“The Times They Are a-Changin” may be dated lyrics from a popular Bob Dylan album, but many in the digital marketing, advertising, agency, and media buying sectors are finding out just how much these words still resonate today. Chief marketers are facing unprecedented challenges and taking proactive steps to re-size and re-direct spend in an unpredictable business climate, reports the CMO Council.
The CMO Council, which represents some 16,000 marketing leaders in 10,000 companies controlling nearly $1 trillion in marketing spend, is rolling out a variety of thought leadership programs and information services to help its members with fundamental restructuring of market engagement. These offerings are designed to give insights, advice and peer-based inspiration to corporate marketing, finance and procurement decision makers; agencies; media channels; and the marketing supply chain ecosystem. They include:
- A four-part webinar series with KPMG in May, entitled “Marketing Mandate 2020: Pivot Your Plans, Optimize Your Spend.” These presentations and discussions explore strategies for maximizing returns from prior investments, effectively managing assets and agencies, and improving plan and spend agility.
- New thought leadership studies to define a new Customer-Intuitive Enterprise model; help companies achieve topline and bottom-line growth through data-driven analytics around “Customer Economics”; and map routes to recovery through more effective omni-channel channel digital engagement and commerce.
- Savings of $400 on the cost of using the CMO Council’s online decision support center and research library by giving unlimited access to all marketers, agencies, academics and students valuable peer-based knowledge and insights for just $95 a year.
- A knowledge transfer and agency search service partnership with the 4As, an organization that serves more than 600 member agencies across 1,200 offices. Collectively, these firms help direct more than 85 percent of total U.S. advertising spend.
According to a recent CMO Council audit of its members, most CMOs also feel relatively confident about their company’s ability to manage through the global economic downturn. Nearly 60 percent expressed moderate confidence in their company’s contingency, containment and recovery plans, while 31 percent are extremely confident.
However, many CMO Council members are facing up to some harsh budget realities. Nearly half of marketers surveyed by the CMO Council are bracing for marketing spending cuts. Another 26 percent don’t know what’s going to happen to their funding.
