We’ve all heard about the declining collective faith in CMOs. The Wall Street Journal recently put an exclamation point on this topic by publishing the results of a study conducted by the top U.S. ad spenders which placed the average tenure for CMOs at just 42 months.
Compare this to their peers in the C-Suite and you see a stark contrast, exposing what can best be described as a complete and utter lack of faith in yesterday’s coveted marketing leadership position.
So, why is marketing’s flagship taking on water? Ask anyone close to the digital agency space and you will find a strangely pervasive undercurrent – a rare point of agreement in a space that often makes it’s living on being controversial and contrarian. I spend any downtime I’m able to pry from the tight grip of LeadMD talking to marketers, executives and my competition.
For years now I’ve made a practice of having off the cuff chats with folks who compete for the same logos as we do, both as a means to ensure I’m not missing anything but also as a way to share my experiences and get advice. For the last 18 months these conversations have been uncharacteristically similar.
Orgs are having a huge problem bridging the gap technology has created. Your old guard of experience has ZERO idea what it takes to make modem day technology succeed, or even what’s necessary to get at basic KPI’s that any first year Marketing Director would cite as critical. I’ve made a few posts on this lately and the answers overwhelmingly support this thesis.
As a result of these knowledge gaps, largely, technology is failing. We talk to thousands of organizations each year and we benchmark each of them as part of our consulting process. The biggest problem that we run into during these audits is not formulating a solution for what we find as you might expect, it’s availability of metrics that would highlight the issue in the first place.
I’ve seen many CMO’s and Marketing VP’s demand performance based engagements but at the same time unable to provide a baseline to measure that performance against. The result is always an operational engagement to build a foundation, before we start building a home.
The problem is that most of these orgs already had a home built, an incredibly unstable one that wasn’t safe to inhabit and when that’s discovered, there’s a really good chance that previous homebuilder is getting the axe.
So, what’s the solution to this problem? How do we turn the titanic and educate CMO’s and others executives about what it truly takes to succeed with technology and the fallout needs it creates?
I was presented with a sneak peek of a piece that Joe Chernov and Jason Miller put together on marketing, sales and business ops. Depending on the day, Joe is campaigning for either the title of Godfather B2B of Content Marketing or Paulie Walnuts from the Sopranos and Jason is a hair metal groupie and photog who keeps a day job as one of the most engaging speakers in B2B marketing.
Long story short, you know the content is going to be good when these two are involved so I couldn’t help but dig in. It turns out the piece also reveals the true reason behind marketing’s overarching CMO issues – at least for me.
Squarely, the piece titled: Tech’s “Rhythm Section”: Sales, Marketing And Business Operations reveals the massive need we have created for individuals who can boil high level asks down into tactical outputs and essentially plug all of this stuff in and make it work. As much that is written about the shrinking trust around marketing execs, an equal or perhaps even greater amount is being said about the necessary talents to provide the connective tissue between the platforms execs purchase.
At the heart, data is the key to everything we do in marketing. Either we’re gathering it, standardizing it, storing it, keeping it current and using it to form both online and offline conversations – or we’re not. Largely, we’re not.
The number one complaint we hear from customers, after the gripe that they are not getting what they expected out of their technology purchases, is the admission that their data is poor and holding them back.
This is another consistency from those conversations I mentioned earlier – I find that despite the fact that marketers freely admit their data is in bad shape, they’re unwilling to spend money to truly remedy the problem.
They implement a short-sighted fix or bring on a vendor and get back to attempting to futilely pull accurate metrics. Of course, there is no quick fix to a data problem. They require comprehensive data waterfalls and storage and they require talented folks to see this through and manage it.
In reading through the ops report Joe and Jason sent, it’s clear we have started to realize this. The demand for Operations professionals is enormous. As you look closer however you also see that there are no real standards for excellence or even competency when it comes to selecting an operations hire.
Now, finally I get to my point and the reason for the CMO tie in here.
CMO’s are not going to become ops professionals overnight, likely they won’t even near competency. Why? Because frankly CMO’s shouldn’t need to bury their head in tactics – but they should be able to understand the talent required to run these enterprise level stacks and they should be able to hire with confidence and understand exactly what it means to be an expert.
It’s critical to their success. (In fact, the need is so great we spun out a startup called Six Bricks where we are currently in BETA to solve for this problem.) A CMO who can’t produce reliable metrics which demonstrate a real impact to the business based on their marketing activities is a CMO carrying a box down the street.
So, I’m hoping that this report will be eye opening in the sense that we have under-valued, and frankly under-invested, in operations for far too long.
Organizations NEED these folks to succeed with the technology that has become common place, even within the average startup environment. Tech vendors need to stop positioning these ‘solutions’ as easy and automated. And CMO’s need to take a hard look at the team they have in place. As the cliché goes, you’re only as strong as your weakest link and with the CMO role serving more than ever as a constant revolving door we can surmise that more time needs to be spent on bringing in the experts and investing in the necessary supporting structure before you go breaking ground on that new house.
Meet Justin Gray
Justin is a serial entrepreneur and the CEO and founder of LeadMD, the world’s largest revenue operations agency having implemented over half of the Marketo user base. Justin has made a career of launching successful companies and scaling them, with successful exits of over 200MM+ in the last decade. Justin’s latest endeavor launched in 2016 when he co-founded Six Bricks an online learning startup designed to combat employee and customer churn through experience-based education. Over the past 10 years, Justin has emerged as a strong voice for entrepreneurship, marketing and culture. As a recognized speaker, Justin has been published over 350 times in industry publications and holds his own column, Tribal Knowledge in Inc., while writing for Entrepreneur, Tech Crunch and others. Justin and his wife Jennifer met over marketing and three years later welcomed their son, Grayson, into the world in April of 2017.