The results from the most recent CMO survey are in. This US-based survey sampled 2,556 top marketers with 323 responses. We have highlighted some of the more prominent insights, and it is safe to say these may translate to some cities in Canada, albeit on a smaller scale.
The Survey Methodology
- 323 respondents, and almost all were at a VP-level or above.
- 68% were marketing B2B Products and Services.
- 11 survey topics covered everything marketing, from spending and growth strategies to analytics and leadership.
- 80% of B2C product companies are feeling less optimistic, most companies are feeling less optimistic
- 48% increase in marketers who expect customers to place a stronger emphasis on price in the coming year
- Marketing budget growth is positive but dropped to its lowest level in 3 years.
“B2C companies, especially services, are most focused on market penetration to grow.” Companies are shifting away from product service development toward market penetration.
Many potential clients are may not just looking at price but value and efficiencies. If your marketing can serve to enhance this message with narrower targeting, your offer could be suddenly become much more attractive to a discerning buyer.
Social Media Marketing
- Social media spend has fallen this year, but expectations are strong and investment is “expected to rise by 73% over the next 5 years.”
- 25% of outside agencies perform nearly one quarter of all social media activities.
- In an increasingly complex ‘pay-to-play’ ad space, companies prioritize search engine optimization and other paid digital media over social spending.
- Mobile marketing has made small gains though this is expected to increase over the next five years as well.
Marketing leader’s toughest communication challenge is “demonstrating the impact of marketing on financial outcomes” to C-suite executives. Part of this challenge may be attributed to their finding that only 1 in 3 CEOs have actual marketing experience.
While the survey showed the use of analytics has dropped significantly, the majority are starting to use AI and predictive analytics, especially with areas such as customer insights, content personalization and customer segmentation. B2C companies experiment more than B2B to gain an understanding and the impact of their marketing actions.
You can view the full results on the CMO Survey website.