I got a pitch the other day for some new research from the CMO Council. At first glance I started to trash it (I’m into marketing, but I’m willing to bet most of you aren’t!).
Then I took another look. I think the principles in the summary can shed some light on how HR pros can improve their position, make more money, and be seen as more competent overall. Got your attention? Read on!
CMO compensation is directly related to reporting structure. Those making more… are more likely to report directly to the CEO.
This one makes sense, but it’s a good reminder. Want to earn more? Work your way up until you’re reporting to the CEO. Or be good enough to become the CEO, but that’s another post for another day.
The highest paid CMOs have developed strong alliances with CIOs and CFOs.
Success in business is driven in part by the key relationships you develop. This applies to the HR function as well. Learn to connect with CFOs and other executives. Speak their language, earn some credibility, and put that network to use.
CMOs earning the highest levels of base compensation tend to be focused on driving business performance (e.g., top-line growth, market share, efficiencies, etc.).
Want to be successful long term in your role? Focus on driving business performance. The rest will take care of itself.
CMO base compensation is correlated with firm size. The larger the company, the more likely that the CMO will make more in base compensation and the more likely they will have bonus compensation.
Want to earn more money? Work for a larger company (and referring back to the first example, work for a larger company in the top tiers of management).
Digital marketing skills are important. CMO salary tends to increase as their firm’s digital marketing performance improves.
This is an easy one. The more value you can prove your function is bringing to the organization, the more you can command in terms of compensation. Have an HR mission statement that describes your aims and then make them happen.
Marketing titles (i.e., CMO, VP of Marketing, SVP of Marketing, etc.) don’t significantly correlate with base compensation.
Titles matter less than what you do. Your value is not in a title–it’s in your performance and the performance of your team.
Key accomplishments of the top earners… are centered on restructuring marketing to drive results, improving the yield/accountability of marketing, and building digital capabilities.
The top earners focus on results, not “the way things have always been done.” Improving capabilities, driving results in areas that are traditionally not seen as value add, and making tough choices are the activities that are rewarded. Keeping up the status quo not only isn’t rewarded–in many of these types of organizations I’d say it is probably weeded out.
So, what are your thoughts? Anything here that particularly rang true for you? Any action items that stepped on your toes to drive you to action?