In the past few decades, CFOs, VPs of sales, and CIOs have each harnessed technology to achieve greater impact and influence in the enterprise. Now, as dramatic shifts in buyer behavior are being matched by equally significant shifts in marketing technology advances, it is the CMO’s turn to take the reins and lead the digital charge.
“MarTech and the Decade of the CMO: How the Software Revolution Will Grow 10x in 10 Years,” a new paper released by Foundation Capital General Partner Ashu Garg illustrates the trends that will lead marketing technology spend to grow from $12 billion to $120 billion in the next ten years – elevating the CMO in both power and responsibility, and making this the ‘Decade of the CMO’.
“Marketing is increasingly becoming a technical discipline,” said Ashu Garg, general partner at Foundation Capital and author of the report. “It is shifting from an area where ROI has traditionally been murky to a new role dominated by the fusion of creativity, data, and technology. With more spending on technology and data, and more knowledge of consumers, the CMO will have more responsibility for generating revenue. CMOs will need to think strategically like CEOs, invest in technology like CIOs, and take more responsibility than ever before. In turn, this will create a huge opportunity for new players in the space.”