Article
CMO-mentum
Critical new challenges face CMOs
The Chief Marketing Officer’s (CMO) sphere of influence and ability to shape business objectives is expanding dramatically. As the primary owners of growing mountains of data, CMOs have become valued strategic advisors for their increasing knowledge of customers, markets and competition – and expectations for them to deliver results have risen accordingly.
In partnership with the Institute of Communication Agencies (ICA), Deloitte surveyed more than 300 CMOs and heads of marketing departments across the country about where the industry is heading, the key challenges they face as leaders and how they perceive the value external agencies add.
Our survey with CMOs found that marketing leaders feel their function has changed significantly over the last five years, creating gaps between what marketers now expect and what agencies are delivering. The biggest of these gaps is in the area of data analytics. While two-thirds (66%) of CMOs use analytics to make key decisions, they recognize they’re not close to realizing the full potential of their data: a majority (71%) believe that harnessing analytics is one of the most important challenges they face. It’s a brand new marketing world and all eyes are on the CMO to lead the way.
Gathering CMO-mentum
The chief marketing officer’s (CMO) sphere of influence and ability to shape business objectives is expanding dramatically. As the primary owners of growing mountains of data, CMOs have become valued strategic advisors for their increasing knowledge of customers, markets and competition – and expectations to deliver results have risen accordingly.
- 89% say marketing has changed radically over the past five years undefined
- 75% see their role as increasingly influential to business success
- 80% feel the increasing expectations
- 71% recognize data analytics as their most important challenge
- 82% think the challenge to transform and acquire new skills is increasing
Based on a Deloitte survey of 300-plus CMOs conducted in partnership with the Institute of Communication Agencies.
