Nice article about the "new" relationship the CMO must have with the CFO because the Marketing department is spending so much money on Marketing and Martech.
Often CFOs see Marketing as a bottomless pit in which money is added and not sure what is the outcome.
One of the things that we have actually seen in 2018 are CMOs actually raising their hands and saying that Marketing just isn't working anymore.
We all filter out adverts, adblocker usage is growing at 30% year-on-year, we all filter out unsolicited emails and unsolicited calls. If we don't do this with technology, then we can do it with legislation, GDPR, for example.
There was an announcement yesterday on LinkedIn about this amazing email marketing software, er well that's OK as long as you can be use all those emails have opted in. Why would you opt-in if you are just going to be bombarded with emails. My partner tells me she purchased a pair of shoes, she now gets an email a week from them. It's spam, so she unsubscribed!
The second thing we saw in 2018 is Marketing Directors being fired. The management had realised that the world had changed, marketing wasn't able to come up with a plan that can apart to the new world. CMO gets fired and somebody else is pulled in who can.
The world is changing at a fast rate, time to keep up and the answer may not be more ads, more emails and more cold calls.
Now, however, the dynamics have changed. Marketing budgets stand at 11.2% of company revenue, according to Gartner -- with martech accounting for nearly a third of that -- and marketing often has direct responsibility for revenue via ecommerce and overall customer experience. CMOs now must focus on bridging a new divide: one with the CFO. A strong finance-marketing relationship can give organizations a competitive edge, yet barriers persist. According to consultant EY, 54% of CFOs report greater collaboration with CMOs over the last three years but say cultural differences and absence of common KPIs remain challenges.