The role of Executive Vice President (EVP) and Chief Marketing Officer (CMO) is pivotal in steering a company's marketing strategies and initiatives. This position involves overseeing brand management, marketing communications, market research, product marketing, distribution channel management, pricing, customer success, and customer service. The CMO typically reports directly to the Chief Executive Officer (CEO) and may oversee various senior marketing managers.
Key Responsibilities:
- Strategic Marketing Leadership: Develop and execute comprehensive marketing strategies to drive brand awareness, customer acquisition, and revenue growth.
- Team Management: Lead and manage a high-performing marketing team, providing guidance, mentoring, and professional development opportunities.
- Market Analysis: Drive market research and analysis initiatives to identify market trends, customer preferences, and competitive landscapes.
- Cross-Functional Collaboration: Collaborate with cross-functional teams, including sales, product development, and finance, to ensure seamless integration and alignment of marketing efforts.
Qualifications and Experience:
- Educational Background: A bachelor's degree in marketing or a related field is typically required, with many companies preferring candidates with a master's degree, such as an MBA.
- Professional Experience: Extensive experience in marketing, usually a minimum of eight years, with significant time spent in management roles.
- Skill Set: Proficiency in marketing analytics, digital marketing, leadership management, marketing management, and market research.
Compensation Insights:
The compensation for an EVP and CMO varies based on factors such as company size, industry, and location. In the United States, the estimated total pay for this role is approximately $329,088 per year, with base salaries ranging from $134,000 to $247,000 and additional compensation between $112,000 and $210,000. In Los Angeles, CA, the average salary for this position is $305,826, which is 31% above the national average.
Notable Industry Leaders:
- Elizabeth Brady: EVP and Chief Marketing, Customer & Communications Officer at Allstate. Brady leads marketing for all the corporation's brands, as well as enterprise innovation efforts, internal and external communication, and corporate philanthropy.
- Karina Kogan: Chief Marketing Officer and EVP at Infinite Reality. Kogan leads all aspects of marketing, including global communications, brand and go-to-market strategy, creative services, demand generation, and account-based marketing.
- Karen M. Jones: EVP & Chief Marketing Officer at Ryder System. Jones has been recognized for her marketing efforts, including being named among the year’s most “Influential Business Women of 2019” by the South Florida Business Journal.
- Janice V. Kapner: EVP, Chief Communications & Brand Officer at T-Mobile. Kapner and her team drive the business through an innovative mix of traditional PR, social media, employee communications, frontline support, financial communications, corporate responsibility, and creativity.
- Jane Wakely: EVP, Chief Consumer/Marketing Officer & Chief Growth Officer, International Foods at PepsiCo. Wakely focuses on driving accelerated growth by elevating PepsiCo's consumer-centricity, innovation, brand, and marketing capabilities.
Market Dynamics and Trends:
The role of the CMO is evolving rapidly, with an increasing emphasis on digital transformation, data-driven decision-making, and customer-centric strategies. The tenure of CMOs has been observed to be decreasing, indicating a dynamic and high-pressure environment. A study from consulting firm Spencer Stuart in 2021 showed that women made up 47% of CMO positions in 2020, an increase from the 43% reported in 2019. However, 13% of CMOs had a racially or ethnically diverse background in 2020, down from 14% in 2019.
Strategic Opportunities:
CMOs have the opportunity to leverage emerging technologies such as artificial intelligence, machine learning, and big data analytics to gain deeper customer insights and drive personalized marketing strategies. Building strategic partnerships and collaborations can also enhance brand reach and market penetration.
Contact Information:
For more information on the role of an EVP and Chief Marketing Officer, industry trends, and career opportunities, professionals are encouraged to engage with industry associations, attend relevant conferences, and participate in professional development programs.
