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Are CMOs Asleep in the C-Suite?
This week the CMO Council released a report that uncovers that chief marketing officers may be asleep in the C-suite.
The report, assembled from five different surveys of marketers, executives, and CMOs aimed to find ways to define and align the position of CMO. What the report lay bare is a poorly articulated definition of the role of the CMO, unsuccessful alignment of the position within the organization, and continued high turnover rate for those who fill the position.
Many top executives interviewed said that the CMOs lack the background, skills, and attributes needed to justify their presence in the C-suite. They said that CMOs fail to provide them with ROI data because of a lack of marketing measurement and data analysis experience. They also lack financial management acumen, strong global business intellect and insight, and a strategic mindset.
The CMO Council proclaims that the position of CMO must be occupied by an executive who can come in and help drive company growth, lead innovation, provide strategic vision, champion the customer experience, and be fluent in characteristics of the company’s product development and service delivery models.
Fortunately, not all CMOs are comatose. I’ve referenced examples of three CMOs who are making a difference at their organizations:
* Mike Fasulo, CMO of Sony, says he loses sleep over customer centricity. His mission is to bring passion and emotion across the Sony brand. He was instrumental in launching Sony Style stores for the main purpose of engaging customers. Also, he has assembled a research team that consists of a consumer insights group that looks at behavioral trends through focus groups and by going into consumers’ homes to conduct product research. He has said, “I believe the successful brands of the 21st Century are the brands that can execute a customer-centric model.”
* Sylvia Reynolds, the CMO of Wells Fargo, encouraged her organization to implement customer-centric processes and strategies even though the company’s sales were experiencing double-digit growth at the time. Some of the programs she’s implemented include matching the customer experience to the brand, engaging children in experiential marketing efforts, and using the blogosphere to market. She has said “We have to be about the customer.”
* Randy Susan Wagner, CMO of Orbitz, places a lot of faith in engagement, and experiments with new technologies that will promote engagement with customers. She said these efforts have helped to push Orbitz into the second most popular online travel destination.
Despite the report's claims about the CMO's failures, much of the responsibility also lies with the CEO who must lay the groundwork for establishing the CMO position within the company. CMOs must work to understand the CEO’s concerns, so that they can understand the marketing activities that will help to address those priorities.
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