Some of the articles I read make be wonder if the market and marketers are paying attention to their market. Then again since I spend everyday watching markets and the influence of social media on these markets maybe I am one of the few who actually sees what is happening.
According to Chief Marketing Officer . com: CMOs Need Greater Engagement Internally And Through Social Nets For Brands To Thrive: More than four out of five (84 percent) chief marketing officers (CMOs) allocate less than ten percent of their budgets to experimenting through social media and non-traditional communications channels, with more than half (55 percent) allocating just five percent or less, according to a study by The CMO Club and Hill & Knowlton released today. By contrast, according to a recent study (Pew & American Life Internet Project, December 2008), the number of adult Internet users who have profiles on social networks quadrupled to 35 percent in 2008, from eight percent in 2005. This survey was conducted online with 124 chief marketing officers in the Club responding between September 15, 2009, and October 15, 2009.
“Marketing used to be a linear process, with a discussion flowing from the CMO to the target audience. In today’s digital age, communication has evolved into a new model that requires active listening and engaging in numerous conversations,” said Pete Krainik, CEO, The CMO Club. “CMOs are finding the additions to the job more challenging and the need to lead beyond the marketing department is critical for their success.”
According to a survey of its members, three out of ten (29 percent) of CMOs report having a social media policy that is widely adhered to within their company and a further 31 percent are currently developing a policy. Implementing these policies is proving to be a challenge, with just over a quarter (26 percent) of CMOs stating they have a policy but it is not complied with within their companies.
What Is The Job Of a CMO?
According to Wikipedia the role of a CMO is primary or shared responsibility for areas such as sales management, product development, distribution channel management, public relations, marketing communications (including advertising and promotions), pricing, market research, and customer service, CMOs are faced with a diverse range of specialized disciplines in which they are forced to be knowledgeable. This challenge is compounded by the fact that the day-to-day activities of these functions, which range from the highly analytical (eg. – pricing and market research) to highly creative (advertising and promotions), are carried out by subordinates possessing learning and cognitive styles to which the CMO must adapt his or her own leadership style.
Beyond the challenges of leading their own subordinates, the CMO is invariably reliant upon resources beyond their direct control. That is to say, the priorities and/or resources of functional areas outside of marketing such as production, information technology, legal, and finance have a direct impact on the achievement of marketing objectives. Consequently, more than any other senior executive, the CMO must influence peers in order to achieve their own goals.
Given the exposure that social technology has and continues to have it appears as though CMO’s are not fulfilling their responsibilities to the organizations they represent. That being true most will be looking for a job soon.
If you are a CMO then I’d suggest reading the series in this blog titled “Social Media” and watch this video. Then again maybe your too busy doing other things that distract you from your primary role. What would that be? Maybe they should consider creating a social strategy for their organization.
What would you do?