CEO of iResearch Services, a global thought leadership agency that focuses on evidence-based research to power thought leadership campaigns.
Getty
As a CEO, you are no doubt aware that out of all the executives within a company, chief marketing officers have the lowest average tenure. According to research by Korn Ferry, CMOs tend to stick around for only about three and a half years on average.
But you may be wondering why. It’s not simply that they are being relieved of their jobs for being unable to perform their duties. In fact, there are also CMOs who are willingly leaving their jobs.
So what’s causing such low tenure among CMOs? And what can you possibly do to stop it?
Why CMOs Are Failing Or Choosing To Leave Their Jobs
In an article for Forbes, Shama Hyder, the founder and CEO of Zen Media, offers several reasons why CMOs may be leaving — or thinking about leaving — their jobs. Here are three of them:
MORE FOR YOU
1. Micromanaging
Trust can go a long way in a company. If you are micromanaging your CMO’s every move, then you are portraying a lack of trust in their ability. This, of course, isn’t good for their performance or their desire to stay.
And if it turns out that you really don’t trust your CMO, then that’s another concern.
2. Unrealistic Expectations
CMOs should definitely be increasing revenue, but you should have realistic expectations when it comes to your CMO driving ROI. It would be nice if results could be seen literally overnight, or even within a week, but realistically, this probably is not possible.
Marketing is a process, and it takes time and patience to promote and sell a product or service. So if you do not see results immediately, do not automatically assume the worst of your CMO. Give them more than a few months to prove themselves.
3. Being Forced To ‘Earn’ Every Dollar Spent
Being overly focused on CMOs showing the value of their spending creates a work culture that rewards measurements over actual value and can stifle their creativity. A CMO is presumably hired because they know how to do their job and were at one time seen as the best fit for the position. However, they may not be able to do this job to the best of their ability if they are being forced to spend their marketing dollars on tactics that are easier and faster to provide numbers for than those that can actually lead to higher ROI.
Let Your CMOs Shine As Thought Leaders
You may think that a CMO’s most critical role is to promote the company’s brand, but it is also important for a CMO to promote themselves. CMOs should be thought leaders who are able to successfully demonstrate their expertise in a chosen area.
Here is why being a thought leader can be beneficial for both your CMO and your company:
• Strong personal brands are beneficial for a company’s brand. Individuals with strong personal brands on social media outlets, such as Instagram or Twitter, can boost their brands by learning their personal strengths and tapping into them. Through thought leadership, they can sell their experience and knowledge to an audience that is invested in them. This is also beneficial for you since their followers will see their value and connect it to the value of your company.
• Your CMO’s narrative is within their control. Thought leadership also allows a CMO to better control their own narrative. By positioning themselves as thought leaders on social media, they can take control of their image and reputation. They can position themselves as knowledgeable figures in their areas of expertise, use their skills in a way that’s meaningful to them and establish credibility on their own terms.
• They will be seen as an industry pacesetter. Through social media and other media outlets, a CMO can establish themselves as a thought leader and a pacesetter. In turn, this will reflect well on your company and provide a good example of how other organizations should run.
• It shows that your CMO and your company are keeping up with the times. Social media is the norm in today’s day and age. In fact, it would be strange if your CMO was not active on social media. With social media use increasing since the emergence of Covid-19, and becoming a more critical marketing tool, it is more important than ever for CMOs to establish themselves as thought leaders on these platforms.
Final Thoughts
CMOs provide plenty of value to companies. However, they are often stifled by micromanagement, unrealistic expectations and having to “earn” their marketing dollars. And they may leave their jobs as a result.
Allowing your CMO to flex their skills and abilities to their fullest potential, often as a thought leader, can prove much more beneficial to everyone involved — your CMO, the company and you as the CEO.
Forbes Agency Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify?
Go to Source
Author: Yogesh Shah, Forbes Councils Member
