Does it have to be? A recent report from Accenture Strategy found that 50% of CEOs see Chief Marketing Officers as the primary driver of disruptive growth in a company. BUT it also says: CMOs are the first to get fired if a business fails to hit its growth targets. And if a company does not achieve that growth, 37% of CEOs said the CMO would be first in the firing line. (Not chief sales officers at 34% and not chief strategy officers at 29%). And probably never CEO’s!
However, despite the fact both CEOs and CMOs believe disruptive growth is crucial for a company’s growth, CMOs only spend 37% of their time on innovation. While 60% is spent on traditional marketing approaches. Due to this, more than half (54%) of CMOs feel a large portion of their marketing budget is being wasted and not delivering the results the business expects. While only 30% of CMOs believe they are cutting-edge marketing innovators. “A lack of clarity is what creates a real issue today. CMOs have to really understand what their CEO’s expectations are. They have to understand how they are being measured at a particular organisation.”
I feel this is a major symptom of ‘Marketing’ just not being represented in companies’ boardrooms and the Marketing departments not presenting their case as forcefully as they could or should. After all it’s ‘Marketing’ that drives the UK economy. It’s in the UK DNA. And it’s in our DNA to share our Client’s problems, successes and risks as partners. Not the typical agency partnership. It’s important for advertising and marketing agencies to work with their clients to establish a thorough and shared understanding of their business, the brands and the markets in which they operate.
Stephen Fox, FKC Chairman