According to recent research released by Russell Reynolds Associates, turnover rates among Chief Marketing Officers (CMOs) are at their highest levels since the executive search firm began tracking marketing officer appointments four years ago. The good news for many CMOs is that 61 percent of CMOs left their companies in the second half of 2015 for new opportunities, with 75 percent of the departees remaining in the same industry. But as CMOs are under the gun to shift their focus to the use of analytics and personalization tools to deliver highly-targeted campaigns across a growing assortment of digital channels, this may be widening the divide between CMOs who are in demand and those who are struggling to keep pace.
As CEOs are under pressure to deliver results and drive growth, they are increasingly looking outside of their organizations for marketing leaders who can help support these efforts across the digital landscape. According to the Russell Reynolds study, 64 percent of organizations are hiring marketing leaders from other companies. This includes companies in the financial services industry that are losing customer share to disruptive financial technology startups such as Moven and Credit Karma and are looking for fresh approaches to nurture and retain customers.
CMOs can't do it all by themselves. In order to connect with the digital consumer, marketing organizations need the right tools and marketing technology skills to foster engagement.
Savvy CMOs are working alongside CIOs to draw on their respective strengths and execute on marketing goals. This includes working together to identify the right digital marketing technologies for effective targeting and customer engagement and working with trusted business partners to address the marketing technology skillsets that might otherwise be difficult to find in a tight labor market and fast-changing landscape.
Now that customers are controlling the conversation, today's marketing leader needs to embrace new tools and new skills in the digital economy to connect with Millennials and other customers to help the company to meet its business goals.