There’s a cautionary tale in the winds for marketers at professional services firms.
Coca Cola recently fired its Chief Marketing Officer.
Whoa. You may very well be asking, “what does selling soda pop have to do with me?” After all, brown, sugary, carbonated water is not quite like tax planning, a recruiting assignment, a compliance plan, litigation services, or even an architectural design, right?
But Mondelēz, Tyson Foods, Kellogg, PayPal, Best Buy and others have shown their CMO the door, too.
Here’s why: CEOs are demanding that marketers move beyond being a cost center and transform into revenue centers. CMOs and the CMO position may be headed toward extinction because they’re not geared to delivering measurable results and they’re not able to tie marketing activities into revenue recognition.
If your firm’s Executive Committee or partners question the value, costs, or the ROI you're returning to the firm, it’s probably a good time to be proactive and steer the ship in a new direction.