Source: Marketing Dive
Greater representation in 2019 coincides with a period of transition for the CMO role as marketing departments are being reimagined, an evolution that could come with new opportunities. Last fall, Forrester predicted that the CMOs will find themselves in a "desperate fight for survival" in 2020. The key will be establishing control over the customer experience in order to provide value, per the report.
With more women and minorities at the helm of the marketing department, these brands have an opportunity to develop more diverse voices in their advertising. Brands that show a broad variety of cultural and demographic groups in their advertising see improved perception among consumers and stock market gains, per a study from Deloitte-owned agency Heat.
However, since the Spencer Stuart report covers a period before the coronavirus pandemic hit, it's too soon to know whether the growing diversity among CMOs will continue during a period of significant upheaval.
"As we all know, we live in a very different world today, and CMOs have seen their jobs change immensely — and quickly," said Greg Welch, who leads Spencer Stuart's marketing, sales and communications practice, in a statement. "Traditional best practices do not apply in many cases, with some companies changing their business models and others simply fighting for survival. Looking ahead to the coming weeks and months, CMOs will be tasked with balancing the demands of ‘now,’ with an eye toward sustaining longer-term viability."
Read the full article at Marketing Dive