TAMPA, Fla., Jan. 30, 2020 /PRNewswire/ -- Insights from a new study of over 400 senior marketing executives across the globe illuminate how top CMOs and their companies are organizing and operationalizing their marketing functions to succeed in today's disruptive business climate, while providing a roadmap for critical planning and decision making needed to ready and evolve modern marketing organizations for the future.
The CMO Club, in thought leadership with Deloitte, developed the comprehensive study of marketing organizations today to explore how the near decade-long evolution of the CMO role itself and the ever-increasing demands from the business functions have evolved. The study analyzes reporting structures; span of control; scope and functions; outsourcing and insourcing strategies; talent and succession planning; and performance measurement for modern marketers and their organizations.
The study captured benchmark data from more than 400 CMOs from across the globe, averaging nine years of cumulative CMO or head of marketing experience. Survey data was contextualized with insights from more than 20 CMOs participating in the CMO Club's Fall 2019 Summit roundtable session, and additionally, with in-depth interviews from brand leaders in a wide range of industries, including Aon, Capital Group, Highmark Health, Hostess Brands, Petco, Taco Bell and Wells Fargo.
"In order to succeed in today's ever-changing business environment, C-suite leaders are challenged to adapt to new trends while executing tried-and-true strategies," said Jennifer Veenstra managing director, CMO Program, Deloitte Consulting LLP. "Having benchmark data will help CMOs and senior marketing leaders develop, design and implement changes that can transform their organizations' marketing efforts."
"Today's Marketing Organization is so much more than storytelling. It's all about seizing the opportunity on the current – and future – state of the CMO's role AND the marketing organization itself and building relationships both internally with the C-suite and externally with your customers. CMOs need to be asking 'how do we forge a clear path forward'?" said Pete Krainik, CEO and founder, The CMO Club. "This CMO curated benchmark study provides senior marketers a way to cut through the hype through proven CMO insights to build a viable, successful marketing organization and foster even deeper relationships both internally and externally that will drive growth for the overall organization."
By studying and building a baseline of data around marketing organizations and operational structures, the benchmarking report provides valuable insights for marketing leaders to compare and measure their roles and organizations to their global marketing peers, determine critical decision areas to address their biggest challenges, and establish a roadmap to evolve their marketing organizations for success in the future. Key highlights from the report include:
- Gaining ground in the C-suite. Seventy-one percent of CMOs indicate their role is considered part of the C-suite; 59 percent report directly to the CEO and 27 percent report to the COO or President.
- Accountability far more than ever. More than 50 percent of CMOs surveyed indicate they are responsible for 11 or more areas of marketing activities and identified still other activities they'd like to bring into marketing's purview to further drive success.
- Measuring effectiveness establishes success, builds credibility, fosters collaboration. CMOs report the top three measurements of success in the eyes of their CEO are awareness (51 percent), sales/revenue (31 percent), and media ROI (29 percent).
- Identifying and closing skills gaps, finding the right fit. Three primary skills emerged as the biggest: data science (78 percent), analytics (68 percent), and user experience (60%).
- Balancing internal and external talent. CMOs are flexing by building in-house capabilities, tapping external agencies, and working with a hybrid model of both.
- Filling the leadership void. A full 61 percent of respondents said they do not have a direct report who could step into the CMO role tomorrow.
- View the CMO Club Benchmark Study here.
About the CMO Club
The CMO Club is the world's most engaged and inspired community of Senior Marketing Executives who help each other solve their biggest challenges within a candid, trusted and sharing environment. Collaboration fueled by inspiring events and within the members-only Digital Solutions Clubhouse raises the standard for what is required to be a successful Chief Marketing Officer. With more than 850 members, The CMO Club is the go-to center for today's Senior Marketer for peer-based personal and career success support. For more details, please visit www.thecmoclub.com.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's more than 312,000 people worldwide make an impact that matters at www.deloitte.com.
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