Today’s CMOs are dramatically different than CMOs of a decade ago. Today’s CMOs have a seat at the table when it comes to core business decisions, things like embracing and driving digital transformation, formulating and implementing growth strategies, technology adoption, forecasting revenue outlook, developing pipeline management strategies, and the like.
Heavily invested in business decisions, modern CMOs must be adaptable, innovative, and agile. CMOs today aren’t watching the customer journey from afar—they’re shaping it. They aren’t taking orders—they’re driving growth. In short, CMOs’ responsibilities have been evolving for some time, such that they look entirely different than they did a mere decade ago. Let’s explore one report that breaks down the changing role of the CMO—and all the challenges that come with it.
In a recent study—The CMO Shift to Gaining Business Lift—the CMO Council and Deloitte gathered responses from more than 200 CMOs across a variety of industries and geographies, over one third of which hail from companies netting over $1 billion in revenue. Here is what the study uncovered:
Figure 1. The CMO Shift to Gaining Business Lift
Figure 2. The CMO Shift to Gaining Business Lift
The CMO Council/Deloitte study was a kind of litmus test for CMOs today, looking at the story behind the rapid acceleration of the role. While the researchers found highlights of the journey, they also found its challenges:
To overcome these challenges, the CMOs surveyed indicated they’d be open to rethinking their priorities and deliverables (51 percent), delegating more tasks (49 percent), and hiring team members with additional skills (44 percent) in the coming year.
Based on the research, The CMO Council and Deloitte identified “key opportunities” for CMOs and other high-level marketers moving forward. These include shaping the customer experience as a business driver, not a system of campaigns, shifting strategy and investments around culture and technology, and better communicating the value of efforts in terms of revenue.
Figure 3. The CMO Shift to Gaining Business Lift
All in all, the study concluded “tremendous opportunities await CMOs in 2017 as they more fully embrace the roles, actions and strategies that drive substantive growth for the entire organization.”
I couldn’t agree more. My team and I have been watching the role of the CMO evolve for some time now, even examining how the typical CMO’s personality stacks up against that of the rest of the C-suite, and we’ve seen this coming.
CMOs, are you tasked with driving growth within your organization? What are your challenges as you embrace these new responsibilities? Tell me in the comments.
Additional Resources on this Topic
The Role of the CMO in Digital Transformation
The Modern CMO: Adaptable, Innovative, Agile
The CMO’s Changing Role
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