A global survey of chief marketing officers (CMO) conducted by NewBase, the marketing and advertising consultancy, has delivered some interesting findings – chief amongst them the fact that 60% now plan to halt further increases in ad spending or even reduce expenditure.
The Evolving Marketer report wasn’t all bad news, with 72% of senior marketing leaders committed to growing their content marketing budgets as part of a laser focus on boosting growth.
This is coupled with some other interesting snippets including the fact that two-thirds of CMOs now say that they will bring more marketing services in-house, despite the fact that a paltry 3% consider themselves to have the appropriate skillset – limiting the ability to do so.
Another stumbling block comes in the form of data with three quarters of respondents in agreement that they are only in position to harness a tiny fraction of the data they have access to, with half of all data entirely unused, prompting 80% of CMOs to report that they are actively seeking more cash to invest in the area.
Mike Jeanes, global head of insight at NewBase commented: “Over the past few years the CMO's remit has escalated significantly from a largely promotions and creative role to becoming the centralised lift-shaft of the business, servicing every level and function of the organisation, and providing the data-driven connection between the brand and the consumer. The role of the CMO is varied and complex. They are increasingly challenged to drive business growth and adjust their resources to keep up with industry change and consumer demands.”
At the vanguard of these trends is P&G which has vowed to slash its agency roster in half this year as it draws more tasks in-house.