Earlier this year Gartner published a provocative finding in its U.S. Digital Marketing Spending Survey 2013. The report stated that 70% of the companies surveyed had a Chief Marketing Technologist (CMT) and 80% of these CMTs reported up through marketing rather than IT.
The CMT was defined as a person that is “familiar with marketing techniques as well as technologies…. need to understand how to use technology to define markets, attract, acquire and retain customers.” The CMTs work in organizations that “align this goal to areas such as marketing software, data and analytics, social and mobile platforms, digital advertising networks collaboration and website design.”
While the Gartner survey was not industry specific and was focused on larger organizations, we expect that the CMT role will become increasingly important for wealth management providers. We believe the need will become evident initially in larger firms, particularly those attached to banks and that target a broader mass affluent market. But we anticipate that soon smaller organizations will feel the pressure to employ personnel that can fully leverage the increased data their more advanced platforms collect on clients and prospects. Sometime in the near future, you might find your organization grappling with this important issue.