Here, Sherilyn Shackell, founder and global CEO of The Marketing Academy, explains why, despite much noise to the contrary, the future is bright for CMOs — with a caveat. The future is only bright for those CMOs that seek to become true champions of overall business growth and communicate with boards in the language that they speak — revenue.
A 2023 research study by McKinsey found that organisations with a strong marketing focus are twice as likely to achieve growth compared to their peers. Wait, what? Does that mean that companies that place marketing at the core of their growth strategy perform significantly better than those that don’t? No shit, Sherlock!
The Marketing Academy has run our CMO Fellowship Program (a development program exclusively for brand-side CMOs seeking to become CEOs or take broader board roles) for 10 years in EMEA, USA and APAC and I’m getting bored of banging the drum. I’m bored of waiting for boring board members to recognise what our entire industry knows… having deep marketing expertise in your boardroom WILL result in higher sustainable growth.
I can make a compelling case for boards to promote their CMOs immediately. I can even make a strong case for ensuring that CMOs are on a career path to become the de facto successor to the (sharp intake of breath) CEO. But the people making those decisions are not reading this article. You are. And I’m assuming you’re reading this because you, y’know, work with, want to be or are a CMO right now (if I’ve got this wrong, save yourself some time and turn the metaphorical page).
You might be thinking I’m about to wax lyrical about the strengths and capabilities of CMOs, you might be hoping for a few minutes of ego-stroking as I soothe your frustrations by affirming how brilliant you all are. I could do that – I could talk about how CMOs are THE BEST, and in some cases the only, drivers of growth, innovation, creativity, commercial success, customer acquisition, retention and consumer loyalty. I could also talk about how the CMO skillset lends itself to outstanding leadership in every context and how the unique blend of right and left-brain thinking combined with extraordinary financial and data acumen in addition to superb communication and storytelling ability can add massive value to all boardrooms.
But that’s not what this article is about. This is a bit of tough love. Because, in my opinion, the success of CMOs and their accession to board stewardship (or lack thereof) is really down to one person – the CMO themselves. Shocking, I know.
So what gets in the way?
Yes, there are some barriers (there are quite a few more but I’m trying to balance the negatives with hope).
The role of the CMO is ill-defined
Quoting McKinsey research again (they’re not perfect but I work with McKinsey teams internationally within our Fellowship Program and I love them) whilst 90 per cent of CEOs believed the marketing remit was well defined, just half of CMOs agreed. Furthermore, two-thirds of CMOs reported that there are two or more C-suite leaders who oversee marketing and related activities. Frankly, having too many people with ill-defined roles leads to way too much buck-passing and a complete lack of ownership and accountability. Or in other words… it’s a clusterf**k.
The CEO doesn’t listen to the CMO
No shit! The two speak entirely different languages. It’s no surprise that a CEO switches off after hearing at least 10 marketing buzzwords they don’t understand in a single sentence.
CMOs are scared of being fired
Well, well, well, who’d have thought it? I mean, you get to the pinnacle of your marketing career, you’re earning the most you ever have which is directly linked to the size of your mortgage and you know that your average tenure will be three to four years depending on the country you’re in? Yep, that’s some scary shit.
How can CMOs level up?
Here’s the good news. CMOs can do something about these and other barriers. Here are a few of the things we encourage our Fellowship cohorts to think about:
1. Be in the Room Where It Happens
Unless you’ve been exposed, at a meaningful level, to the machinations of a boardroom, it’ll be a brave company that moves you up. So, get yourself some experience pronto. Secure a seat at the executive table, especially in companies where a growth or customer-related role is missing from the CEO’s inner circle. It doesn’t need to be in your company, or even in your industry, it’s about understanding Board craft and learning the language. Board or trustee roles at NFPs or charities are goldmines for this.
Become a trusted partner to the CEO, by bridging the gap between marketing and business strategy and then demonstrate the direct impact of marketing metrics on business outcomes (addressing the concerns of the 60 per cent of CEOs who have no idea of what the marketing metrics are even saying).
Cut the jargon and use only the language they understand – mostly financial. Focus on growth, not your precious marketing campaigns.
2. Be the Change You Want to See
Position yourself as a commercial business leader who happens to specialise in marketing, rather than a marketing executive concerned only with brand and comms.
Walk in the shoes of both the CEO and CFO for a while – find out what’s keeping them awake at night and align everything you do to help them get a good night’s sleep. Understand the financial drivers of the company and the strategy with insight and senior acumen. Embed yourself in the company’s growth strategy, actively participating in the development of new business initiatives.
Work on your leadership skills and focus on talent acquisition, retention, and development. Building a world-class marketing organisation is a cast iron way of proving your value and potential. The same skills can be applied to an entire organisation.
Build strong relationships with all stakeholders and ensure constant proximity to the main board and executive committee.
Get your hands on a P&L, size doesn’t matter, understanding it does.
Embrace the role of the company storyteller and take ownership of the narrative.
3. Be Braver
Be prepared to take risks and face the possibility of failure or being fired for backing the things you believe in. Honestly, you’ll always be able to get a job somewhere, but if you don’t back the big ideas, embrace the scary options and swing out big, then you won’t get (and probably don’t deserve) the respect of your CEO, board members, stakeholders, teams or your partners. Stand firm in your decisions and take responsibility for the outcomes.
Act with confidence and step into the roles you aspire to achieve. Fight to balance long-term strategy with short-term results, ensuring sustainable growth, and encourage the teams around you to do the same.
And finally…
The required and long-awaited ascendance of the CMO from marketing specialist to boardroom visionary is there for the taking. As companies increasingly rely on marketing to drive growth and innovation, the role of the CMO will continue to expand. The CMOs who step up, adapt, lead, and take ownership of their role and its impact will not only survive but will thrive in board rooms everywhere.
The future really does belong to those who are bold enough to seize it.
