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Thursday, April 30, 2009

CFOs Aren't Big Fans of Marketing

"NEW YORK Beware of chief financial officers at Fortune 1000 companies. They tend not to be big fans of spending money on advertising and marketing. That's one lesson to be drawn, anyway, from a survey conducted by DiMassimo Goldstein among CFOs at such companies.

Not surprisingly, few of the 142 CFOs responding to the survey (conducted earlier this month) said their company's chief marketing officer has a bigger budget to work with this year. Forty-four percent said the CMO's budget is smaller and 38 percent said 'we're keeping a close eye on it,' while just 12 percent said the budget is larger. (The rest gave some other response.) What's more striking is that 60 percent of the CFOs answered 'no' when asked, 'Should your CMO have a larger marketing budget this year?' Just 22 percent said the CMO should have more money to work with."


ADWEEK
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