| 6 hours ago
Gartner’s prediction that CMOs will outspend CIOs on technology is now a fact: CMOs will use 12 percent of their company’s revenue on marketing technologies in 2018.
It makes sense. Just as a consumer would look to Yelp before going to a restaurant, prospects today do research before talking to sales, meaning the marketing department owns more of the sales funnel than ever. Silicon Valley has jumped on this opportunity, with over 5,000 companies clamoring to help marketers meet this growing responsibility.
Armed with growing budgets and new technologies, you’d think CMOs would have lasting influence in the boardroom. But research suggests otherwise: CMO tenures now average only 42 months, and that number declines every year. Another study revealed that 2016 was a year of record turnover rates for marketing executives. It’s time for CMOs to either figure out why they’re not delivering the ROI that CEOs want or not bother to set up their offices.
As the CEO of a mar tech company for the past 15 years, I’ve seen the role of marketing teams completely transform. I remember when I thought about our marketing spend much like I did about playing roulette, like throwing money on the table hoping it would pay off. I assumed that, like gambling, our marketing budget was simply the cost of playing the game.
Digital technologies changed that, and it changed the role of CMOs. But CMOs haven’t adapted quite yet. CMOs now need to
Read more here: https://www.adweek.com/brand-marketing/as-the-industry-evolves-its-time-for-cmos-to-act-like-ceos/