What is the “right” role for the chief marketing officer (CMO) and, by extension, marketing within an organization? Should marketing have a seat at the executive table? Should the CMO lead or follow in the pursuit of strategic initiatives? Do the answers to these questions vary depending on industry, company size and type, etc.? How has marketing changed during the past 10 years? And what will the next 10 years bring?
CMG Partners (CMGP) undertook a multipart research effort to answer these questions and uncover what is top-of-mind for the world’s chief marketers. In talking with more than 30 CMOs and lead marketers from midsize organizations to Fortune 500 companies across a variety of industries, CMGP found commonalities in practice and differing perspectives in the role marketing can, and should, play within an organization. Some of the most innovative and cutting-edge marketers we interviewed articulated the lead marketing position as a transformative role, working as both a team member and an agent of change within the C-suite.
Marketers openly spoke about their current priorities and critical challenges, and provided candid commentary on how they were approaching each. One of the most thought-provoking aspects of the research was a discussion about the evolution of marketing. By capturing thoughts on the swinging pendulum between the art and science of marketing, CMGP was able to portray an interesting view on past and future practices.
Top-line findings:
- Not surprisingly, the marketers interviewed almost universally believed marketing should have a seat at the executive table. However, only some actually did. Those who were empowered “marketing champions” shared some characteristics, such as reporting to the CEO, a solid relationship with the CFO, and a belief they should focus on top-line growth.
- Although the priorities for the year were predictably varied, depending on industry and company size, common themes emerged, including:
- marketing measurement
- customer insight
- brand strategy
- the continued need for innovation and new products
- When speaking about the year ahead, most marketers mentioned the need for marketing to remain agile and responsive to new threats, as well as the changing face of competition and/or changing consumer behavior, rather than focusing on cutting costs.
- If marketing is both an art and a science, then clearly the pendulum has shifted toward the science, thanks, in part, to advances in technology and data analytics. Marketing science will continue to play an increasingly important role.
- Almost everyone interviewed predicted the pace of change will only increase in the coming decade, including a further power-shift to the consumer, requiring better segmentation and emphasis on needs-based products and services.
Click here to download the full research findings.
Back to The CMO's Agenda: Critical Challenges Lay Ahead.
CMGP is currently in the midst of its third round of research. If you are interested in participating, please contact Erin Hyatt at erin.hyatt@cmgpartners.com.
