Marketers are feeling confident, but two thirds are planning changes to agency rosters this year - so reviews are on the horizon.
More than eight in 10 (81%) senior marketers believe they can drive growth and improve market share, according to the CMO Council’s eighth “State of Marketing” report out of the US.
When it comes to agencies 63% of marketers rate the contributions of their agency partners as extremely valuable or pretty good, but two thirds are planning to ake one or more changes to the roster this year. Lack of business results, value-added thinking and uninspired creative top the list of reasons for these changes.
A third of CMO surveyed say they are equal to c-suite peers, but 45% believe that's only the case sometimes and a further 20% don't feel they are equal in terms of influence and status.
Increasingly CMOs are working more closely with HR officers and COOs, but still cite chief financial officers, chief information officers and chief sales officers as their strongest counterparts.
A big benefit to marketers is the growing level of collaboration and interaction with functional heads and line-of-business leaders,” said Donovan Neale-May, executive director of the CMO Council.
“This is giving marketing more weight in strategic decision-making and also ensuring organizational alignment around the customer experience given marketing’s increasing ownership of customer data and insight.”
More marketing teams are growing than shrinking, which shows budgets are looking positive, and salaries are on the rise. Of the 525 global marketers surveyed by the CMO Council, 55% plan to hire compared to 22% who expect reductions.
With 75% of those surveyed receiving a salary increase this year and even more (83%) expecting one next year.
You can download the complete report here.
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