How do CEOs really feel about CMOs? Like many successful relationships, CEOs are mostly enamored by their CMO; however, there are times that CEOs think that CMOs could do more to make the relationship work.
According to Forbes Insights’ November 2014 report, “Data-Driven Insights Are Only Part of the Journey,” 35% of CEOs say that their company’s marketing efforts are exceeding expectations in terms of contributing to sales; CMOs are not quite as optimistic, with just 26% saying they feel the same way. More CEOs than CMOs view marketing performance’s in launching new products as exceeding expectations—with 46% of CEOs feeling that way, while just 26% of CMOs give it the same ranking.
But CEOs aren’t always so captivated by their CMO’s performance. Consider the following: 33% of CEOs strongly agree that marketing efforts are wasting money; only 12% of CMOs agree. CEOs also lack confidence in terms of their organization’s ability to understand who is engaging with their products. In fact, 46% of CEOs strongly agree that their companies have limited engagement insights, versus 15% of CMOs who say the same. This disparity exists when it comes to determining who likes or dislikes a company’s products. Indeed, CEOs are almost four times (40%) more likely to agree that their companies don’t know this information as compared to CMOs (11%).
Another area of dissonance is data: 54% of CMOs strongly agree that data collection and analysis are increasingly growing in importance—compared to 39% of CEOs who express the same sentiment.
With all of these discrepancies, one has to wonder if the CEO-CMO relationship will survive. Both executives seem confident that it will. In fact, 99% of CEOs describe their relationship with their CMO as either excellent or good, and 92% of CMOs cite the same level of camaraderie. But to maintain these bonds, CMOs will need to feel the love. Although 79% of CMOs say that they have the financial support to run their organizations effectively, 84% of CMOs feel some level of pressure to cut back on branding.