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CMOs tend to hop from one company to another more frequently than their peers in other top executive roles. It’s like they’re on a never-ending quest for new challenges and learning opportunities. By moving around, they get to dip their toes in different industries, collaborate with various teams, and beef up their skill sets. But here’s the kicker: the secret sauce to a CMO’s success isn’t just about their marketing prowess; it’s also about finding a company where they truly fit in. If the values don’t align, or if the work environment and leadership style clash with their own, it’s only a matter of time before they start looking for the next adventure. And let’s not forget, as the marketing world keeps spinning, the bar for these leaders keeps rising. It’s a constant game of adaptation and growth.
While each brand below welcomes a new marketing executive to the team, there are many other similarities, too. From banger digital display budgets to agency reviews and a shift to Gen-Z consumers, there’s much to be deduced when you hear about new CMOs hired.
1) Sovos names CMO after increasing 2023 spend
Sovos recently hired Christopher Lynch as CMO. The tax compliance software company offers cloud-based solutions that simplify complex tax and regulatory burdens for businesses of all sizes. Lynch most recently served as CMO of MindTickle and is responsible for all marketing duties and business development. Contact the new CMO to see if you can provide ad space or agency services for businesses that need tax, compliance, and trust services.
Sovos will likely:
- Increase digital spending
- Diversify digital ad placement
- Build out its agency roster
Digital and social insights (digital ad spend, effectiveness, impressions, and performance):
- YTD spend: Sovos has not allocated any budget toward digital display ads so far this year.
- 2022-2023 spend: Full-year spending jumped from $500 in 2022 to $10.5k in 2023.
- 2023 data: 1.9m impressions via YouTube (53%), desktop display (44%), and Mobile Display (3%).
- Ad location: It placed 72% of these ads directly onto sites such as YouTube, americanbanker.com, yahoo.com, and nexusmods.com. It placed 47% of these ads through multiple indirect channels on sites such as brokensilenze.net, zillow.com, chordify.net, americanbanker.com, and consumersearch.com.
Agency analysis: CMO hires are the number one sign of upcoming agency appointments. The current roster includes Zeno Group as the PR AOR.
2) The St. Petersburg – Clearwater Convention & Visitors Bureau names CMO amid spending increases
Visit St. Pete/Clearwater — a visitors bureau located in Clearwater, FL that offers trip planning, destination advice, maps, and various guides — recently hired Steve Grimes as CMO. Grimes previously served as global digital advertising and social media VP of The IRONMAN Group. In his new role, he is responsible for marketing, promotions, communications, and market intelligence. This hire will affect the organization’s ad spend and agency roster targeting Millennials and Gen-Xers.
Visit St. Pete/Clearwater will likely:
- Continue increasing spend
- Try new marketing channels
- Review current agency roster/seek additional help
Broadcast insights (TV ad creative spend, effectiveness, impressions, and performance)
- YTD spend: VSPC spent around $113k on national TV ads YTD, an 8% increase from $104.6k spent in this channel during the same period of 2023.
- 2022-2023 spend: Full-year spend jumped from $153.9k in 2022 to $530.9k in 2023.
- Ad programming: It placed ads during programming such as P1 Racing, College Softball, NHL Hockey, World Poker Tour: Season 20, and Bolts Beginnings.
Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: VSPC spent approximately $301k on digital display ads YTD, a 23% increase from $243.8k spent in this channel during the same time of 2023.
- YTD data: 19.8m impressions via OTT Streaming Services (77%), Facebook (18%), Pinterest (3%), and Instagram (1%).
- 2022-2023 spend: Full-year spending increased by 60% from $876k in 2022 to $1.4m in 2023.
- Ad location: It placed 100% of these ads directly onto platforms such as Pluto TV, OTT Streaming Services (General), Facebook, Peacock, and Pinterest.
Agency analysis: CMO hires are the number one sign of upcoming agency appointments. BVK serves as the company’s media buying and planning agency.
3) Mitel secures new CMO amid ad spending pause
Mitel — a leading telecommunications provider of voice, video, and collaborative communications solutions and services for businesses of all sizes — named Eric Hanson CMO in February 2024. Hanson brings CMO experience from Fuse and most recently OneSpan. In his new role, Hanson manages global marketing strategy, demand generation, brand, partner engagement, and communications. Contact the new CMO to see if you can provide ad space or agency services for businesses that need telecommunications services.
Mitel will likely:
- Start investing in marketing again
- Experiment with new marketing channels
- Update agency roster
Broadcast insights (TV ad creative spend, effectiveness, impressions, and performance)
- YTD spend: Mitel has not aired a national TV ad since spending around $166.5k in 2022.
- Ad programming: It placed ads during programming such as MLB Baseball, MLB Tonight, Quick Pitch, MLB Central, and Beisbol de Postemporada.
Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: Mitel has not allocated a significant budget toward digital display ads since spending $47.7k in 2022.
- 2022 data: 6.8m impressions via desktop display (69%) and mobile display (31%).
- Ad location: It placed 86% of these ads directly onto sites such as mlb.com, weather.com, pjmedia.com, wildtangent.com, and chicago.cubs.mlb.com. It placed 14% of these ads through multiple indirect channels onto sites such as mlb.com, ettoday.com, backchina.com, tremeritus.net, and secretchina.com.
Agency analysis: CMO hires are the number one sign of upcoming agency reviews/appointments. TRG serves as media AOR.
4) Anaplan hires CMO amid spending declines
Anaplan tapped James Freeze as CMO in January 2024. The software enables finance and operational leaders to model complex scenarios, forecast continuously with added intelligence, and make agile business decisions. Freeze joins from VETRO FiberMap where he served as chief commercial officer and is now responsible for brand positioning and implementing growth initiatives. Freeze’s predecessor, Brett Theiss, is now the CMO of BeyondTrust. This hire will likely lead to spending shifts & agency appointments.
Anaplan will likely:
- Increase digital spend
- Diversify digital ad placement
- Seek agency assistance
Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: Anaplan has not allocated a significant budget toward digital display ads so far this year.
- 2022-2023 spend: Full-year spending fell 46% from $167.3k in 2022 to $90.6k in 2023.
- 2023 data: 13.9m impressions via LinkedIn (80%) and desktop display (20%).
- Ad location: It placed 87% of these ads directly onto LinkedIn, yahoo.com, politico.com, nytimes.com, and zillow.com. It placed 13% of these ads through multiple indirect channels onto politico.com, goodhousekeeping.com, fandom.com, yahoo.com, and foxnews.com.
Agency analysis: Get in touch to see if the new CMO plans on outsourcing any of his new duties. Anaplan does not currently work with any agencies.