Summary
On the last episode of season four of the Rethink Marketing Podcast, Colin Jeffries and Paul Frodge unpack the relatively recent trend of eliminating the Chief Marketing Officer (CMO) position. Many notable brands, including Walgreens, Etsy, Johnson & Johnson, UPS, and more have taken this step. This podcast episode explores whether removing the marketing executive is a long-term solution to underlying problems. Should we follow suit? Is there all that much risk in trying it? After all, McDonald's eliminated their Global CMO role and brought it back within 12 months, so what do we have to lose?
Takeaways
- The elimination of the CMO role is not a one-size-fits-all solution and depends on individual organizational context.
- Financial struggles often lead to the cutting of marketing expenses, including the CMO role.
- The CMO plays a crucial role as the voice of the customer and in driving revenue growth.
- Expanding the skill set of the CMO and aligning marketing responsibilities with other C-suite positions can enhance the value of the role.
- Alternative approaches, such as agency partnerships, can provide cost savings while maintaining marketing expertise.
Chapters
- 00:00 - Introduction: The Trend of Eliminating the CMO Role
- 02:08 - The Financial Struggles of Companies and the Impact on Marketing
- 03:24 - The Role of the CMO and the Voice of the Customer
- 05:27 - The Value of Marketing in Different Business Life Cycles
- 07:28 - The Reporting Structure and Alignment of Marketing Responsibilities
- 09:44 - Factors Influencing the Elimination of the CMO Role
- 10:25 - Expanding the Skill Set of the CMO Role
- 11:40 - The Impact of Other C-Suite Positions on the CMO Role
- 14:22 - Case Study: McDonald's and the Elimination and Reinstatement of the Global CMO Role
- 16:56 - Considerations for Eliminating the CMO Role in SMBs
- 18:03 - The Importance of Individual Organizational Context
- 19:08 - Alternative Approaches: Agency Partnerships and Cost Savings
- 20:21 - Conclusion: The Continuing Relevance of the CMO Role
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