Move over CMOs, data-driven growth marketers are taking over
The CMO role has come under fire in recent years after a string of high-profile dismissals opened up a debate about the importance of the position in the executive suite. But, what's taking its place at some of the world's top financial institutions?
CMOs are having a tough start to 2024. UPS, Walmart and Etsy became just a handful of global firms that retired top marketing positions in recent months in favor of spreading out the role across other departments. Megabanks like Bank of America and Wells Fargo were some of the first to sunset the position in 2021.
After the dismissals, the importance of the position itself has come into question — opening up a debate about the need for a CMO on the C-suite. But if the recent exits are proof of the end of the CMO role as we know it, what’s taking its place at some of the world’s top financial institutions?
The underlying problem is that marketing is not traditionally tied to the C-suite holy grail of growth. Old-school marketing often involves taglines, logos and packaging, and primarily excels at bringing attention to existing products. But in a world where analytics is king, marketers are having trouble demonstrating their direct value to the company – and are pivoting quickly.
“Marketing plays a vastly different role in business today than it did just 10 years ago,” says Tamar Kassoff, vice president of growth marketing at the payments fintech Plooto.
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