It is concept that marketing is usually observed as artistic and creative style of attracting customers and increasing brand awareness in market. But due to some reasons CMO were not able to become CEO’s due to technology barriers:
- CMO were not able to show how customer’s maintenance effects organization profitability.
- They were unable to display how campaign effectiveness leads to revenue growth.
- They had not able to share the facts that how reviews of customer about product and services improving products.
So, these all were the fences which came when CEO position opened and CMO’s had not been able to convinced boards.
Reasons behind CMO spot on top
Cloud computing played an important role to change the whole lot and marketers understood all customers demand. Marketers devoted time and budget for data analytics so after all these investments they started to understand their customer requirements. From last a few years, Top management and boards observed that CMO’s played a significant part to extreme level regarding increase in business sale and revenue.
As world is going to be a digitalized so there are more requirements of digital skills. To cope with this CMO’s have appointed many specialists:
- To assure responsibilities related to data mining and consumer analysis.
- They come up with different digital channels, many analytical platforms and partners network.
- After digital transformation, CMO’s become as important as COOs, CFO’s and CIO’s.
Technology become very substantial force for business world than ever, marketing chiefs possess different information as compared to they own in the past. Now through these digital channels like internet and social media customer interface become as feasible as ever and it became trademark of today’s digital business.
How Digital Transformation help CMO?
Due to rapid change in customer’s segments, data analytics tools provide detail information related to sales trends, revenue, cycle times and opportunities. This information play a key role to making marketing strategies. In this time, customers use, distribute and share information through smart phone, tablets and portable devices. So, no one more close to customers than CMO as they know the trends through data analytics tools on these devices. This is major factor which drives CMO to top spot in consumer facing organizations.
Even though it is not easy, but CMO also become CEO of a company. In recent times following CMO’s become CEO’s of the organization:
- Former branding chief of McDonald’s Steve Easterbrook become CEO of the McDonald’s
- Kevin Hochman promoted from CMO to president of KFC.
- Mercedes-BenzUSA leapt from VP of Brand marketing to CEO of the company.
- CMO of AudiUSA Scott Keogh become President of company.
- Michelle Peluso CMO of Citigroup hired as CEO of online retailer Gilt
- Former marketing director operation of Ben van Buerden took responsibilities of CEO Royal Dutch Shell.
While after this trend of CMO’s hoping to become next CEO’s of the organization. It is necessary for them to invest their time to other division as well. They need to focus on the product and services of the company. Coming to next should be in their detail understanding. They need to assure their leadership skills by learning the roles and responsibilities of other departments.
CMO’s have amazing history regarding P&L experience- they always come up with amazing market share and organization profit, opposite from past now Boards give full opportunity to CMO’s for top spot. This digital transformation and data analytics skills will help which CMO’s can become CEO of the organization