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.

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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.