In the recovering economic climate, many expanding businesses are generating new jobs and increasing their advertising efforts to get consumers on board with new products and services. This means marketing positions are opening in an array of industries, so the odds are good for CMOs looking for gigs. Recent reports suggest the financial service sector could be the best place to start looking for marketing work.
A report from Virginia-based SNL Financial indicates that commercial banks‘ marketing spend in the first quarter of this year increased by more than 11 percent over the first quarter of 2009, reaching $2.2 billion, relays AdAge. From wealth managers to insurance companies, financial firms are invested in getting a competitive edge through sophisticated marketing strategies.
For some larger institutions who saw bad press during financial downturn, crisis-management will be a highly sought skill among marketers. Heather Hammond, a consultant for an executive search firm in New York City, told the source big banks are increasingly looking to hire professionals who can create campaigns to simultaneously attract new customers and serve as reputation management.
Cost-effective marketing skills are also in high demand. While many banks turned profits toward the end of 2009, most firms still face capital constraints. CMOs who want to get gigs in the financial sector should show off their expertise in online blogging or social media marketing.
While banking institutions currently stand out in their searches for CMOs, businesses across the board are upping the ante with ad campaigns and could be making marketing hires soon. A report from comScore indicates that advertising is poised for a rebound in 2010 – particularly in the online display realm. In the first quarter of the year, online display ad spend was up by 15 percent over the same period last year, and comScore expects this trend will persist with continued recovery.
