©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.
The marketer’s rise into the C-suite has been an uphill climb. Over the past decade or two, the role of “Chief Marketing Officer” in senior management has been hindered by persistent questions about the value of marketing and how to better manage the investments.
It’s no surprise then that in a recent report, 80 percent of CEOs say they’re not satisfied with the work done by marketers – while in comparison, 90 percent of the CEOs value and trust the work of CFOs and CIOs. More specifically, CEOs have serious concerns about the ability of CMOs to measure and drive return on investment (ROI) of marketing programs. And CMOs acknowledge the problem, with 57 percent reporting that they don’t base their marketing budgets on any ROI analysis. Is it any wonder that the average tenure of a CMO has dropped to an all-time low average of 12 months?
But there is hope. The path to CMO redemption is grabbing hold of a data-driven, ROI strategy.