We’ve asked questions on CMO tenures in the past. But this one quotes a recent study. Without further ado, here’s Dr Bhaskar Das in the May 8 edition of Das ka Dum. Read on…
Das in the May 5 edition of Das ka Dum. Read on…
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Q. According to a Spencer Stuart study, average CMO tenures dropped to 3.3 year (or 39 months) in 2022, a drop of a month since 2021. Are you surprised?
A. I am not surprised. In fact when I interact with students, I refer to this on the basis of empirical evidence (neither through representative sampling nor through exhaustive research like Spencer Stuart) as I encountered in the real life marketplace. I must admit that I can’t generalise saying a definitive period of short lifespan of CMOs. It differs by sector, by legacy or start-ups, by individual etc. And one would get examples of both prolonged stay or short stay , depending on a combination of factors, I mentioned above.
I may list a few factors:
1) the pressure of VUCA and a concurrent pressure of performance, irrespective of sectors, 2) the imperatives of business and marketing have undergone significant shift including competitive dynamics , seismic shift in geo- political situation and shift in consumer behaviour,
3) the marketing function have also undergone tangible changes due to the need for leveraging technology and catering to a variety of customer cohorts,
4) the new age marketing guys need to be adept in multiple roles to deliver measurable marketing metrics,
5) fortune change in case of Startups ( read valuation or winter of funding etc) are also causing early exit,
and 6) asymmetry between velocity of aspiration for career growth of individuals and organisation’s plan for the individual.
These are some of the immediate reasons, which are affecting the life span of CMOs. The writing on the wall has been, however, looming large in the horizon for quite some time.