BY Kathy Crosett
In dentsu’s CMO survey 2020, analysts reveal they expect 63% of prepared CMOs to boost 2021 marketing spend. That information bodes well if you’re selling media or marketing services. The survey encompassed feedback from over 200 marketing leaders, delved into what they’ll need help with in the next year, and outlines the definition of a prepared CMO.
The End of 2020
Nearly all of us are ready to say goodbye to 2020. CMOs in the U.S. acknowledged they were significantly impacted (24%) or somewhat impacted by COVID-19. As they deal with the fallout from the virus, they’re faced with meeting the metrics they’re being measured for. And it hasn't been easy to achieve these goals:
- Growing the customer base
- Growing short-term sales
- Reducing costs
In order to increase their customer base, CMOs must learn to understand how consumers have changed their behavior since daily life drastically changed in March. And, to boost sales, CMOs have to adapt their messaging. They all want their organizations to appear as caring and supportive. But they had to grow sales at the same time. And in the competitive retail environment, they must set the right prices to manage expenses and optimize revenues.
Predicting Consumer Behavior
In the next year, U.S. CMOs believe they’ll have trouble understanding consumer behavior. What consumers buy, where they go, and which businesses they’ll interact with, to some extent, are driven by whether there’s an extended second or third viral outbreak. This uncertainty explains why 43% of CMOs are having trouble determining whether the new consumer behavior they've seen is temporary or permanent. However, 41% of CMOs believe they’ll need to take declining consumer spending into account, along with new consumer sentiment (39%). To grow sales, they’ll need to promote the kinds of goods and services consumers will buy in the long term. You can help them conquer this challenge by sharing the Purchase Intent section of the AudienceSCAN profile found on AdMall by SalesFuel.
63% of Prepared CMOs to Boost 2021 Marketing Spend
At least 32% of CMOs in B2C verticals call themselves prepared. These CMOs maintain a mindset that helps them believe they can turn challenges into opportunities. These forward-thinking CMOs consciously build relationships with the heads of other departments in their organizations. They strive to spur innovation and remain agile in the changing marketplace. In addition, these CMOs are the ones shifting marketing spending into digital formats (42%), emphasizing marketing support for ecommerce (40%), and positioning the brand’s association with social purpose.
About 63% of prepared CMOs anticipate an increase in their marketing spending in the next year. These market leaders will need help to carry out their ambitious plans. They’ve already shown their willingness to explore new strategies to help their company grow. As they work with other leaders in their companies, they'll roll out new initiatives that must be promoted. Review the Local Account Intelligence Reports in AdMall and share insights with your clients and prospects as you brainstorm new ways for them to grow sales.
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