The majority (77%) of chief growth officer (CGO)-led organisations consider apps to be critical to deliver customer value and generate revenue, according to a survey of 700 companies by marketing intelligence platform Singular.
Among the respondents, 14% said they had a CGO whilst 29% had a director of growth. These companies tend to have marketing departments which are twice as big as those without CGOs.
“My primary focus as Chief Product & Growth Officer is to make sure every initiative we take in the product and community adds value to our primary growth goal,” explained Ajay Thakur, CGO of Stackraft.
However, CGOs are tied to ad budgets. The study found that CGO-led organisations were more likely to have larger marketing budgets. Indeed, brands with an annual ad spend of $5 to $10 million had CGOs 21.3% of the time, whilst those with $50 million ad budgets had CGOs 21.4% of the time.
Those spending less than $5 million in advertising per year had CGOs just 11.1% of the time.
Organisations with CGOs were 35% more likely to detect and prevent ad fraud, having made fraud a top priority to challenge. 43.6% of marketing teams with CGOs agreed that fraud was critical to address compared to 32.4% without.
Given that CGO-led organisations have larger ad budgets and are more performance-driven than those without, the increased focus on fraud prevention makes sense.
Among the top priorities for CGO-led companies is to connect user data with aggregate spending data (56.4%) in order to optimise their marketing campaigns.
AI and machine learning insights were a key desire for 24% of CGO-led companies, with 11% requesting better granularity into publisher and creative performance.
Meanwhile, CGO-led mobile marketers were already using more sophisticated growth stacks.
CGO-led organisations are 65% more likely to invest in new marketing technologies over the next 12 months and 48% more likely to invest in AI and machine learning. This highlights that CGOs are performing vital functions to expand marketing teams and lead focused digital campaigns.