As one major company gets rid of its chief marketing officer, another reinstates it, so why is there such inconsistency surrounding the CMO and what does it mean for the future of the role?
Earlier this year, Three UK reinterpreted the traditional CMO role and merged marketing with its customer team. Johnson & Johnson abolished the title of CMO, while McDonalds and Coca-Cola have reinstated their CMO positions, reversing earlier moves to replace them. But why are companies obsessed with changing titles? Should other companies follow suit in changing the CMO role to move with the times?
According to executive research firm Spencer Stuart, chief marketing officers (CMOs) at the top 100 US advertisers are in post for just 41 months on average, compared with 76 months for their chief executives. This suggests the CMO role does not do exactly what it says on the tin and the title needs to be changed.
Christian Polman says:
Too many brands have lost sight of the importance of the 4Ps of marketing and have forgotten how to pull the levers of product, price, promotion and place.
Although focusing just on the four Ps in fact misses the point about the critical role marketing can play to influence consumer behaviour, drive business innovation, and help businesses recover and grow.”
To read the article in full in Raconteur, click here.
First featured 22/10/2020.