CMO Council's Marketing Outlook Reveals Budgets Holding Up
According to the CMO Council, senior management is mandating that marketing contribute to the bottom line by retaining and growing market share and lowering costs through greater go-to-market efficiencies. Most important is that marketers are confident they can deliver by focusing on execution via clearly defined goals, improving operational controls, and analytics to help guide resource allocation. While hunkering down, marketers are also gaining increased confidence in the effectiveness of digital marketing investments as digital begins to comprise the majority of demand generation spend.
“Digital marketing has moved well beyond search as social media and experiential marketing continue to grow and evolve. Savvy marketers are applying collaboration marketing methods as a central component of their efforts to maximize customer lifetime value in the digital economy.” said Dave Couture, a principal with Deloitte Consulting LLP.
Despite marketer’s general confidence, their investment plans in simple, task-specific marketing software applications, and lack of spend in more comprehensive operational and data management systems, suggest a critical disconnect in how they hope to achieve executive goals. Also, disconcerting is a limited interest in forging deeper relationships with the IT function. Only 9 percent say they are looking to work more closely with the CIO and IT department.
“Senior marketers clearly need to elevate their game when it comes to integrating IT and data management into their operations and insights,” said Neale-May. “At the same time, this year’s study indicates senior marketers may be failing to build line of business and executive suite relationships required to build their status and influence in their organizations. In fact, only 7.4 percent of respondents are even considering positions on their corporate boards.”
Key findings reveal:
• Global marketers say realigning operational processes and capabilities to better support sales and drive demand generation was their top accomplishment for in 2008, followed by improving performance and accountability for their organizations.