Is it time for CMO-CIO Convergence?

CMOs are struggling to be heard. This is one of the main conclusions in the new Evolving Marketer Study 2018.

Much the same way that HR was looking for a seat at the table in the 90s. CMOs need to better understand their contribution to revenue. Part of that is to better integrate with data solutions and the CIO office. Or, even a convergence of the two roles. Think about that for a minute.

As data driven CMOs are increasingly in demand to deal with a myriad of digital developments around privacy, data management and precision targeting, AI and more, there’s more pressure than ever for each C-Suite occupant to collaborate. CFOs are still behind when it comes to digital knowledge, and that adds to the confusion over seemingly blurred lines between traditional organizational structures and the roles of CTO, CIO and CMO. Not to mention the CEO.

 

Maybe what it will take for CEOs to truly understand the impact of marketing on an organizations bottom line (currently only 53% of CEOs fully understand what their CMOs actually contribute), is a better understanding of digital transformation.

 

“As the need for digitally focused business increase, things have evolved, and the “solutions driven” function of the Tech CMO has become a critical component of the sales process.”

 

One of the top takeaways from our Global CMO Study is that data and analytics have seen the largest share of budget increase for CMOs. Less than 50% of the data that they have access to is being fully exploited. CMO’s need to devote more attention to the tools and resources required for smarter analysis. In fact, CMO’s today are responsible for 12+ different areas of creative and technology assets.

 

 

 

 

To download the full Evolving Marketer 2018 whitepaper click here.

eMarketer’s Study on Digital Transformation cites The Evolving Marketer Study here: The Modern Marketing Department: Evolution Through Digital Transformation

How GDPR Will Transform Digital Marketing

From HBR: This month will see the enforcement of a sweeping new set of regulations that could change the face of digital marketing: the European Union’s General Data Protection Regulation, or GDPR. To protect consumers’ privacy and give them greater control over how their data is collected and used, GDPR requires marketers to secure explicit permission for data-use activities within the EU. With new and substantial constraints on what had been largely unregulated data-collection practices, marketers will have to find ways to target digital ads, depending less (or not at all) on hoovering up quantities of behavioral data.

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CMOs rein in ad spend as majority draw more services in-house

From The Drum: “A global survey of chief marketing officers (CMO) conducted by NewBase, the marketing and advertising consultancy, has delivered some interesting findings – chief amongst them the fact that 60% now plan to halt further increases in ad spending or even reduce expenditure.

The Evolving Marketer report wasn’t all bad news, with 72% of senior marketing leaders committed to growing their content marketing budgets as part of a laser focus on boosting growth.

Download the Whitepaper here.

This is coupled with some other interesting snippets including the fact that two-thirds of CMOs now say that they will bring more marketing services in-house, despite the fact that a paltry 3% consider themselves to have the appropriate skillset – limiting the ability to do so.

Another stumbling block comes in the form of data with three quarters of respondents in agreement that they are only in position to harness a tiny fraction of the data they have access to, with half of all data entirely unused, prompting 80% of CMOs…..”

Read more at The Drum.

Net Neutrality: An Important Freedom for Marketers

Most important votes in Washington, D.C. these days seem to take place on party lines. From tax reform to healthcare, the ruling Republican party has been unable to convince any Democrats that their initiatives have merit. The FCCs vote on net neutrality yesterday was, in its own way, a very important vote. And the Commission, avowedly an independent agency overseen by Congress, split on party lines.

I spoke with Andy Vogel, global head of digital products at programmatic provider /media consultancy NewBase, who also sits on a number of industry advisory bodies including the Mobile Marketing Association’s Global Board, and Google’s Publisher Advisory Board. “It’s bad for brand marketers,” he said, “because someone is going to have to pay, and brands aren’t going to want to pass on the cost to the consumer” — although the outcome, he said, is that “consumers will ultimately have less choice.”

 

Read More on Direct Marketing News here.