Marketers Are Behind: Here’s How to Win Back that Competitive Edge
Trending
The Chief Marketing Officer (CMO) position as we know it is in trouble. Companies like Taco Bell, Uber, Johnson & Johnson, and Hyatt Hotels have eliminated the CMO position and course-corrected with replacement roles like Chief Growth Officer, Chief Experience Officer, or Chief Revenue Officer. Only 70% of Fortune 500 companies had CMOs in 2019, down from 4% in 2009, and their tenure is the shortest of the C-suite at 3.5 years.
These trends reflect a transformation that has marketers losing their seats at the table, which is strange because marketing budgets are higher than ever. Overall budgets have risen to 11.8% in 2022, resetting to pre-pandemic levels.