Lessons from the Next Generation CMO Academy at Deloitte University
Jan 8, 2025
auto_awesome
Norm Yustin, Customer Activation and Growth Global Practice Leader for Russell Reynolds, shares insights on the evolving CMO role and the balance between internal talent development and external hiring. Colie Edison, the WNBA's first Chief Growth Officer, discusses innovative strategies to enhance the league's brand and engage young female athletes. They delve into the importance of customer-centricity in marketing, the balance of creativity and analytics, and the emotional intelligence required for effective leadership.
The evolving CMO role emphasizes customer activation over traditional responsibilities, demanding a versatile skill set for modern marketers.
Building a robust network within the marketing community enhances professional growth through shared learning and constructive feedback opportunities.
Deep dives
Harnessing the Creator Economy
Deloitte's research on the creator economy highlights the significance of collaboration between brands and content creators for successful social commerce. With insights gathered from over 500 creators and brands, strategies have emerged that allow Chief Marketing Officers (CMOs) to effectively leverage the influence of creators. It is emphasized that marketing in today’s landscape is less about running a department and more about activating customers and driving business growth. This shift redefines the role of marketers, encouraging them to embrace a broader perspective focused on customer activation.
Evolving Role of CMOs
The role of the Chief Marketing Officer has undergone dramatic changes over the years, transitioning from traditional brand-focused responsibilities to encompassing performance marketing, customer analytics, and product innovation. Norm Houston discusses the complex landscape faced by modern CMOs, where they must navigate overlapping job functions with new titles such as Chief Growth Officer and Chief Customer Officer. This increased complexity underscores the necessity for marketers to develop a versatile skill set that accommodates both foundational marketing principles and the innovative demands of today’s marketplace. As marketers adapt, building a wide-ranging understanding of the business is essential for advancing their careers and contributing effectively.
Internal Successions vs. External Hires
Statistics reveal that a significant majority of CMO positions continue to be filled by external candidates, indicating a prevalent belief that new perspectives are necessary for leadership. Norm notes that this trend presents challenges for internal successors, as many grow too specialized in their roles without gaining broad experiences essential for higher-level positions. Conversations with CEOs indicate that hiring from outside may stem from a desire for new ideas rather than recognizing capabilities within the organization. This suggests that fostering internal talent through diverse experiences and demonstrated change management could enhance their chances during succession planning.
Impact of Community and Networking
Alumni from previous CMO Academies shared valuable personal experiences on the importance of community and peer networking in professional growth. They emphasized that engaging with fellow marketers creates opportunities for constructive feedback and shared learning, allowing them to apply insights back in their respective roles. This sense of community not only promotes self-reflection but helps in personal development, equipping them with new tools and perspectives to lead more effectively. As they integrate these lessons into their organizations, their ability to communicate, innovate, and foster change becomes significantly enhanced.
For this week’s episode, Jim is returning to Deloitte’s Next Generation CMO Academy, with a listen into several of the conversations he has had with fellow marketing leaders, on how we hone and build the skills needed to be a CMO in this fast-paced world. With that theme in mind, we've pieced together snippets from a few special conversations from the event.
First, Jim is joined by Norm Yustin, the Customer Activation and Growth Global Practice Leader for Russell Reynolds, a leading executive search and leadership advisory firm. Norm talks us through his path through marketing to becoming a recruiter, how he looks to support the leaders he hopes to place, and the decision of CEOs to hire internally or externally.
Then, we welcome three alumni from a previous Deloitte Academy to speak about their experiences and how they were able to bring their learnings back to their companies and teams. Michael Chao, the Vice President of Marketing at Lidl. Sylvia Hooks, the Vice President Edge to Cloud Integrated Marketing for Hewlett Packard Enterprise. Anthony Toguchi, the Head of Institutional Digital Marketing for Vanguard.
And finally Jim wraps up this special episode with a leader working to bring equality to women’s sports. Colie Edison is the Senior Vice President and Chief Growth Officer for the WNBA, the Women’s National Basketball Association. Colie is a veteran strategic leader and transformative marketer, becoming the league’s first-ever Chief Growth Officer in January 2022. We learn how she stepped into the role at the WNBA, at the same time becoming a mother, alongside working with her fellow c-suite team.