The Leapfrog Marketing Institute released its second CMO Digital Benchmark Study in Q3 2014. The study continued the exploration that began with the first CMO Benchmark Study in 2009, gauging how senior marketers were navigating the evolving digital space. The 2014 study’s key learning was that marketers’ perceived organizational challenges were hampering their ability to market with the speed, personalization and analytics needed in a digital world. The 2015 study is built to quantify the cause of these challenges.
Given this is a broader organizational issue, this year’s participant pool also includes technology/operations executives who support digital and omnichannel activities. This study shares the insights gathered from the survey fielded in Q3 2015, and provides key findings and implications for marketers to drive financial success in an increasingly complex digital world.
About The Researchers
The 2015 CMO Benchmark Survey Prepared, Fielded and Analyzed for the Leapfrog Marketing Institute by:
Jim Carey: Adjunct Professor, Northwestern University Medill School of Journalism, Media, Integrated Marketing Communications
Gary Lancina: CMO, LUMA Institute
In the 2014 CMO Digital Benchmark Study, marketers expressed confidence in their digital skills but were concerned with the organizational agility required to achieve their financially-oriented goals. This year, we explored this concern deeper, and also surveyed IT executives to understand their relationship with marketing and the greater business challenge.
A few key learnings:
- Digital and mobile continue to evolve into a true commerce channel from primarily brand awareness – 20% lift since 2014.
- Twice as many marketing budgets decreased this year compared to 2014. Of those that increased, the change was
modest – the majority (60%) grew less than 10%, a significant drop from 2014.
- Marketers continue to view websites/mobile, data/analytics and SEM/SEO as the most important capabilities to achieve financial-driven objectives. These capabilities are primarily handled internally, and considered highly underdeveloped.
- Omnichannel marketing is still the least developed capability, even with a 50% lift over 2014. This is a large concern given the expectations of the always-on consumer and increasing mobile usage/commerce.
- Both Marketing and IT believe they have an omnichannel presence, though IT executives view it as lower importance, yet better developed, than their marketing counterparts. This is a key challenge.
- Mobile-First environment reported by 50% of IT executives, a dramatic change given the rise of smartphones.
- Further analysis of the IT/marketing relationship reveals that marketers believe working closer with IT strengthens their bonds. IT has the opposite perspective.
- Marketing and IT agree on one thing – 63% state metrics and goals are not aligned across the functions. Marketers view IT’s budget, priorities and objectives as issues; IT views marketers’ knowledge, communication and budget as issues.
- The study findings clearly define the need for CEOs to solve this structural/cultural challenge to win in a digital world.