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