CMOs comprised a diverse group in terms of gender, ethnicity, and minorities, making significant gains in 2019, says a new study.
A new report from Spencer Stuart’s annual CMO Tenure Study reveals 43% of chief marketing officers (CMOs) at the 100 most advertised brands were women in 2019. The number was up from 36% and 28% in 2018 and 2017, respectively. In 2019, nearly half of the CMO positions were filled by women.
The survey highlights that enterprises across the globe are taking necessary measures to take diversity more seriously. Offering further insights, the study notes diversity played an important role in CMO roles in 2019. Nearly 20% of them came from ethnically diverse backgrounds, compared to none in 2018.
The latest numbers are noteworthy as compared to the past couple of years where companies lacked focus on diversity within the marketing and advertising industry. Marketing departments are going through a period of transition for CMO roles, and this is coming at a time when gender diversity is on the rise in 2019. A Forrester report earlier this year predicted that CMOs will find themselves in a “desperate fight for survival” and they will need to gain control over the customer experience in order to provide value.
With increasing diversity and women at top roles in marketing, companies have a great
opportunity to develop more diverse voices in their advertising. A different report from Heat said, organizations and brands that show a wide range of variety of cultural and demographic groups in their advertising see improved perception among consumers and stock market gains.
CMOs have witnessed a significant change in their jobs in a short time. Several companies have changed their business models and hence traditional best practices do not apply in these cases. CMOs will certainly need to balance the demands of the current state and have a vision toward sustaining longer-term viability, and their strength would come from being an inclusive community.