A few years back a Gartner analyst turned heads with the projection that spending by the Chief Marketing Officer (CMO) on technology would soon outpace the dollars invested by the Chief Information Officer (CIO).
That day is apparently close to arrival. In a blog post published last month by Gartner’s Jake Sorofman, he cites new research from the firm that finds CMOs allocated 3.24 percent of revenue for technology in 2016, which is within a whisper of the 3.4 percent CIOs will put forth for IT.
Why has marketing technology continue to grab mind and money share in the executive suite? Sorofman offers two reasons:
- Customer preferences and behaviors have shifted with the buyer’s journey increasingly self-directed and digitally led. CEB refers to this trend as the enlightened buyer. It’s the foundation of my consultancy’s Web2Sales methodology.
- Majority of CMOs now own or share P&L responsibility for a digital commerce channel. Their contribution to revenue growth is expected…and measured.
Sorofman concludes his post with a high impact thought: “Digital marketing has become marketing in a digital world.”