Sit down for this one: 80 percent of CEOs do not trust their CMOs or marketing teams to deliver results. Ninety percent of those same CEOs DO trust their IT and finance teams, or so claims a recent study by the Fournaise Group.
Its no wonder that 93 percent of marketing leads feel increasing pressure to perform along with the added frustration of feeling they do not have the resources to get the results expected from the board room. And it’s also no surprise that the average tenure for CMOs is slipping, down to 26.5 months in 2015 from 35.5 months in 2014.
Given these “scary” numbers and others and other statistics about marketing challenges today, its not far off to claim that many in our profession have become the “working scared.” Scared of the rapid pace in which technology changes, scared that IT will soon takeover their functions, scared that unrealistic expectations for ROI based on media strategies, which are tough to measure anyway, will run them out of jobs and thwart their career paths, and so on.
The fear associated with failing our CEOs, shareholders, marketing teams, ourselves and our families is resulting in a lot of knee-jerk purchasing behavior by CMOs and the like. A friend of mine who is a top sales executive for a global marketing technology company describes CMOs as reactive more than proactive, spending huge amounts on technologies they don’t understand in search of that golden and instant ROI.
While there may not be a lot of upside to working in fear, it does give us a better understanding of what drives our consumers to think and buy like they do. Just like CMOs who buy technology they don’t understand – and in many cases don’t even know what the acronym stands for – in order to avoid a painful loss, consumers seek to buy things to help them do the same, just in other areas of life. For example, consumers buy luxury labels for clothing and cars that cost so much more than functional alternatives because we fear losing social status among those we seek to impress. We buy educational products or college degrees for fear of losing a quality of life we anticipate or have now. We buy technology that will keep us connected with our jobs, our networks and our knowledge sources so we don’t have to fear being left behind. The list goes on.