Researchers found CMOs were less likely to be among the top five-most compensated executives.
This article states the importance of marketing is dwindling, and with it, the importance of CMO’s has also gradually declined. An analysis of public filings by S&P 1500 companies found the number of corporate officers in the information and technology roles outnumbered the CMOs of those companies.
The importance of CTOs is gradually increasing due to technology being increasingly deployed. Furthermore, with marketing relying on algorithms, data scientists, and Big Data experts, marketing and IT functions could likely be merged or outsourced to technology companies like Google Marketing Platform.
Moreover, consulting firms such as Accenture, Deloitte and PwC have added and acquired creative agencies to compete against established ad/marketing giants. An earlier report had found that companies had reduced their ad spending from 1% in 1975 to 0.8% of total expenditures in 2017.
[3 minute read]