Drilling for Diamonds

The most dangerous C-level job in business according to Fast Company is the Chief Marketing Officer.

A who’s who of Corporate America has watched their CMO depart within the last 12 months. The exit list includes Coca-Cola, Wal-Mart, Best Buy and Gap.

Research by executive-search firm SpencerStuart shows the average work stay for a CMO at a top 100 consumer branded company is averaged at just 23 months. By contrast, CEO’s hold onto their jobs for 54 months.

CMO’s are soft targets. Everyone seems to know why marketing works - or more particularly, why it doesn’t work. CMO’s might enjoy better job security if they knew the precise costs of acquiring, holding onto and growing each customer.

Do your marketing measures allow you to precisely calculate what it costs to:

1. Acquire a new customer?
2. Retain an existing customer?
3. Up-sell more products to a customer?

If you’re a CMO and can’t calculate these three figures, then you better start.

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