The Chief Marketing Officer (CMO) has
become one of the more commonly talked about corporate designations in recent
years. Given the tremendous marketing potential offered by the new media and
proliferation of distribution channels, companies have begun to realize the
huge potential of marketing in guiding corporate level strategies and
substantially contributing to the financial bottom line. In spite of such an
understanding, it is startling to note that the average tenure of a CMO is
merely 23 months compared to a CFO that typical lasts 4-5 years on average.
Further, not many companies have a senior marketing representative in their C-suite. This begs the question – do companies need a CMO or is the role of a CMO a mere hype? This article probes this question and offers companies some guide posts for better strategic directions.
Why do companies need a Chief Marketing Officer?
As the business landscape evolves,
marketing also evolves into an organization wide strategic discipline. Given
marketer’s knowledge of the customers, it is imperative that the CEO and the
corporate board have a representative of the customer to continually educate
them. Additionally, companies need a strategic CMO to benefit from:
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