January 8, 2013 – Chief marketing officers are entering unknown territory with demands on their customer data and the makeup of their departments in 2013, according to a new market review by IDC. On Tuesday, a pair of analysts laid out their expectations for enterprise marketing in a presentation entitled “2013 Chief Marketing Officer Predictions: Today’s CMO Becomes Master of Data.”
Rich Vancil, group VP of IDC’s Executive Advisory Strategies division, said that during his decade at IDC and 30 years involved in enterprise marketing, “without exaggeration, I’ve seen more change in the CMO suite in the last year than perhaps the last 30 years combined.” Vancil expects more “rapid change” in the year ahead, particularly in the organizational dynamics surrounding the roles of marketing officers and departments.
With data comes expectations of capabilities to make business sense out of 1s and 0s, says Kathleen Schaub, a research VP at IDC and part of the CMO advisory team on the call Tuesday. In 2013, IDC anticipates that half of new marketing hires will come with a technical background.
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.
FRAMINGHAM, MA – February, 1, 2011 – IDG Enterprise — the media company comprising CIO, CIO Executive Council, Computerworld, CSO, DEMO, InfoWorld, ITworld and Network World — announces the launch of CFOworld.com, a new site for financial and business executives. CFOworld.com provides actionable advice and first-hand peer experience on finance, strategy and leadership.
With this launch, IDG Enterprise is expanding its reach within the C-suite, following the same content model of providing practical advice that has been well received and respected by the audiences of CFOworld’s global sister brands CIO and CSO. This will be the sixth country that CFOworld is published in since its launch in Germany in October 2009. CFOworld is currently published in Germany, Sweden, Australia, Czech Republic and United Kingdom. Editorial direction will be provided by John Gallant, SVP, chief content officer of IDG Enterprise, and Roy Harris, editorial director of CFOworld.com.
Marketers playing a bigger role in C-suite
The evolving role of the CMO was front and center at the annual CMO Council Summit last month in San Jose, Calif. The event, titled “Synchronizing the “C-Suite,’ ” explored ways CMOs can wield greater influence in their corporations, provided they firmly establish their place in the executive ranks.
“It is our responsibility as the CMO to really drive the culture of the organization,” said Charles Lawrence, general manager of the North American Luxury Products Group of Franke, a Switzerland-based manufacturer of stainless steel products for commercial and home kitchens. This is especially important, Lawrence said, when the CEO doesn’t have a marketing background and is more focused on the numbers.
“If we’re not the customer advocate, nobody else is going to be,” he said.