Blog Series: Big trends in Media and TV - part 4
The increasing pressure on Chief Marketing Officers
CMO: Clearly Must Outshine
It’s not easy being a Chief Marketing Officer these days. Digital marketing is taking over and changing the field completely and expectations are getting higher. No wonder CMOs are calling in the cavalry, but have they landed the pony express instead?
Nearly seven in ten (68%) global chief marketing officers (CMOs) feel unprepared for the demands of social media marketing, according to a study released by IBM. This is second only to the 71% who are challenged by the explosion in data. A large portion of CMOs also feel unprepared for growth of channel and device choices (65%), shifting consumer demographics (63%) and financial constraints (59%).
The IBM study found that even when respondents were divided into outperforming and underperforming segments, large percentages of out-performers still felt unprepared for many developing trends. On social media, 66% of the best performing organizations feel unprepared for social media marketing with underperforming companies only 4 points behind at 70%.
With increased pressure to drive business value through digital marketing, and in particular social media, CMOs have turned to third party suppliers for support in taking control. Although this has enabled them to better understand, engage with and monitor social media, it has also presented its share of challenges.
The Altimeter Group asked 140 Corporate Social Strategists their total strategy budget, number of full-time equivalent staff dedicated to social media, and organizational model. They identified 18 discrete classes of social business software and services, most of which do not interoperate with each other. Altimeter found that Advanced companies spend an average of $272,000 a year on custom technology development (the second highest spend on social technologies for Advanced companies), suggesting non-comprehensive tools and excessive configuration. Not surprising, only 29% of all companies have standardized internal tools, such as monitoring, analytics, or community platforms.
Disparate tools and technology can be a challenge and there may be no perfect solution, but Altimeter estimate that both for engagement and measurement, the organisation needs to decide and go ‘all-in’ on a single tool.
How can I capitalize on this trend?
Come take a look at CloudTV our cloud-based platform that enables Media and TV companies to harness the power of social media and generate business value through monetization and analytics. And don’t hesitate to contact us if you want more information, we could talk about CloudTV all day.