More power and influence but CMOs are struggling to capitalise

The founder of a global marketing program says CMOs risk undermining their hard won power and influence if they fail to educate the c-suite about marketing’s ability to power growth.

Chief marketing officers have more power and influence in the c-suite than ever before, but too many are failing to wield it correctly, according to The Marketing Academy chief executive Sherilyn Shackell.

The London-based founder of the global non-profit organisation, which runs programs for emerging and senior marketing leaders, said CMOs around the globe were facing the same challenges as the tough economic conditions conflate the changing remit and create difficult tensions.

“The expectation on the role of the CMO is getting bigger, and rightly so, in terms of the impact that the CMOs have always had the power to make. (The difficulty comes) because CEOs don’t usually speak the language of the CMOs and vice versa, so there can be real problems in expectation management when you’re influencing up,” Ms Shackell said.

“That’s an issue because, as the markets tighten, the results are going to need to be seen quicker, and the ROI will need to be faster and higher. And that drives more performance marketing, which means the real art of the CMO, which is a much longer-term build, will be suppressed.”

Ms Shackell warned the fear of redundancies and terminations was creating an issue with safe work that fails to deliver in either a positive or negative manner, and risked undermining the hard-won influence marketers have gained in recent years.

“I saw the term in an article here, ‘Survive ’til 2025’. I mean, that is shit, because the courage and bravery that is required in the CMO suit is going to take a step back if we’re not careful. We know that magic happens when courage is behind it and I hope that there’s some real visionary CEOs out there that can recognise that marketing has the power to see them through the shit storm and right out the other side, and that they will stand behind their CMOs.”

However, Ms Shackell points out that trust “is a two-way street” and she encourages CMOs and senior marketers to develop strong respectful relationships with the rest of the c-suite and the board to ensure the decision-makers understand the power and importance of long-term brand investment.

“The CMO role is becoming far more aligned to growth, far more commercial, far more aligned to revenue and profitability. It has also become so much broader over the last five or six years, and those jobs are three times the size, three times the pressure, three times the stress, three times the expectation, and all of that together is a bit of a microcosm of pressure that CMOs are facing today everywhere, in the UK, the US and Australia.”

Ms Shackell, in Australia to celebrate The Marketing Academy’s 10-year milestone in the market, said that despite the differences between the markets, the CMOs she speaks to through the organisation were all adapting to the same challenges. And despite the pressures, she believes it is actually a great time for marketers and the industry.

“I’ve got to be honest, overall, it’s a bloody exciting time to be in marketing. Finally, the boards are really waking up to the power of what we do. That’s taken decades, but they are now really, really seeing it. We’re seeing more of our fellows around the world getting board seats. We’re seeing them able to influence the c-suite more once they understand that they need to change their language lexicon completely. And I believe that there is definitely a trend towards wanting the marketing skill set in the centre of the boardroom and with the advent of all of the new stuff,” Ms Shackell said.

Her comments come as local agencies warn against marketers playing it safe under the current economic pressures and the threat of losing their job. Creative innovation studio R/GA Australia recently spoke to The Growth Agenda about the declines in marketing effectiveness and the perceived links between falling corporate confidence and mediocre work.

Ms Shackell said the great danger is for marketers to become risk averse.

“It doesn’t necessarily have to be risky work, or out-there, quirky stuff, but you need to dig deep. We’ve always said to our fellows, be prepared to be fired for something you believe in. Be prepared to stand in front of the entire board and say, regardless of what your personal views are, I am telling you this is going to work and, if it doesn’t, fire me. You know, it’d be horrible to just slide through 2025 doing really boring work.”