Winmo

CMOs on the Move: December 2023

The December 2023 report highlights significant CMO movements, including Guild Mortgage hiring its first-ever CMO, Adam O’Daniel, signaling a likely return to higher digital ad spending and diversified marketing strategies, while Cohesity's loss of CMO Lynn Lucas amid spending declines underscores the critical impact of new marketing executives on agency changes, media spending, and martech investments within a 3-12 month adjustment period.

There are hundreds of C-suite shakeups every day across industries. It can be easy to miss these moves — and the opportunities that come with them. In particular, new decision-makers (especially CMOs) often signal large-scale changes within an organization, such as rebranding, new websites, and requests for proposals.

First-time marketing executives and new hires are the top triggers for agency changes, media spending shifts, and new martech investments. New hires evaluate these areas and begin making adjustments within a 3-12 month window. From a prospecting perspective, and with such a short turnaround, it’s crucial to stay up to date on any new CMO hires or promotions, and have pitches prepared to stay one step ahead of the competition.

1) Guild Mortgage hires first-ever CMO

Guild Mortgage hired Adam O’Daniel as its first-ever CMO in November 2023. O’Daniel most recently served as marketing SVP of Open Mortgage and is responsible for marketing, communications, and increasing brand awareness. Guild Mortgage’s target demographic is Gen-Xers and Millennials.

Guild Mortgage will likely:

  • Return to 2022 spending levels
  • Diversify digital ad placement
  • Outsource some marketing duties to agency partners

Digital and social insights

  • YTD spend: GM spent about $4.9k on digital display ads YTD, a huge decrease from $167.2k spent in this channel during the same period of 2022.
  • YTD data: 734.7k impressions via Facebook ads.
  • 2021-2022 spend: Full-year spend jumped from $5.6k in 2021 to $167.3k in 2022.
  • Ad location: It placed 100% of these ads directly onto facebook.com.

Agency analysis: CMO hires are the number one sign of upcoming agency appointments, but Winmo has not confirmed any current agency relationships for Guild.

2) Cohesity loses CMO amid spending declines

Cohesity — the online software that focuses on secondary storage needs — recently lost its CMO, Lynn Lucas, who is now the CMO of Pure Storage. She was responsible for growth, product, corporate, communications, brand, partner, and field marketing. Around the same time, Cohesity promoted Amith Nair to marketing SVP — who appears to be the company’s top marketer. Cohesity’s target demographic is businesses that need data protection services.

Cohesity will likely:

  • Seek agency assistance
  • Shift ad dollars around
  • Return to higher ad spending

Digital and social insights

  • YTD spend: Cohesity spent about $523.7k on digital display ads YTD, down 34% from $705.6k spent in this channel during the same period of 2022.
  • YTD data: 123m impressions via desktop display (70%), Twitter (27%), mobile display (2%), and YouTube (1%).
  • 2021-2022 spend: Full-year spend jumped from $277.7k in 2021 to $712.8k in 2022.
  • Ad location: It placed 53% of these ads directly onto sites such as twitter.com, yahoo.com, seattletimes.com, nytimes.com, and slickdeals.net. It placed 47% of these ads through multiple indirect channels on sites such as seattletimes.com, yahoo.com, cnet.com, slickdeals.net, and fandom.com.

Agency analysis: Get in touch with the new marketing VP to see if he plans on outsourcing any of his duties. Cohesity does not currently work with any agencies.

3) Verizon completes CMO search amid spending increases

Verizon has filled the CMO vacancy left when Diego Scott stepped down in May. Leslie Berland will take over on January 9th, 2024. Berland joins from Peloton where she held the same title and is responsible for global brand strategy, activation, creative, consumer insights, media, and strategic partnerships. Verizon’s target demographic is Gen-Xers and Millennials with a male skew.

Verizon will likely:

  • Keep ramping up ad spending
  • Experiment with new ad channels
  • Review agency roster

Broadcast insights

  • YTD spend: Verizon spent approximately $452m on national TV ads YTD, a 21% increase from $374m spent in this channel during the same period of 2022.
  • 2021-2022 spend: Full-year spending fell 10% from $498.4m in 2021 to $446.3m in 2022.
  • Ad programming: It placed ads during programming such as NFL Football, NBA Basketball, College Basketball, The Oscars, and NHL Hockey.

Digital and social insights

  • YTD spend: Verizon spent almost $207.2m on digital display ads YTD, a 74% jump from $119m spent in this channel during the same period of 2022.
  • YTD data: 25.3b impressions via YouTube (32%), Facebook (25%), desktop display (18%), Instagram (14%), desktop video (6%), and mobile display (4%).
  • 2021-2022 spend: Full-year spending fell 22% from $168m in 2021 to $131.8m in 2022.

Agency analysis: CMO hires are the number one sign of upcoming agency reviews, so get in touch now to be top-of-mind. Current roster:

  • the community: Creative and multicultural AOR
  • Ogilvy – New York: Creative and multicultural AOR
  • MRM: Digital AOR
  • Golin: PR AOR
  • Zenith Media: Media AOR
  • Momentum Worldwide: Creative
  • Pace Communications: Digital
  • R/GA: Creative
  • Publicis North America: Media buying and planning

4) Peloton CMO departs after a short tenure

Peloton lost its CMO, Leslie Berland, after less than a year in the position. Berland is now the CMO of Verizon. Peloton has not yet announced a replacement. The brand’s target demographic is Gen-Xers and Millennials.

Once it hires a new CMO, Peloton will likely:

  • Continue ramping up digital ad spending
  • Try new marketing channels
  • Review the current agency roster

Broadcast insights

  • YTD spend: Peloton spent approximately $75m on national TV ads YTD, an 8% decrease from $81.1m spent in this channel during the same period of 2022.
  • 2021-2022 spend: Full-year spending plummeted from $198.2m in 2021 to $92.2m in 2022.
  • Ad programming: It placed ads during programming such as Law & Order: Special Victims Unit, Gunsmoke, On Patrol: Live, The Andy Griffith Show, and Two and a Half Men.

Digital and social insights

  • YTD spend: Peloton spent almost $88.5m on digital display ads YTD, more than double the $38.9m spent in this channel during the same period of 2022.
  • YTD data: 10.1b impressions via YouTube (44%), Facebook (32%), Instagram (20%), desktop video (3%), and desktop display (1%).
  • 2021-2022 spend: Full-year spending fell by 33% from $66.1m in 2021 to $44m in 2022.

Agency analysis: Start working on your pitches so that you are prepared to reach out as soon as Peloton finds a new CMO. Current roster:

  • Stink Studios: Creative
  • Horizon Media: Media and digital AOR
  • John McNeil Studio: Creative

5) Fanfix hires first-ever CMO

Fanfix — the content platform for creators and fans — hired Loren Piretra as its first-ever CMO, effective November 2023. Piretra most recently served as creator and marketing VP of Playboy. As CMO, she is responsible for marketing, media strategy, brand positioning, and engagement with Fanfix’s target demographic of content creators, influencers and Gen-Zers.

Fanfix will likely:

  • Start investing in national advertising
  • Seek agency partners
  • Focus on building initial brand awareness

Agency analysis: Contact the new CMO to see if you can pick up some Fanfix’s business. Winmo has not confirmed any current agency relationships for the company.

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