High-Performers Spend More on Marketing, Especially Digital
Everybody wants to be a star, especially enterprises who are competing for a bigger share of the marketplace. Companies that spend more on specific types of advertising are more likely to be high performers, or stars. To some, this might sound like a broad generalization but there’s now solid research to back up this claim.
About 29.7% of marketers rated themselves strong and another 23.2% gave themselves a good rating in the most recent CMO Survey. Only 17.5% gave themselves ‘leader’ status and 4.8% called themselves excellent. What distinguished the marketers who gave themselves high rankings?
Dr. Christine Moorman, who publishes the survey and writes extensively on this topic, took an in-depth look at the correlation between advertising and marketing excellence.
Top marketing performers exhibit the following behaviors:
- Spend less on traditional advertising and more on digital
- Spend more on marketing overall
- Spend more on social media and ensure this aspect is well integrated with the rest of marketing
- Spend more on marketing analytics
Moorman also notes that top marketers allow their CMOs to have more control over activities ranging from product positioning and distribution to sales, market research, and customer relationship management.
Business leaders looking to reset their operations this year might want to consider the size of the budget they’re allocating to their marketing departments along with the level of responsibility they’re giving to their senior managers.[Source: Moorman, Christine. In Search of Marketing Excellence. Cmosurvey.org. 16 Jan. 2013. Web. 4 Feb. 2013]