Study Reveals CMOs Have the Highest Turnover Ratio of Anyone in the C-Suite1
CHICAGO, IL / ACCESSWIRE / May 4, 2021 / Matthews Marketing Consultancy, LLC (MMC), an independent marketing strategy group, today announced the launch of its unique marketing consultancy providing personalized marketing strategy and custom marketing solutions to drive growth and achieve clients’ goals. With deep agency and brand-side roots advising chief marketing officers and senior-level marketing leaders across multiple industries, MMC Principal Michael Matthews brings a wealth of experience and collaborative approach to companies seeking a fresh perspective on current industry thinking. MMC works as a strategic partner who promotes cross-team collaboration to develop comprehensive and multilayered marketing strategies that deliver compelling results.
A gifted strategist, innovator, and storyteller at heart, Matthews has led multiple marketing teams in his 20+ year tenure for top level brands and clients including Allstate, General Motors, Amtrak, Chevrolet, and more. Through his in-depth experience across multiple industries including transportation, hospitality, tourism, automotive, healthcare, retail, insurance, franchise, and outdoor adventure, he has recognized an untapped need. Top-level marketing executives are seeking senior-level experience to help guide the development of their marketing strategy. MMC aims to fill this gap.
‘Developing the marketing strategy is the most important part of the marketing plan. But it’s also the hardest thing to develop for many marketers,’ explains Matthews. ‘It is the architectural blueprint of the marketing plan and if developed well, it serves as the framework which the whole plan follows. Marketing plans are not necessarily designed this way, but it’s the key to success. We help design it; the CMO takes the credit.’
Matthews Marketing Consultancy (MMC) will support CMOs with efforts to narrow their focus to chunks of measurable and achievable outcomes as part of the marketing strategy. Emphasis will be placed on demonstrating results to the CEO while showing how marketing impacts bottom-line revenues. MMC will facilitate the development of the marketing strategy blueprint so that it demonstrates usable success metrics.
MMC has designed eight product-service offerings ranging from developing a comprehensive marketing strategy to developing a specific component of the plan. MMC can help CMOs when they are in a time crunch, or audit the marketing plan for critical components prior to the big presentation. MMC can also serve as a strategy coach, provide quality assurance, facilitate leadership meetings, or serve as an interim CMO. Helping CMOs and their team achieve work-life-balance is the common thread that connects all MMC’s offerings.
According to a recent study, the average CMO in the U.S. stays in the job for just 4.1 years, that is half the average tenure for a CEO at eight years, and less than CFO, CIO, and chief HR officer (CHRO). With statistics in mind, MMC draws parallels between business success and work-life-balance with CMOs’ career longevity, and underscores the importance of supporting the senior marketing executives while positioning them as the expert. MMC is prepared to work behind the scenes so that the client receives the credit and can demonstrate measurable value to the company. Matthews states, ‘our goal is to help CMOs be more successful than they have ever been at work, while getting their work and life back into balance.’
Marketing veteran Amy Graham has joined forces with the MMC team and serves as Vice President of Account Management. A ‘mompreneur’ who has built two successful businesses while raising three fantastic children over the past 20 years, Amy has honed problem-solving in ways only a mom can.
With roots in marketing and advertising, Graham has previously led trailblazing programs for high-profile national clients including Allstate and is well-versed in digital media. ‘As the account management lead of MMC, I can promise you that my main goal is to make you, my client, successful in business, and that you make it to the kids’ games on the weekends,’ states Graham.
For more information on Matthews Marketing Consultancy, contact Michael Matthews at [email protected] or 773.368.7272.
About Matthews Marketing Consultancy
Matthews Marketing Consultancy is redefining the ad agency offering with an untraditional approach to providing a narrowly focused service. MMC is here to help you, the CMO, develop smart marketing strategy while maintaining work-life balance for you and the team. Visit Matthews Marketing Consultancy at their website and schedule a consultation meeting, sign up for blog posts, and monthly newsletter: www.matthewsmarketingconsultancy.com
1. Harvard Business Review. Source: CMO Impact Study, 2014-and 2015, by Kimberly A. Whitler. From “Why CMOs Never Last,” by Kimberly A. Whitler and Neil Morgan, July-August 2017. Survey conducted by Korn Ferry July 2017 and again in 2019. CMOs have the highest turnover in the C-suite. According to an analysis by Korn Ferry, they stay in office 4.1 years on average, while CEOs average 8 years; CFOs, 5.1 years; CHROs, 5 years; and CIOs, 4.3 years. Our own research indicates that churn rates may be even worse: We found that 57% of CMOs have been in their position three years or less (Kimberly A. Whitler and Neil Morgan). Sample: The Korn Ferry analysis of age and tenure of members of the C-suite (CEO, CFO, CIO/CTO, CMO, CHRO) at the 1,000 largest U.S. companies by revenue took place in late 2019.
SOURCE: Matthews Marketing Consultancy
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