Traditionally, a chief marketing officer (CMO) presides over everything and anything related to marketing. The CMO’s responsibilities go farther than just marketing and selling a product; they oversee entire ad campaigns, collect information on target demographics, and creating effective business strategy in conjunction with his or her fellow executives. With the transformation of marketing over the last fifteen years, the job description has certainly shifted. Should the functions of the CMO change accordingly, or be absorbed by other executives? There is some debate.
Online Outreach
According to a 2013 study, nearly 85% of Americans regularly accessed the internet. If most of the population is logging on every day, then it makes sense for companies to direct their attention online. Since smartphones and tablets have become increasingly present in people’s pockets and briefcases, many companies are making the foray into the wonderful world of apps.
Developing products for these platforms is just the beginning. Thanks to digital media, CMOs can reach out to consumers differently than ever before. However, this can be a double-edged sword. Advertisers don’t control the internet, after all. In fact, creators of online content, such as popular bloggers, can tarnish the efforts of an internet ad campaign with just one post. Imagine a famous (or particularly obnoxious) Youtuber giving your latest product a scathing review—and then garnering tens of thousands of views by the end of the week. Now more than ever, companies need CMOs to focus on standout digital advertising and pay attention to what’s trending on social media.
The Future of the CMO
Some see the CMO as an increasingly insecure job. The position has a higher turnover rate in comparison to other business executives, as it isn’t uncommon for a CMO to be replaced after less than three years. At some companies, some of the CMO’s duties have been shared with others such as the chief executive officer (CEO) and the chief financial officer (CFO). Some may even say that the CMO is dead, but it seems much more likely that the CMO of today is simply evolving.
The wide variety of media has changed the game of marketing, and in turn, the position of the chief marketing officer. Tapping into web analytics adds a new dimension to market research, and customer feedback is more directly available. There is a newfound emphasis on shaping or revitalizing the “brand” of a company as well; marketing a product for a wider, primarily online audience can prove difficult but profitable. Being able to connect to the consumer is crucial to creating a popular brand or presence. A CMO must be able to adapt to these changes in the field.
