Top 5 Local Ad Stats of the Week: CMOs
August 15, 2014 | Contributed by: Joe Morsello
Digital technologies have led to many new marketing solutions and analytics tools and are making the Chief Marketing Officer’s (CMO) job much more complex. Still, many are moving fast to invest in these tools in order to better target and measure advertising and marketing efforts.
According to a Korn Ferry study, about 8 in 10 U.S. CMOs expect their companies to increase the use of predictive analytics and big data tools this year. As a result, today’s CMO needs to be versed on technologies that continue to develop, with new tools popping up regularly.
Here are some stats that give a look into the CMO’s perspective:
- Within large companies (companies with more than $500 million in annual revenue), 81% now have a chief marketing technologist role, up from 71% just a year ago. (Gartner)
- The top concern of 34% of CMOs is the creation of sustainable and engaging customer relationships and improving the customer experience. (Korn Ferry)
- Just 35.7% of CMOs feel that they can prove the short-term impact of marketing spend quantitatively, and 28.6% feel they can prove the long-term impact. (Duke Fuqua School of Business)
- 1 in 4 CMOs cite a lack of critical technology or tools as their chief barrier to digital integration. (Accenture)
- Prediction: Innovative CMO and CIO pairs will throw out the rule book when it comes to IT’s support of marketing. (International Data Corporation)
Be sure to check back next Friday for our next edition of Top 5 Local Ad Stats of the Week. Have a great weekend!