Not only is a CMO the executive position with the highest fluctuation rate (on average, a CMO lasts 43 months), but it also entails about the most interesting responsibilities within an organisation. Creativity meets in-depth understanding of technology and strong business acumen.
The digital transformation and the environmental influences of the 2020s are changing the modern working world dramatically. Deloitte states in this regard that not just a single trend will be decisive for future marketing. Dr Gordon Euchler, Director Creative Consultancy at Deloitte puts it as follows:
"Our data shows: Top CMOs don't just follow a single trend. Instead, they focus on innovation. In fact, they do it so deeply that they can use it to win new markets for their company and thus reinvent an entire ecosystem."
This ecosystem consists of three elementary parts: People, data and experience (in terms of the customer journey). Successful CMOs know the new benchmarks in marketing and how to achieve them.
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CMOs are the supreme leaders of marketing in an organisation. They oversee and manage all marketing activities across the organisation and lead the marketing strategy. They are the lead marketers of an organisation.
This requires them to have a comprehensive understanding of brand development, sales management, product, customer service and sales management. After all, CMOs have a direct influence on the following areas: Branding, Marketing Communications, Pricing, Advertising, Market Research and Public Relations.
The tasks of CMOs are therefore strategy, analysis and management. Or to boil it down to two main responsibilities: strategy and sales. Here, strategy is the creative process. It is strategy that brings together all the potential of the company into a marketing strategy that covers the company's objectives.
The other main task, sales, is to achieve more turnover by increasing sales in the previously mentioned areas:
Customer care in terms of experience has moved far up the priority list of modern marketers. But ultimately, it takes a holistic view of how the individual areas intertwine to make a marketing strategy successful.
As a result of the different areas of responsibility, Chief Marketing Officers usually do wear a whole range of different hats. That is because it is the only way they can steer the company's brand management and related activities in a way that leads to more growth. These are some of the most important roles of a CMO:
Driving growth is the central marketing task of CMOs. One of the most difficult aspects here is that certain marketing activities can be unpredictable, especially in the age of digital transformation and social media. Coming to strategic decisions that promote growth is what separates good CMOs from bad ones.
CMOs are also the chief customer care officers. They ensure that all marketing activities serve both to create brand loyalty and to ensure that the customer experience is as pleasant, smooth and successful as possible.
In addition to business management tasks, CMOs are responsible for managing the creative aspects of the company. They should be able to nurture creativity in the marketing department and develop innovative marketing ideas. These contribute to attracting and retaining more customers. And that leads to higher sales growth. If the story is right, customers will also feel more attracted to the brand because they will identify with it accordingly.
Even though CMOs do not usually deal with the nitty-gritty tasks of the marketing team, they still need to be experts in all marketing issues. After all, they are responsible for all activities of the marketing department and therefore need to have a profound understanding of MarTech (marketing technology), digital expertise and data analysis.
Rapid (technical) developments in marketing and the ability to keep up with them mark more than ever the difference between good and excellent CMOs. Good CMOs achieve successful results by developing effective marketing plans. Exceptional CMOs, on the other hand, are "game changers" by not only keeping their finger on the pulse, but being a heartbeat ahead.
CMOs are at the top of the marketing team because this area is far more than any one person can handle. That's why there needs to be equal talent on the team and in key positions, acting with equal excellence. Outstanding CMOs know where to find the best people to make their visions and strategies a reality.
While lifelong learning is now required for many professions, it is a must in marketing due to the constant evolution of the industry. Exceptional CMOs do not simply follow developments, but anticipate trends and deal with promising topics in advance. If a chosen trend hits the masses, CMOs and their organisations spearhead this trend.
Until a few years ago, it was considered unusual for CMOs to be traded for the position of CEO in a company. However, as their importance and authority grows, more and more CMOs are being recruited and prepared to become the next CEO. Remarkable CMOs have the potential to become equally excellent CEOs.
In any case, it is also important for the two executives to team up. A common reason why CMOs leave the company early is inadequate communication between the two positions. CEOs need to know exactly what they are asking of their CMOs. Top CMOs proactively anticipate this and lay out their responsibilities in detail.
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