Have you ever wondered, “What does CMO stand for?” The business landscape is full of unique terms and acronyms to learn for modern professionals. “CMO” or Chief Marketing Officer, is one of the most important roles in any company, used to define the person responsible for guiding a brand’s promotional strategies.
Let’s take a closer look at this C-Level role, and what the CMO does.
CMO Meaning: What is a CMO?
The term “CMO” stands for Chief Marketing Officer, a corporate executive in a business responsible for managing activities associated with advertising. CMOs create, communicate, and deliver advertising campaigns for a brand, to help boost the company’s impact in their chosen industry, and form crucial connections with their target audience.
The primary mission of the CMO is to increase sales and support business growth with a comprehensive marketing plan, suitable for boosting brand recognition and giving the company a distinct competitive advantage. Usually, to achieve this mission, the CMO will work with a host of marketing professionals, as well as graphic designers and content producers.
What Does a Chief Marketing Officer Do? CMO Responsibilities
Chief Marketing Office jobs can vary in their responsibilities depending on the business in question. Usually, CMOs report to COOs (Chief Operating Officers) or CEOs (Chief Executive Officers), and work with the rest of the C-Level suite on plans for growing the company.
It’s the role of the CMO to:
Evaluate and understand the company’s position in the marketplace compared to competitors, and create messaging for the company’s Unique Selling Proposition.
Use data analytics and tools to learn more about competitors, the marketplace, and target audiences, to create custom advertising strategies.
Develop the advertising strategy best suited to guide a company towards the best possible market position in the future.
Assist with the creation of marketing assets like content, graphics, and other resources, by guiding the activities of marketing teams.
Leading complete teams of marketing and content creation specialists in the development of full marketing campaigns.
Directing the company’s public relations efforts and working with internal or external teams to create coordinated PR messages.
Collaborating with sales to turn marketing insights into new selling opportunities
CMOs will also spend a lot of time evaluating the results of marketing campaigns and analyzing the market’s response to different advertising efforts. The information gathered in this analytical stage will help the marketing officer to determine the best strategies for future campaigns.
Chief Marketing Officer Qualifications
Chief Marketing Officers have become an increasingly important part of the business landscape in the 21st century, as marketing has become an increasingly complex practice. The rise of various new marketing and advertising channels in the digital world has prompted a need for a specialist capable of managing multiple different strategies and channels at once.
CMOs, who may also be called VPs of marketing, will usually need a bachelor’s degree in marketing or business at the very least. An MBA or similar master’s degree may be preferred for some particularly high-paying positions, but it’s not always required.
Usually, to become a chief marketing officer, a professional in the marketing field will need a significant level of experience working in a marketing role. Most CMOs will have at least 10 years of experience in their field, as well as years of experience in a manager role.
Alongside official qualifications, CMOs will need a high level of technical skills to maximize the tools used for marketing on social media and through SEO. Additionally, these professionals will also need excellent communication skills, strong leadership abilities, and a good knowledge of business acumen to thrive in their roles.
When it comes to defining key characteristics, most CMOs are highly innovative, creative, and inquisitive, as well as excellent problem solvers.
CMO Salary and Earning Potential
As an executive-level position, the CMO role can earn a significant amount more than the standard marketing professional. The amount you earn as a Chief Marketing Officer, however, will often depend on a range of factors, including where you’re working, and how big the organization is.
Some CMOs will also earn extra bonuses when marketing campaigns lead to higher sales. According to companies like PayScale, the compensation for a CMO in the US usually ranges from around $85,000 per year to over $300,000 per year, depending on the size of the company.
Commissions and profit-sharing opportunities may also be available with some Chief Marketing Officer jobs.