Yesterday at the Triangle AMA Luncheon Christine Moorman, the T. Austin Finch Professor, Sr. of Business Administration at Duke University’s Fuqua School of Business, presented the findings of The CMO Survey. The survey itself was completed in February 2013, and had more than 450 responses from top marketing executives. There were several focus areas of the survey which included:
- Social media
During the luncheon, Chris provided some trends, challenges and original viewpoints about where marketing is headed. Here is a quick recap of some interesting insights from Chris:
- Social media spending is expected to double as a percentage of budget over the next 5 years, meaning it will become 22% of the entire marketing budget. However, integration of social media hasn’t kept up with spending. Over the past 3 years of CMO Surveys, integration has remained at the same level accomplishment at 3.8 (on a scale of 7).
- Overall, companies are struggling on how to measure their efforts. This is evident with both social media and analytics. Chris’s thought, “What gets managed gets measured.”
- Companies are spending on analytics, but they aren’t using them effectively – only 30% of projects, even though they have data collected about them, use marketing analytics.
- Roughly 26% of employee groups are customer focused while the remaining 74% are product focused. Chris predicts this will have to change in order for marketing to keep up with consumer needs.
- Only 35% of CMOs are leading innovation in their organization. This is astounding considering they have more market insight to the customer than any other department.
- Retention for top marketers is approximately 4.8 years. Usually they get to that status after being in the company for about 5 years prior to promotion.
The overall results from the CMO Survey show that marketing contributes to long-term profits by building customer relationships, brand equity and market insight. This can also be inferred in the fact that marketing budgets have increased in the aftermath of the 2008 recession, and companies turned to marketing to help recover.
Want to see more results? Download the original CMO Survey findings.