MARKETING leaders (and their teams) are often in a revolving door, more quickly out of a role than other senior management.
Yet research shows it’s not wise. Why? Because CEOs in high marketing capability firms have 35% more months in their jobs than do CEOs in low marketing capability firms (source: Forbes).
The average tenure of a Chief Marketing Officer in the US is just 4 years, behind the average for the C-suite of a little over 5 years. Part of the true reason for this is down to the “exceptionally complex” nature of the CMO role (source: Marketing Week).
It’s worth reading Kim Whitler’s Forbes piece here to check to see if business leaders are taking marketing seriously… http://bit.ly/mktg-bullets
Are you a CEO, CFO or CIO – or other boss – criticising bad marketing at your firm? Then pause and consider the following 5 Mckinsey questions:
1. What exactly influences your consumers today?
2. How well informed (really) is your marketing judgment?
3. How are you managing financial risk in your marketing plans?
4. How are you coping with added complexity in the marketing organisation?
5. What metrics should you track given your (imperfect) options?
Be honest. Could you answer them? If not, then ask yourself if you should learn a little more about marketing.
Like all management, marketing is part of the team. To keep shooting the marketing messengers, revolving door-style, could end up like Russian roulette gambling – eventually, if not instantly, you could lose… badly.
Here’s a challenge to business leaders and senior management… Support your marketing team, possibly by working with them more – or at least get closer to your customers.
Spend some quality time immersing yourselves in marketing. Go on… try to live + understand your customers’ cultures to better appreciate marketing challenges.