There are some new faces these days in the boardroom. They have new titles like Chief Customer Officer, Chief Revenue Officer, Chief Digital Officer, and Chief Experience Officer. These executives have responsibilities we might expect to reside within marketing. That leaves Chief Marketing Officers with a decision — do you see the rise of these roles as an opportunity or a threat? Our conversations with marketing leaders suggest that CMOs are indeed at a crossroads with four potential paths: up, over, down, or out.
There Are 4 Futures for CMOs (Some Better Than Others)
Today’s consumers and business buyers have more choices and higher expectations than ever before. They want companies to be more human: to remember who they are, know what they like, and use that understanding to help them achieve their purpose. In response, companies have added executives with titles like Chief Customer Officer, Chief Revenue Officer, Chief Digital Officer, and Chief Experience Officer. The authors’ research suggests that this puts CMOs at a crossroads. They can move up, where CMOs are promoted into new roles; over, where CMOs take on new responsibilities; down, where CMOs lose influence or authority; or out, where CMOs leave the organization. For those CMOs who aspire to move up and over rather than down or out, the job is increasingly to be a catalyst for change, engine for growth, and orchestrator of experience. It will require strong alignment with key stakeholders, new models of leadership, and a new playbook for success. Given the changes underway, every CMO should be asking themselves, “Which path am I on?”