CMO Tenure, Agency New Business, and The Revolving Door
I didn’t see much chatter on some recent CMO stats-some good ammo for your agency new business efforts.
Average CMO tenure=4.1 Years
That might be surprising to you, given the seeming tendency towards revolving doors for the average CMO. (It was 23 months in 2006 BTW.)
In the article I linked to above, a tenure breakdown is given for several categories:
Financial Services: 5.1 years (2nd shortest in this sector behind CIOs – 4.1);
Energy: 4.6 years (2nd shortest behind CIOs – 4.5);
Technology: 4.3 years (shortest);
Industrials: 4.1 years (2nd shortest behind CIOs – 4.0);
Professional Services: 4.1 years (shortest);
Consumer: 3.6 years (shortest);
Life Sciences: 3.1 years (shortest).
So the good news is CMO tenure is growing, and with your current clients, that means more potential to build a relationship before they leave for that next opportunity, or are replaced.
(And hey, when they do leave, there’s another opportunity.)
But from a new business standpoint, it’s still a revolving door, just revolving at a slower pace.
And I know you-new business is a start and stop proposition.
When you kick it into gear again, the percentage will be exponentially higher that you have to start all over again with a new CMO.
Don’t let it happen.