Few people I know would claim that being the Chief Marketing Officer of a company is a job without risks. Indeed, numerous articles in the business press point to an average length of tenure in a CMO position that is often measured in months rather than in years – indeed, the shortest length of time among all C-level jobs.
And now, a recently completed survey of CMOs underscores just how wide-ranging the reasons are for those employment characteristics. Branding consulting firm Brand Keys tested a number of issues to see which are the ones that keep CMOs “awake at night.”
Three-quarters or more of the respondents to the Brand Keys survey reported that every factor presented was significant enough to cause them to lose sleep. Leading the list with near-universal high-alert concern is ROI factors. Other factors of concern to nearly every respondent in the survey are big tech and data security issues.
Listed below is how each of the factors tested by Brand Keys turned out with CMOs in terms of “losing sleep” over them.
90%+ lose sleep worrying about:
- ROI/ROMI factors
- Big data, big tech and big security issues
- Establishing trust with customers
- Innovation, AI, technology and marketing automation developments
- Consumer expectations regarding privacy and transparency
80%-90% lose sleep worrying about:
- Managing social networking
- Creating relevant advertising content
- Successfully deploying predictive consumer behavior analytics/technologies
- Dealing with consumer advocacy and social activism
- Developing long-term strategies that align with corporate growth goals
- Having the ability to engage with audiences – not just find them
At the “bottom” of the pile … 75%-80% lose sleep worrying about:
- “Democratization” of the digital world and protecting brand equity within it
- “Political tribalism” and its effect on brand reputation
- Being relevant when tweeted about
- Keeping consumers engaged with the brand
- Creating better cross-platform synergies for marketing campaigns
- Creating an “unlearning curve” to move away from legacy marketing metrics
- Creating marketing synergies among different generational/age cohorts
- Being replaced by the chief revenue officer
… and likely made more so because CMO’s are quick to be blamed when things don’t go well, even if they aren’t in the strongest position to effect the changes that may be needed. “Responsibility without authority” is the stark reality for too many of them.
What are your thoughts about the dynamics faced by CMOs in their companies? Whether you speak from personal experience or not, I’m sure other readers would be interested in hearing your views.