Recently, I had a chance to participate in a survey with CMG Partners on the future role of the Chief Marketing Officer. It is quite insightful and a good read.
It’s a pivotal moment for CMOs. After five years of tracking lead marketers as part of our annual CMO’s Agenda™qualitative study, we believe it is time to proclaim: The CMO has arrived. Thanks to a number of driving forces, there has been a radical transformation in many marketing organizations —where lead marketers have increased their ability to measure, drive change and tie it all to top- and bottom-line performance.
CMOs today are not dying-in fact, they are being held accountable for more than ever before. In our full report, we detail their contemporary charge, including:
- BLENDING MARKETING ART AND SCIENCE: Science is clearly central to decision-making today, but it is really only as good as the art—the ability to ask the right questions, extract the meaningful insights and execute accordingly. Finding the right balance of the two was a common thread across many of our interviews, and ultimately, we believe those organizations who achieve a blend will see the greatest return.
- REMODELING MARKETING: Art was once the heart of marketing, but to keep up with today’s emphasis on data, some CMOs are overhauling their departments and investing in their science capabilities—not just new tools and technologies, but their infrastructure and their people. At the same time, they have to redefine what marketing truly means in their organizations.
- SETTING STRATEGY AND FUELING GROWTH: When marketing owns analytics and customer insights that drive growth, CMOs have the tools they need to make key business decisions and become an inseparable part of corporate strategy.
- DELIVERING RESULTS: The CMOs we spoke with believe they are an integral part of the growth conversation because they now have evidence showing their contribution to the business. Their role should be directly tied to a number to prove their relevancy, their ROI and their budget efficiency. Then they must translate this impact to the business.
- AGILITY IS THE NEW REALITY: Marketers who can be agile, who can adapt quicker, who can make faster and better decisions can stay ahead of those who can’t. Being agile can be a competitive advantage, and in a marketplace where change is swift, agility can help a brand win. Balancing art and science and developing the right analytical infrastructure provides the foundation for becoming more agile.
Five years and more than 180 interviews later, we know the CMO is operating in an environment more complex and demanding than ever. But it’s also pretty thrilling. In the Fifth Annual CMO’s Agenda, we will share insights and experiences from more than 50 chief marketers, CEOs and vice presidents of analytics at leading brands including Target, MasterCard, Adobe, Heineken and Best Buy, who are managing a new agenda—one that requires them to embrace both art and science to make more informed and efficient customer, media and revenue decisions, spur innovation and deliver ROI.
You can get a copy of the report here.
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