More Stability In The CMO Suite
A few years ago the median tenure of CMOs at US companies was a paltry 27 months. That means every two years or so a company could expect to replace its CMO, from either performance related turnover or competitive poaching. When you consider how long it takes for CMOs to build a team, review their incumbent agency, and set a new strategy in motion, it’s amazing that any real marketing progress is ever made.
Now it appears the CMO revolving door has started to slow down a little. According to a new Winmo study, the median CMO tenure has increased by half a year to 33 months. This may not seem like an earth-shattering change, but that’s a 22% longer in-the-job life expectancy than just two years ago.
I’m guessing companies are figuring out that it’s often better to let the current CMO’s strategy play out than try to keep chasing the shiny new marketing toy every few years. Who knows, maybe if the CMO turnover cycle slows down there will be fewer agency reviews in the future. Ok . . . maybe that’s too much to ask for! 🙂