Leader and learner CMOs spend more on in-house staff
While leading and learner CMOs spend more on in-house staff than agencies, their lagging counterparts take the opposite approach. CMOs say they want to cut back on their use of agencies for strategy, preferring to limit agency engagements to tactical work and to fill program gaps. Leading CMOs are better equipped to actually execute on this because they spend an estimated 27% of their budget on in-house labor, slightly more than what’s budgeted for services, including agencies. Marketing organizations with fewer responsibilities, however, spend more with agencies than on in-house labor.
Prioritize: Invest in in-house staff to build key capabilities that can drive differentiation and create significant competitive advantage.
“Translate your vision for customer experience into a marketing plan that considers the data, technology and staff needed to execute,” says Virzi.