In large companies today, the Chief Marketing Officer (CMO) is a senior role that is an integral part of the company’s executive team. While you are likely familiar with the role of a marketing executive, this role will report directly to the CEO of the company and is responsible for the growth and the performance of the organization. They have influence over many departments within the company and will help make key decisions along with the Chief Financial Officer in regards to acquisitions and mergers in the future. You’ll generally find the CMO position in large corporations within the private sector.
What are the Key Responsibilities of the Chief Marketing Officer?
The number one aim of the CMO role is to help a company increase its revenue by forming a marketing plan. They will work to put their company ahead of its competition, and therefore certain skills and knowledge are expected from the CMO in order for this to be successful. Brand management is a key area for the CMO to focus on, and they will want to work to create a good relationship between the brand and its target market. Brand awareness is something the CMO will create plans to improve, which should also help increase brand loyalty in the long run.
To help make some of the critical decisions that are required by any business today, market research will be led by the CMO. Using various different techniques, their team can collect information about the needs of their target market and their competition. Popular methods of market research include focus groups and customer surveys. The team will then analyze this data, and the CMO will be able to present their findings to the CEO and the rest of the executive team.
Marketing communication also forms another huge part of the CMO’s work. They’ll need to ensure the messaging from the company is consistent and in line with the brand’s image and vision. They’ll oversee the direct marketing and advertising campaigns that the company creates and will ensure they work effectively to improve brand awareness. As well as marketing products, the CMO helps with product management and development. They will work to identify the needs of their target market and find gaps in the market for new products and services the company could provide. They’ll also provide the support that’s needed for the launch of a new product, as well as monitor the reaction to any launches.
A Day in the Life of a CMO
As with any executive position, no two days working as a Chief Marketing Officer will be the same. However, there are certain tasks that can be expected to be performed by anyone in this position on a regular basis:
- Researching and analyzing the customer experience, in order to try and improve the company’s performance
- Create strategies for digital marketing and modernizing the brand in this manner
- Regular meetings with the CEO and executive team
- Attend board meetings as required
- Work to increase brand awareness and review all communication to ensure it’s in line with brand standards
- Review the company’s online presence and conversion rates
- Analyze the sales and customer experience data
- Create a marketing budget and track this regularly
- Market research activities and reporting on these activities
- Overseeing the marketing team and communicating with leaders in this department
- Product development meetings
- Set and review KPIs
- Identify expansion opportunities in the market.
What Skills are Required to Become a CMO?
The CMO position is one that’s primarily found in larger corporations, and in these circumstances, the position and CMO salary is highly sought after. Some of the key skills that anyone must possess for this position are strong leadership and an influential personality. You’ll need to work with the CEO to inspire change in a company and persuade others in your team to act accordingly. Excellent verbal and written communication is required for this position, as you’ll regularly be involved in the marketing campaigns for the company and will need to offer your input for where changes could be made. It’s also crucial that a CMO possesses strong research skills. Marketing is now heavily driven by data, and a good CMO will know how to analyze data to create change for their organization.
The majority of CMOs today will hold a marketing degree, MBA in Marketing, or an MBA in Business. On top of that, they’ll need to have multiple years of experience within marketing. While you may be promoted into this position internally, a CMO is often brought in from the outside in order to improve the marketing of a company. You’ll need to have experience in the industry in which your new business is positioned and have held previous leadership positions where you directly managed at least ten employees. CMOs today need to be computer literate and have experience with digital marketing, data analytics, and social media marketing. You will be expected to understand both traditional marketing methods and digital ones that are being used more regularly today.
Chief Marketing Officers in Various Industries
A CMO will generally work in a corporate environment and will often have many teams that report to them either directly or indirectly. Due to the various industries in which marketing is needed today, you can expect this position to vary from company to company. The CMO position may look completely different in the retail, pharmaceutical, manufacturing, or automobile industry, and you’ll likely need experience in these fields to apply for a role within a company in the industry. Some CMOs have more experience in one area of their role than others, whereas others can turn their hand to anything that’s needed.
What is the Difference Between a CMO and a Marketing Director?
One of the most commonly asked questions today is what is the difference between a marketing director and a CMO. Large marketing companies often have both positions, but some may opt to stick with just one. The CMO will be more focused on the marketing strategy, whereas the marketing director is the one that looks after the staff in the department and supports the campaigns and initiatives that the company is following. Some companies just have a marketing director, and when that’s the case, they’ll often focus on strategic development as opposed to the delivery of the marketing activities.
A CMO is a key position in many of the world’s top organizations today. Their experience and knowledge about marketing can help to increase profits for companies more than they would without a CMO. Working alongside the other executives, they can help to identify gaps in the market and increase the profits for your organization in the future.
