The Chief Marketing Officer (CMO) Council conducts a yearly survey among its members who lead marketing across a broad variety of industries around the world. The CMO Outlook Report describes the biggest challenges and concerns of senior marketers and other executives in the organization. This report and several others published by the CMO Council (www.cmocouncil.orghttp://www.cmocouncil.org/) are an excellent barometer of the changing business climate and how marketing professionals are shifting budgets and resources to respond.
The report states that top executives continue to demand that marketers grow market share while improving operational efficiency. In response to this request, marketers say they are focused on strategic cost cutting (not budget slashing) by improving operational efficiency, increasing customer experience and insight, and working with sales to drive revenue growth. This response is positive, however it appears there is still a disconnect between what executives want and where marketing chooses to invest time and resources. Marketers are not investing enough in marketing process improvements and operational systems that provide increased collaboration and marketing automation tools.
With so many evolving media choices, where should businesses invest their marketing budgets? What are the key trends that you need to know about that influence consumers and buyer behavior? These are only some of the questions that need to be answered.
Let’s take a look at several trends and issues that influence decisions of marketing and sales executives, as well as a few highlights that reveal where they are choosing to invest. These figures have been combined with additional industry facts to help you make decisions on a broad number of sales and marketing issues.
Key Trends Driving Marketing
• 60 percent of marketers say they will fund increases in the company’s interactive marketing budget by shifting money away from traditional marketing.
• Search marketing, online display advertising, email marketing, social media, and mobile marketing collectively will grow to nearly $55 billion by 2014.
• CMOs will focus on training and development for their existing staff to sharpen skills in digital media. Sixty-three percent say they will retrain staff versus hiring new talent or outsourcing.
• Salespeople spend approximately 40 percent of their time preparing customer-facing deliverables while leveraging less than 50 percent of the materials created by marketing.
• Marketers say they want to improve operations and analytics; however, only 9 percent of marketers say that they plan to create a deeper relationship with their IT department.
• Customer experience and customer loyalty are critical to business success, yet only 17 percent of marketers oversee customer service and support responsibility.
• Around the world, marketers estimate that 55 percent of their entire marketing expenditures failed to deliver results.
If you would like to participate in the current CMO Council survey, qualifying members can access it on the CMO Council website at www.cmocouncil.org.