One CMO or multiple marketing directors?

One CMO or multiple marketing directors?

Emma Jerome Market Insight

For some years, the CMO has been the hot seat of the C-suite. One reason for this has been an under-appreciation of the technology disruptions that have fragmented and multiplied the responsibilities of the marketing function within financial services organisations. It is not surprising then, that establishing a single executive position to manage a growing marketing budget and a host of essential and increasingly costly outward facing activities is a huge challenge for the person who fills the role and for the company that hires them.

While the exact composition of responsibilities differs from one financial services provider to another, today’s CMO is often in charge of advertising, public relations, digital marketing, social media, content marketing, inbound marketing, branding and customer engagement. That is a huge remit even before considering the highly disruptive martech that many are implementing to facilitate, redefine or replace these functions.

Budget for digital marketing has consistently increased for so long that it was inevitable for it to plateau at some point. This year’s survey result points to the possibility that, at least as a percentage of total marketing spend, an inflection point is approaching. It’s not just that the number of respondents (51.72%) indicating a large increase in spend is in decline. Rather it is the percentage of respondents (3.45%) indicating a large decrease in spending is on the rise, albeit from a small base.

Common martech functions today include programme manager, marketing technology product owner, marketing database architect, someone on the marketing analytics side, perhaps a ‘scrum master’ and some ‘growth hackers’. But martech is extending its reach to a broader range of specialised functions and IT specialisms. As Chiefmartec.com editor Scott Brinker points out: “It’s also software you create: web applications, widgets, Facebook apps, iPhone apps, Android apps and interactive ads are now part of marketing’s realm.”

This is an extract from our 2020 Global Global Financial Services Marketing Insight Report. The report highlights the latest marketing trends within the industry across the jurisdictions we cover: the UK, Germany, MENA, Asia and Australia. Download the full report by completing the form below.

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