One way to get a read on the health of the marketing economy is to survey the professionals who control the spending. The inaugural Forbes Insights/gyro CMO Index did just that by talking with 875 marketers about their plans for the next 6 months. The forecast carries into 2014 and contains good news. Most executives are planning to either increase or hold steady on their marketing budgets.
This survey queried respondents about both their spending and staffing plans. Overall sentiment came in at 13.6, on a scale of 0 to 20, and analysts rated the outcome as bullish.
The score for marketing budgets is 12.7 and specific spending projections look like this:
- Increasing budgets 39%
- Maintaining budgets 49%
- Reducing marketing budgets 12%
The sentiment for hiring additional employees is slightly lower, 12.6. About half of marketers, (54%), will maintain current staffing levels while another 36% will hire more folks.
Increased marketing expenditures are often associated with a push into new markets or promotion of new products and services. The CMOs in this survey didn't indicate that their extra spending would be fueled by these initiatives. Only 29% of marketers say they’ll move into new markets in the next 6 months. They appear to be focusing on existing markets (55%). A similar cautious attitude prevails regarding the launch of new products and services. Only 28% are considering a product launch. 58% remain focused on findings ways to increase the sales of their existing products and services.
What’s your plan for the next 6 months? Will you be entering new markets or rolling out new products and services? If so, what marketing strategies will you use?