Chief marketing officers (CMOs) across the country have a significantly brighter outlook now than they did at the beginning of 2009. The semi-annual Duke University’s Fuqua School of Business survey carried out jointly with the American Marketing Association found that nearly 6 in 10 expect improved financial performance in a number of areas. Like many other experts, these professionals also expect to increase spending on online media outlets by shifting funding away from traditional media outlets.
Specifically, CMOs expect the following improvements in business activity during the course of the next year:
- Existing customers buying more products and services 44%
- New customers entering the market 35%
To meet the new demand, CMOs will increase spending on support activities by the following rates:
- Marketing consulting services 1%
- Marketing research and intelligence 3%
And when it comes to online marketing, social media is the clear winner for this group. CMOS believe they’ll increase the percentage of ad budgets spent on this format by 300%. Part of the reason for the higher spending in this area is that CMOS see social media not only as a branding and customer acquisition tool but also as a way to streamline market research.[Source: CMO Survey: Marketers Prepare for Better Times Ahead, Duke University, August 2009 release]