CMOs and CFOs are working in harmony – but more can still be done to close the gap

CMOs and CFOs are working in harmony – but more can still be done to close the gap
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CMOs and CFOs need to get along harmoniously to achieve digital transformation – that much we already know. Yet according to a new research report from Wipro Digital, the two C suites are seeing eye to eye on digital marketing budgets. The study, which was based on responses from 50 CMOs and 50 CFOs at US companies, says the two are seeing eye to eye much more than ever before. Yet it’s not all peaches and cream; 36% in the financial side said marketers’ use of click through rates and impressions would be considered ‘vanity metrics’, while a further 22% said marketing teams did not measure in terms of concrete outcomes. So what needs to be done to close this remaining gap? CMOs ‘must create a shared understanding by proving the value of their work’, according to the report. The report concedes that marketers are struggling to find the right tools to enable them to prove that value, because they aren’t able to paint a picture rather because they don’t want to. 47% of CMOs polled said they cannot use these metrics as the vendors they work with don’t have the available functionality, with 47% more saying it was difficult to find common metrics because not all vendors are able to measure in the same way. “CMOs and marketing departments are aware that martech is key to creating and delivering relevant and personalised experiences to customers. However, too many marketers are struggling with implementation and changing how they work,” […]

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