Let's start with the obvious: It's hard to be a CMO. We hear it anecdotally from them all the time.
Challenges include an ever-changing digital landscape, the explosion of big data, and a whole slew of digital platforms and tactics that aren't exactly measureable. Proving ROI is tricky, and some are struggling to understand what exactly their marketing is doing.
Our research into what CMOs have to deal with confirms that, as well. CMOs say they feel unprepared for all the changes taking place. And that concerns them. Read on to find out what else is top-of-mind for CMOs.
1. A study that looked at the external influence of CMOs ranked Phil Schiller of Apple, Younghee Lee of Samsung, Andy Palmer of Nissan, Jim Farley of Ford, and Tami Reller of Microsoft as the top five most influential CMOs in the world, respectively.
2. A poll of business executives found that 53 percent of respondents indicated their current CMO could one day become CEO.
3. The average tenure for chief marketing officers of leading U.S. consumer brand companies rose to 45 months in 2012, a two-month gain over the 2011 average.
4. CMO job tenure can vary dramatically according to industry–automotive, communications, and restaurant categories are all mired at a short job tenure around 30 months, for instance, while CMOs in tech firms tend to average around 60 months on the job.
5. An overwhelming majority of senior B2B marketing executives, 79 percent, admit that they fail to deliver updated news and insights about accounts and prospects to their sales organizations. That may be one of the reasons that only 14 percent of these decision-makers say they're satisfied with the size of their pipelines and amount of business closed.
6. Only 12 percent of 200 CMOs surveyed said they had a real-time, well-integrated view of customer interactions across their enterprises, and 45 percent said they felt they had underinvested in information and intelligence systems. As a result, only 16 percent said they trusted the accuracy, depth, and reliability of their customer data.
7. Only 9 percent of CMOs said their organizations have customer intelligence or CRM systems that deliver real-time, account-based news, social insights, customer developments, and market shifts to the sales organization. And 63 percent admit that customer intelligence systems do not automatically notify sales or support teams about developments within their customers’ markets or with a company’s operations.
8. Big data has emerged as the critical factor to achieving an enterprisewide, customer-centric culture, according to 40 percent of CMOs and 51 percent of CIOs.
9. Multiple areas of opportunity emerge when CMOs and CIOs collaborate. Marketers are looking for a strategic partner that will come to the table with initiatives to advance customer centricity (26 percent). They also believe the greatest value in the relationship can manifest in the ability of the organization to better gather data from across the enterprise (63 percent). For their part, IT executives see marketers as their partners in advancing analytics and data-driven decision making throughout the organization (62 percent). However, IT would like marketers to approach them earlier in the process to collaborate on strategy (62 percent), not just platform selection and deployment.
10. Profitable growth (87 percent) and operational efficiency (85 percent) are CMOs' top priorities.
11. CMOs find it difficult to quantify marketing return on investment (ROI). Nearly one in five score themselves as below average in multichannel attribution, correlating advertising to sales, and measuring media buying effectiveness.
12. Programmtic buying is become more mainstream, with 46.2 percent of CMOs planning to evaluate establishing a direct relationship with a demand-side platform (DSP). Only 30.8 percent said they are managing the relationship via an agency partner, without giving an indication that might change.
13. Topping the list of the highest-earning CMO is Albert Pimentel of Seagate Technologies, one of the world's largest manufacturers of hard drives. Pimentel earned $6,078,144 last year. Meanwhile, the highest paid CEO in the U.S. earned $100 million last year.
14. A mere 8 percent of CMOs worldwide are female.
15. Looking ahead at the next six months, 45 percent of CMOs said they are more optimistic about industrywide marketing conditions. Only 9 percent said they are less optimistic about the future.