundation for the ‘fifth paradigm’ are setting themselves up to fail. He adds that, “Companies need to have top notch marketing departments that are driving results, that are differentiating, that start with deep insights and convert those insights into total value propositions and experiences for the consumers”.
Supporting the undervalued CMO
Furthermore, the CMO Council says that out of 150 senior marketing leaders, 43% find it ‘very difficult’ to hire experienced functional leaders. This implies that not only are CMOs constrained by a lack of resources and a tsunami of martech but also exposed at the level below. This statistic is complemented by 41% of CMOs having not used contractors, consultants or temporary resource to shore up the ranks or provide strategic support.
In summary, CMOs are caught between competing forces internally, martech externally and resources. The CMO really does sound like a senior, lone-wolf who is expected to marry a suite of martech with a diverse range of marketing skills and functions and little day-to-day support. Unfortunately, the answer is often not provided by agency partners, who in most cases provide activities. Case in point, those activities also need managing on top of martech suppliers and the marketing team.
It’s tough at the top – who wants to be CMO?
So, by now you may be wondering, “Who wants to be CMO?”. After all, we are dealing with so many disciplines and technology in marketing that we have previously written about splitting the role. This would separate brand and communications from technology and analytics. But, people still aim to be CMO and in large, blue-chip firms, there is a long and winding career path to CMO. The more rungs are on the marketing career ladder, the more scope for progression.
Ultimately, we wonder if the challenge is in the large SMEs to medium corporates. Large enough to have an in-house marketing team of 10-30 people and a CMO but small enough to feel resource challenged. Some large businesses have Head of, Senior Head of, Marketing Director, Assistant VP, Vice-President, President and CMO. Therefore, it looks tough at the top for businesses that are in the mid-tier and some of those have an element of private equity ownership.
Help is at hand for a CMO undervalued
Here at Think Beyond, we offer a range of services from our Marketing Director service through to change support. Our options lend strategic consulting and support from research to planning to change programmes. Led by a senior marketer and a business leader, we offer a shoulder to lean on for the a CMO undervalued.
If you would like to find out more, simply call our team on 01565 632206 to arrange a meeting.
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