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Marketing School - Digital Marketing and Online Marketing Tips

The Decline of the CMO Role

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Marketing, Careers, Business

4.61.4K Ratings

🗓️ 3 September 2023

⏱️ 6 minutes

🧾️ Download transcript

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 Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0

All right, so we are going to talk about the decline of the

0:03.6

CMO. Have you heard about this recently? Have you, I mean, this has been in the

0:06.9

last couple years, but like, I don't know if this is what you're talking about,

0:10.9

but I have read a lot about

0:12.8

CMOs are no longer CMOs,

0:14.4

are looking for growth people who are working

0:16.6

across multiple divisions.

0:18.4

But I don't know if you're talking

0:19.7

about something specific when you're saying decline

0:21.8

in the role of the

0:22.9

CMO. Yeah, I'll share some things here and I'll share my screen. So it says

0:26.3

the average tenure of CMO's chief marking officers at the top 100

0:30.1

advertisers in the US fell to 3.3 years in 2022 to lowest level in more than a decade.

0:35.4

This is from a drop of 40 months in 2021 and then down slightly from 4.5 years before.

0:42.1

So CMOs are facing a number of challenges.

0:44.0

Biggest reason why most emails fail and most lose their job is by not meeting the KPI

0:48.0

set for the role. So customer acquisition costs, conversion rates and all of marketing efforts.

0:53.0

The way I look at it is when it's specifically CMO roles, I think more businesses want people

0:58.5

that just provide growth.

1:00.6

And whether it is a startup or whether it is a Fortune 1000 company, it's really simple.

1:05.3

I spend X, I get Y back.

1:07.5

And if you can't show more growth, more profitability, numbers can continually compound, people just aren't satisfied as much anymore.

...

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