The Fast Company Impact Council reflects on the evolving role of CMOs amidst changing perceptions and budget challenges. The 2024 CMO Tenure Study reveals that the average tenure for Fortune 500 CMOs remains at 4.2 years, marking a stabilization after a decline. Despite this, CMOs are navigating a reality where marketing budgets have decreased from an average of 11% of overall revenue pre-pandemic to just 8.2%. This shift, paired with the necessity for tangible results, adds pressure to CMOs as they operate like orchestra conductors, ensuring harmony within their organizations.
CMOs are currently experiencing a challenging landscape, with their tenure stabilizing after years of decline, but their perception and budget allocations remain under pressure.
The CMO role is now more akin to an orchestra conductor, with heightened demands to ensure seamless actions among varied departments under scrutiny.
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