Chief Marketing Officers Need to Adapt or Risk becoming Extinct
In 2022, Chief Marketing Officers (CMOs) will need to either expand their skill set and value they bring to their organization or run the risk of being eliminated. For the past several years, the CMO position in corporate America has been on the decline.
Branding has changed. It is no longer about building a perception in your customer’s mind. In the age of smartphones and social media, customer experience is the new branding. Customers are defining the brand to the business and everyone else, and we can find out what a large percentage of them think about any brand within minutes by simply searching Google.
What CMO’s can do about it
According to Gartner, customer experience drives over two-thirds of customer loyalty, outperforming brand equity and price combined. In fact, a good customer experience makes a person five times more likely to recommend a company and more likely to purchase in the future. That’s some serious revenue at stake.
Many of these companies who have eliminated the CMO have replaced it with a Chief Experience Officer (CXO) or Chief Customer Officer (CCO). “If you’re a Chief Customer Officer, it means everything that touches the consumer is going to be your responsibility,” says Keith Johnston, Vice President and Research Director at Forrester Research, Inc.
It is not all bad news for marketers, as long as they are willing to broaden their expertise. The new CMO will thrive as they take on brand’s overall experience, which not only includes the customer experience (CX) but the employee experience (EX). On the other hand, some CMOs won’t be able to keep up and will get sidelined. They may end up reporting to a chief customer officer (like at Walmart) or seeing their position eliminated altogether (like at Bank of America).
*Related – Marketing Will Soon Report to Customer Experience
Registration closes soon for Class of ‘22 CX Executive Academy
Our 2022 Customer eXperience Executive Academy (CXEA) has only a few spots remaining. The CXEA course is a 12-month part-time program. The CXEA student is required to attend quarterly 3-day intensive training sessions, in Cleveland, as well as participate in virtual meetings twice a quarter. Quarter 1 is February 22nd-25th.
Having worked with the top Customer Service organizations in the world, The DiJulius Group’s CXEA course gives you both theoretical and practical experience on how to elevate the levels of service at your company. With the increasing need for the Customer eXperience Executive in businesses today, the CXEA teaches the X Commandment Methodology, which covers all facets and responsibilities that fall under Customer Experience. Unlike any other institution, the CXEA’s focus, strictly on the Customer and Employee experience, prepares leaders to champion change at any company, regardless of industry.
Choose Your Story, Change Your Life
Stories shape our lives every single day, but what self-stories are you telling yourself? Do you even recognize that they are there? Kindra Hall, Chief Storytelling Officer at SUCCESS Magazine and former Customer Service Revolution speaker, just released her second book Choose Your Story, Change Your Life this week! Learn how to identify the stories you tell yourself, challenge them, and take control to become the author of who you want to be.
