The Decline of the CMO Role #2552

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Careers, Business, Marketing

4.6 • 1.3K Ratings

🗓️ 3 September 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #2552, we take a closer look at the decline of the CMO role — and what CMOs can do to turn things around. CMOs are facing a number of difficult challenges, but the biggest reason why most CMOs fail (or lose their job) is because they aren’t meeting the KPI set for their role. In our conversation we look at the lack of trust CEOs have in their CMOs, why this is the case, and what skills CMOs should master to reform their role and become an asset to their organization. The role of the CMO can be incredibly powerful in driving business outcomes. Tune in to learn more about the decline of the CMO role and how mastering creativity and analytics can get things back on track! TIME-STAMPED SHOW NOTES: [00:00] Today’s topic: The Decline of the CMO Role. [00:23] An overview of how the role of CMO has been declining. [00:42] The biggest challenges that CMOs are facing. [02:13] How the CMO role needs to be reformed. [02:35] A key example of a terrible CMO experience. [04:09] The lack of trust in CMOs and what can be done to counteract this. [05:31] Key skills that CMOs need to master in the coming years. [06:16] That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Links Mentioned in Today’s Episode: Don’t forget to help us grow by subscribing and liking on YouTube! Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency X @neilpatel X @ericosiu

Transcript

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0:00.0	All right. So we are going to talk about the decline of the CMO. Have you heard about this recently?
0:05.3	Have you, I mean, this is the news for the last couple of years, but like, I don't know if this is
0:09.3	what you're talking about, but I have read a lot about CMOs or no longer CMOs. They're looking for
0:14.8	growth people who are working across multiple divisions, but I don't know if you're talking about
0:19.6	something specific when you're saying decline and the role of the CMO. Yeah. I'll share some things
0:24.4	here that I'll share my screen. So it says the average 10 year of CMOs, chief marketing officers,
0:29.2	at the top 100 advertisers in the US fell to 3.3 years in 2022 to lowest level in more than a decade.
0:35.2	This is from a drop of 40 months in 2021 and then down slightly from 4.5 years before. So CMOs are
0:42.7	facing a number of challenges. Biggest reason, why most CMOs fail and most loser job is by not meeting
0:47.2	the KPIs set for the role. So I'm a acquisition cost conversion rates and ROI of marketing efforts.
0:52.8	The way I look at it is when it's specifically CMO roles, I think more businesses want people that
0:58.6	just provide growth. And whether it is a startup or whether it is a Fortune 1000 company, it's really
1:04.9	simple. I spent X, I get Y back. And if you can't show more growth, more profitability, numbers continue
1:11.6	compound, people just aren't satisfied as much anymore. And to do well, you can't just think about
1:17.2	marketing as just marketing. You got to look at it from a whole product perspective or business
1:22.4	perspective. I'm driving Lisa sales. What sales people doing to follow up and make sure they're
1:27.2	getting a hold of those leads. Oh, we're driving in 1000 leads a month. They're only getting a hold of
1:31.9	200 of them. If we're driving a 1000 qualified leads and 200 are being talked to that means 800 aren't.
1:38.1	Let's create follow up sequences for the sales seems to get more of one phone. Oh, when a lead comes
1:42.8	right in and if we know it's qualified, let's just use a schedule once or calendar to put it right
1:47.3	in the sales reps calendar. So then right then and there, we can end up getting things right into
1:53.5	their calendar and send text reminders that people should show up to the calls. So that should
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