Original post from AdWeek
by Paul Hiebert, AdWeek
Summary
- CMOs struggle to defend their department during bad times due to the difficulty in proving ROI.
- Recent figures reveal that marketing is the department most likely to see budgets cut.
- To minimize the chances of budget cuts, CMOs need to define and defend their department better by showing how their team generates revenue.
As a marketer focused on the future of marketing, you understand the importance of a more holistic, connected, and omnichannel approach. However, recent figures from market research firm NewtonX reveal that 66% of CMOs believe marketing is the department most likely to see their budgets cut due to the difficulty in proving ROI. This issue is not new, with Procter & Gamble chief brand officer Marc Pritchard admitting that the famous quote attributed to John Wanamaker still holds true: “Half my advertising is wasted; the trouble is, I don’t know which half.”
In this article, you will learn about the challenges CMOs face in demonstrating how their team generates revenue and how they can diminish the chances of their budgets being slashed. The article raises the question of what combination of factors makes a consumer switch from a brand they’ve been loyal to for years to a rival brand. This mysterious aspect of consumer behavior can work in favor of CMOs when sales go up, but it can also work against them during bad times.
The article concludes that CMOs need to define and defend their department better by showing how their team generates revenue. By doing so, they can minimize the chances of their budgets being reduced. The article urges marketers to read the original post, “CMOs Can’t Defend What They Can’t Define,” to gain insights on how to better demonstrate the value of their marketing efforts.
Read the full article at AdWeek
“Now that the customer journey is omnichannel, it’s harder to identify the moments that matter, to ensure that you are present in those moments, and to deliver the right message, to the right customer, at the right time. The need for cross-channel optimization has never been more critical.
Jon Suarez-Davis, Chief Strategy Officer at Wunderman Thompson
Hiebertpaul. (2023, March 27). CMOS can’t defend what they can’t define. Adweek. Retrieved March 28, 2023, from https://www.adweek.com/brand-marketing/cmos-cant-defend-what-they-cant-define/
