Technology has taken marketing beyond the basic four Ps of the marketing mix -- product, price, promotion and place -- to include the three Ps of service marketing in the 21st century: people, process and physical evidence. Media that have emerged with the Internet present untapped marketing potential that must be considered in strategy development. According to author and lecturer Martin Roll, businesses turn to the chief marketing officer (CMO) to harness technology and transform it into marketing mix strategies that create sales, profits and customer satisfaction. The CMO, says Roll, serves as a “strategic connection” linking the board of directors and senior management team with the customer.
CLevelCrossing, an executive job board, describes the CMO’s job as leading all aspects of marketing -- advertising, product development, marketing communications, pricing and sales management -- to build the company brand and image and ensure delivery of positive customer experiences. The CMO carries responsibility for developing and executing strategies that use the opportunities presented by technology to gain customer loyalty and give the organization a competitive edge.
In addition to being well versed in the various aspects of marketing, a CMO must have what CLevelCrossing calls “strategic vision” with a combination of analytical skills and creative acumen. A successful CMO has an understanding of market research and data interpretation and how to use research findings to establish objectives for the company, according to market researcher David Cooperstein. This is a position of leadership, requiring an ability to motivate and build teams as well as garner board approval for recommendations.
The CMO controls marketing activities that attract customers, but often has limited control over how employees interact with those customers. Marketing research expert David Cooperstein reports that fewer than half of the CMOs he surveyed oversee customer service departments and loyalty programs. This lack of control leads to job dissatisfaction. A CMO stays in his position only 22.9 months on average, according to CLevelCrossing.com, compared to a chief operating officer, whose stay averages 53.8 months.
CLevelCrossing puts the average annual CMO salary at $196,444, noting that factors such as location, experience and employer influence base compensation. Another job board, INDEED.com, however, lists the average salary at $255,000 as of October 2010. Executive benefits, according to Salary.com, include bonuses, health care, retirement savings (401k) and paid time off.