CMO’s are quite optimistic, increase spending overall but especially in social media, CRM and analytics (internally and externally)
CMOsurvey.com made a study of CMO expectations and emphasis in February 2012.
The wheel is already turning and the role of CMO’s changing. It is especially interesting to see that the traditional emphasis of CMO is now giving way to more strategic role:
The results clearly state, that the role of CMO is to run competitive and customer analytics and take action with analytics and insights in innovation and business development. Marketing is finally moving towards it’s roots, the 4P’s and commercial growth driver role. I can’t wait to see the next H2 results!!
Prophet’s State of marketing Study also emphasize the paradigm shift:
Another study “CMO’s Agenda” report from strategic marketing consulting firm CMG Partners conclude four other core trends affecting CMOs:
- Strengthening the CMO/CEO relationship: Interviewed CMOs report that they are strengthening their credibility with the C suite, and CEOs in particular, through best practices that include framing recommendations in ROI terms (beyond creativity and the marketing budget’s P&L); educating themselves and top management on how marketing can contribute to the company’s growth/business performance; documenting where marketing opportunities exist and might be captured; and highlighting risks while laying out how those can be mitigated. Successful CMOs are also building relationships with fellow senior managers and creating intra-company alliances based on their ability to demonstrate marketing’s impact on their co mpanies’ performance.
- Social marketing: Social media are not only transforming traditional principles of brand-building and customer loyalty, but altering human interaction fundamentals, says CMG. While CMOs are best-positioned within their organizations to lead the mission of understanding and mastering these complex trends, by virtue of their ages/backgrounds, few are “native social-media speakers.” Study respondents reported that they are mastering these challenges through “generational seeding”: Creating internal teams that include younger, cyber-intelligent employees. This also brings the benefit of developing a talent pool that should secure the organization’s future.
- Managing Millennials: Millennial-generation marketing employees are critical because of their inherent understanding of social media, but their insights are too often dismissed because of their inability to present such insights with “crisp logic and presentation cosmetics,” marketing chiefs pointed out to CMG. Investing the time and energy to “connect the dots” to develop this generation’s thinking can unlock crucial learning for CMOs and their organizations, the participants stressed.
- Demand creation: Successful CMOs realize that the ability to position themselves as the rightful keepers of the “innovation flame” – the critical, differentiating mission of creating the perception among consumers that a brand is delivering what they need/want even before they know it themselves – is extremely powerful, and the key to advancing their influence within their companies.
Behind CMO survey that is done twice a year is Christine Moorman the Director of The CMO Survey and the T. Austin Finch, Sr. Professor of Business Administration, The Fuqua School of Business, Duke University. Full study is available below: