The ideal role of marketing was articulated 60 years ago. How close to the ideal have we come by now?
The growing number of chief marketing executives reflects the increasing importance companies attach to marketing. Yet the average tenure of a chief marketing officer (CMO) is three and a half years, well below that of the typical CEO. Both the prevalence of the CMO position and its precariousness give rise to the question,” Has marketing realized the vision to which its adherents have long aspired?”
The authors look at the IMB 2011 Global CMO Study to extrapolate trends in marketing. In the study, more than 1,700 CMOs were asked to rate how much influence they have over four key aspects of marketing. They were also asked to what extent their marketing organization captures, analyzes and acts on customer data. The authors calculate an overall metric, the “Full-Scale Marketing Index”, to measure average control over each of the four aspects, plus use of data. From their findings they explore whether it is important to follow the “Marketing Ideal” established over 60 years ago, and where Marketing goes from here.