There is an interesting and insightful article written by Dominique Turpin, the President at IMD, that you should strongly consider reading that discusses the quickly declining role of the Chief Marketing Officer (CMO) in today’s corporate structures. Turpin writes that the decline is due to several key factors such as a lack of immersion in marketing efforts by CMOs, the increase in power of Chief Financial Officers (CFOs) [and an increase in Chief Executive Officers (CEOs) with a finance background], and the fact that marketing is hard to measure and even harder to define.
Turpin suggested that CMOs consider a re-imagined role and a new job title of Chief Customer Officer (CCO) where the focus is squarely on the customer, and being the voice of the customer. Then the old CMO role can transition over to the CEO who really should take the reigns of this position, while showing all employees the importance of putting the customer first (and that every single person in the organization has a responsibility to the customer).
With the shift in roles, the CFO can also take part in helping to develop the customer-focused approach, and complement the CCOs task of showing the return on investment from marketing—especially since there is a high demand for CCOs to be both financially literate and able to “produce hard numbers” while not encroaching too much on the CFOs role . The new CCO position places the customer back in the middle of the organizational “pie” and helps to realign the thought process from marketing and innovation back to the number one priority—customer satisfaction and relations.
Read more of Turpin’s article here:
Share your thoughts? Is the CMO dying a slow and painful death? Is the position dead and we just don’t realize it? Does your organization still have a CMO position? Or has it transitioned to another more measurable and identifiable role, as defined by Turpin?
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