But for most businesses, marketing is far more complex than just setting up a lemonade stand. Chief Marketing Officers have to balance brand promotion, marketing communications, consumer feedback, strategic planning, market research, and even more. And despite the universally accepted importance of the role, if the business falls behind, you can bet the CMO will shoulder most of the blame.
A report from Accenture Strategy found that when a business doesn’t reach its growth goals, 37% of CEOs say the first person they’d fire is the CMO. This is backed up by a different report by Korn Ferry which finds the average tenure for a CMO is 4.1 years, the shortest among all C-suite positions.
Needless to say, CMOs have it rough. They are responsible for driving the growth of their business, but frequently have a hard time justifying their strategic actions and risk their jobs when objectives aren’t met.
How can we make the CMO’s job a little easier?
One effective and proven solution: brand tracking! We’ve heard from CMOs at both large and small companies that brand tracking has been an invaluable tool for them because it helps them prove the ROI of marketing activities, which 40% of marketers say is their single, biggest challenge.
Here’s how CMOs can use brand tracking to quantify impact, prove how their work contributes to the bottom-line and progress internally: