SO LONG TO THE CHIEF MARKETING OFFICER TITLE
For decades, the Chief Marketing Officer (CMO) has been the top position in marketing. But as we dive into 2024, this royal title is getting a modern makeover that's turning heads across the business world.
Across industries, companies are recognizing that the CMO's responsibilities have grown far beyond the bounds of traditional marketing activities. Today's marketing leaders are tasked with driving comprehensive revenue generation and growth strategies, spearheading customer acquisition and retention initiatives, informing product development through data-driven insights, and fostering cross-functional collaboration with sales, product, and customer experience teams.
To accurately reflect this broadened mandate, innovative organizations are embracing new titles such as Chief Growth Officer (CGO), Chief Experience Officer (CXO), Chief Digital Officer (CDO), Chief Revenue Officer (CRO), and Chief Brand Officer (CBO). These updated titles better communicate the full range of responsibilities and the pivotal role these executives play in driving sustainable business growth.
But why the sudden rebranding?
Well, it's all about keeping up with the evolving reality of modern marketing.
For starters, effective marketing nowadays is a total team sport. Long gone are the days of working in glorious isolation – today's marketers must be masters of cross-functional collaboration, seamlessly partnering with sales teams, product squads, and customer experience gurus to drive growth.
There’s also the rise of data and analytics. With marketers now swimming in oceans of consumer insights and campaign metrics, having a solid grasp of data-driven decision-making is no longer optional – it's a core competency (one that is at the top of almost every job description we get from clients).
And let's not forget the ultimate bottom line: revenue and growth are the new marquee mandates. As businesses double down on driving sustainable top-line expansion, marketing leaders have been handed the keys to comprehensive revenue and growth strategies beyond traditional tactics like advertising and branding.
Many forward-thinking companies have already adopted these emerging titles, recognizing the importance of evolving job designations to reflect the changing marketing landscape. Notable examples include Uber, Spotify, Twilio, Salesforce, and many others.
Image: merit_la
What’s the future for CMOs?
While alternatives to the “CMO” title gain momentum, the future of the traditional CMO role also remains uncertain. Job postings for Chief Marketing Officers have notably declined in the past year, down from 62% on LinkedIn in February 2024 compared to February 2023. This suggests that companies are actively seeking alternative titles that better capture the strategic focus of these positions.
Additionally, the rise of the "fractional CMO" model has emerged as a potential solution for smaller businesses or organizations with more limited marketing needs. Fractional CMOs offer high-level marketing expertise and leadership on a part-time or project basis, providing a cost-effective alternative to a full-time, in-house CMO.
As we move through 2024 and beyond, more businesses will likely follow suit, acknowledging the necessity of evolving marketing leadership titles to keep pace with the rapidly expanding scope and impact of these critical roles. By embracing this shift, companies can better position themselves to leverage the full potential of their marketing leaders, driving sustainable growth and long-term success in an increasingly competitive business environment.
*Hiebert, P. (2024, March 11). CMO Job Postings Declined Last Month. Www.adweek.com. https://www.adweek.com/brand-marketing/cmo-job-postings-declined-last-month/
