In recent times, the world of business and marketing has seen a notable trend: the downsizing of the Chief Marketing Officer (CMO) role in major corporations. It’s like a game of musical chairs, with CMOs exiting their positions as companies seek ways to cut costs and adapt to changing market dynamics. Last month, this trend hit the headlines as United Parcel Service (UPS), Etsy, and Walgreens all bid farewell to their CMOs. What’s interesting is that these decisions came at a time when these companies were facing financial challenges.
UPS reported a 13% drop in revenue in the last quarter, while Etsy, once known for its robust growth, saw its engine sputter. Walgreens, on the other hand, is undergoing significant changes in its C-suite. However, it’s crucial to note that these companies are not alone in this shift. In recent years, a growing number of major corporations like Lowe’s, Hyatt Hotels, McDonald’s, Johnson & Johnson, Uber, and Lyft have also eliminated or downsized the CMO role.
But it’s not that CMOs are disappearing altogether; instead, their roles are evolving. According to executive search firm Spencer Stuart, 71% of Fortune 500 companies still have a CMO, although that’s down from 74% in 2009. The transformation of the CMO role can be attributed to the modernization of marketing, driven by marketing technology (martech). Today’s CMOs deal with a wealth of data and insights, thanks to technology, making their roles more algorithmically driven and intertwined with other C-suite executives’ responsibilities.
Being a successful CMO in today’s business world requires a broader skill set and a deep understanding of technology and data………[read more]
How do the evolving roles of CMOs in modern corporations affect how businesses connect with consumers and adapt to changing market dynamics?
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