Editor's Note: This post is sponsored content from AiAdvertising.
When it comes to job tenure, the average Chief Marketing Officer (CMO) faces a lot of uncertainty.
According to research from Spencer Stuart, most CMOs will only remain in their role for 40 months. That’s the lowest it’s been in a decade. It’s also less than CEOs who enjoy over twice that amount with 85 months in their position. There are many possible factors for why this is taking place but it’s not due to some sort of inherent deficiency within the role or the people who take it on. The truth is, CMOs are simply not being given what they need to succeed and are still unable to definitively answer the age-old question of, “what half of my advertising is working and what isn’t?” The fact that they still can't prove that their investments directly impact sales revenue is absurd.
CMO functions have expanded dramatically in recent years. On top of marketing strategy, brand best practices, and keeping up with the ever-changing industry landscape, they are now expected to take on a greater responsibility for revenue. In a recent article by Forbes, they say that a CMO must act as forensic accountant. As funny as this sounds it is how CMOs feel and still they lack the technology in order to perform such a task. CMO’s endure serious strain on a daily basis as they attempt to drive and maximize profit growth, while juggling everything else their position requires. Even the most talented professional would struggle to thrive in that sort of environment.
Thankfully, there is a solution to this problem, but it requires shifting the paradigm and going beyond conventional methods. Complacency cannot be part of a marketer’s worldview. If a CMO wants to stay in their role longer and have a better experience, then they’ll need to reinvent the acronym that makes up their title as: “Chief Monetization Officer.” They’ll need to be fully open to and adopt new technology that can facilitate their burgeoning workload, while enabling them to be far more proactive.
- Dealing with the loss of cookies and offering methods to leverage first-party data and the burgeoning field of behavioral data better.
- Gaining independence from the traditional advertising model and making sense of the existing data across their organization so they can deeply understand their customer and find new audiences
- Providing customers with a cohesive buying experience that strikes a balance between personalization and privacy while engaging them across multiple touch points and channels.
- Offering a unified platform for numerous marketing and integration tools as well as a dashboard for connecting the dots between investment and sales revenue.
- Customizing performance dashboards to reflect the most important KPIs for them and closing the loop between analytics and results.
- Exposing gaps in data and process to help decentralized teams (which are becoming the norm) work together.
- Maximizing revenue and profit through improved audience targeting, personas, predictive creative, and closed-loop measurement.
While these resources are unmistakably game-changing, the downside is that they’re all highly siloed. Some have multiple uses, but most of them are designed to help marketers with one particular problem or a singular use case. This can make it logistically difficult for CMOs to acquire everything they need and to be able to navigate smoothly between them. That’s where AiAdvertising’s patent-pending Campaign Performance Platform can make all the difference.
A CMO who partners with us will be able to carry out a wide variety of tasks from initial planning to ad personalization and proving investments, all housed within a single, convenient platform, but most importantly, they will be able to prove how their investments impacted sales revenue. They’ll have everything they need to generate more engagement, more revenue, and prove results via minute-to-minute campaign tracking dashboard that connects advertising analytics to sales transactions. All of these features are powered by artificial intelligence (AI) and machine learning and finally empowers CMOs with the data they need to prove their value to the organization and its bottom line.
AiAdvertising is redefining CMO from Chief Marketing Officer to Chief Monetization Officer so their new reality doesn’t just have to be a nice idea, it can be a data-backed reality. CMOs are uniquely positioned to have one of the biggest impacts on marketplace profitability. If they embrace what the Campaign Performance Platform has to offer, there’s no doubt tenure length will rapidly increase as they go from a creative asset, to an invaluable revenue-owning pillar of their organization.
Victoria Richardson is the Director of Marketing at AiAdvertising.