Big marketers know they have a problem. They must connect with shoppers in local markets in this era of authenticity.
The latest Survey of Advertising and Marketing from BIA Advisory Services reveals that 37% of retail small and medium-sized businesses earn half of their revenue from their online efforts.
57% of CMOs expect marketing budgets to increase during the next 2-3 years. Chief marketing officers and top marketing executives are shifting budgets toward customer retention and advocacy, according to research from The CMO Club. Conducted in collaboration with IBM, the study also shows that CMOs are increasing their budgets and allocating a greater portion of these investments across the entire customer journey rather than individual channels.
The business outlook for many marketers has dimmed since the start of this year. The regularly published CMO survey shows a significant drop in optimism about the economy. This survey also shows that B2B operators have the most pessimistic outlook going forward.
Last month I highlighted an Aberdeen Research report that pointed out a sobering statistic about people who fill the role of CMO. The average length of tenure is just under 2 years. Writing for IT BusinessEdge, Rob Enderle echoes this concern. He suggests that many CMOs are not well-matched to the specific position or corporate structure they have taken on.
A new study reveals that only 23% of chief marketers feel that their advertising agency exceeds their expectations for customer service, while 22% say their agencies need improvement when it comes to innovation.