IDC is the bearer of both good and bad news for marketers in its latest study on marketing budgets.
On the plus side, marketing budgets among the 101 companies surveyed were expected to increase by at least 3.5% in 2014. However, the report also noticed disturbingly high turnover rate for CMOs.
“We examined 152 tech companies with a current CMO in place and found that 77, just over half, have replaced their CMO in the last 24 months – an astonishing rate of change,” said Kathleen Schaub, Vice President, IDC CMO Advisory Service. “CMOs must own the digital disruption of buyer experience for their companies. Those CMOs able to rise to the challenge will be provided more resources and given more power, while the unprepared will be replaced.”
That’s a grim picture for most company’s top marketers, but it underscores just how much CMOs are expected to deliver with all the technology they now have access to. The message is clear, you’ll get bigger budgets, but we expect big results, and we want them now.