Building trust: Navigating the changing landscape for CMOs and senior marketing leaders
The environment for marketers is constantly changing, now, more quickly than ever. CMOs and senior marketing leaders find it “almost impossible” to keep up with job demands according to Forrester’s Mike Proulx.
More and more marketing leaders are turning to executive coaching as a key strategy in coping with stress. In particular, CMOs look for the support of executive coaches who also have a strong background in marketing leadership, and who understand the unique challenges of functioning in today’s marketing environment.
CMO performance under the microscope
Not only are CMOs under tremendous pressure to produce results, but marketing is frequently perceived as a cost centre rather than driving growth. CMOs typically have limited ability to measure and communicate the value of marketing programs in a manner the CEO and CFO can understand. This dissonance and misalignment can be a significant cause of isolation, stress and anxiety.
The revolving door of the CMO
Intense pressure to perform and communicate value are not the only stressors impacting the well-being of the modern marketer. The average tenure of the Chief Marketing Officer (CMO) has declined from 4.5 years in 2021 to about 4.2 years according to Spencer Stuart’s 19th annual study. This average is even lower in some key industry groups. Senior marketing leaders therefore must find a way to balance operational performance excellence while seeking, finding and developing the next career opportunity for themselves.
Leadership, trust and loneliness
It’s not surprising many CMOS struggle with stress and burnout. What is surprising is many also battle isolation and loneliness. According to a recent Forbes article by Michael D. Brown, “Many CEOs and senior leaders grapple with isolation, a burden that weighs heavily on their performance and the well-being of their organizations. Half of CEOs and senior executives grapple with isolation and loneliness at some point in their careers. Of this group, more than half (61%) believe that this isolation negatively impacts their work performance.”
Dr. Louise Hawkley, Principal Research Scientist at the University of Chicago is a nationally recognized expert on loneliness. In an article published by Harvard’s School of Public Health, Dr. Hawkley identifies “lack of trust” as the root cause of loneliness.
CMO as motivational leader and functional expert
The same Spencer Stuart marketing study states, “most CMOs were promoted from within and serving as CMO for the first time”. “Leaders often rise through the ranks by employing a directive style, but they’re suddenly expected to become more empowering when they move into top-level positions. Most have a hard time adapting”. New CMOs benefit from strong mentorship and external supports, particularly in the early years of their executive careers.
Who can a CMO trust?
As leaders progress in their careers, the circle of trusted colleagues may diminish, and fewer people can relate to the stress that comes with increased levels of responsibility. This is where an executive coach can deliver significant value as a confidential ally to senior marketers.
The marketing executive may turn to an executive coach initially with a particular issue in mind such as leadership, improved self-awareness, improved executive presence, higher productivity, time for networking and self-marketing, better self-regulation, setting and prioritize goals, finding balance, or reducing stress. An executive coach who also brings a strong marketing background to the table can represent a safe, trusted harbour for marketing leaders struggling to cope in the uncertainty of the post-Covid operational environment.
In addition to working on focused issues, CMOs working with an executive coach quickly come to understand the coaching relationship helps battle stress, isolation, loneliness and subsequent burnout. The executive coaching process helps marketing leaders reconnect with their core values, and addresses core elements of their business and personal lives, fulfillment, balance, and the ups and downs of personal and professional development.
To learn more about how coaching can benefit leaders, read the article by Thirsty Crow Coaching: “ Transformative benefits of executive coaching”.
Contact us to Book a Free Consultation or email us at info@thirstycrowcoaching.com to find out more about how executive coaching can help you reignite your motivation, manage stress, deepen meaning and purpose, and discover more clarity and direction in aligning your professional and personal goals.
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