Decoding the Future
Top Insights from the Latest CMO Survey
This week I'm sharing some insights from The CMO Survey, conducted in partnership with Deloitte LLP, Duke University's Fuqua School of Business, and the American Marketing Association. This research provides a 'fly-on-the-wall' glimpse into the mindset of senior marketing leaders and their investment strategies.
As many of us are already thinking about our 2024 budgets and brainstorming ways to revamp our lead generation efforts, it's incredibly helpful to have a study compiling insights from senior marketing executives. These perspectives relate directly to current market trends and how they impact future marketing activities. The study sheds light on where marketing executives are cutting back and where they're doubling down to grow their businesses.
Here's a link for you to download and review at your leisure: https://cmosurvey.org/results/. Don't worry, it's free to download.
I’ve highlighted a few key points below that caught my attention. I trust this information will be helpful in your approach to new business.
Key Findings
I’ll include the information in the chart below in case you have problems with the image.
Marketing Spending
Overall spending is expected to grow 7.2% next year
CRM, Customer Experience, and Brand Building are all predicted to grow less in the next 12 months compared to last year.
What this means: Clients will be eager to kickstart projects they've been putting off.
AI
In the past three years, 94.1% of marketers started integrating AI in their processes, 60.4% just in the last 12 months
What this means: Clients will seek agencies with subject matter expertise to maximize their investments in AI.
Digital Strategies
CMOs predict investments in influencers, mobile, and social media to grow significantly in the next 3-5 years
What this means: Clients will look to agencies with specialized skills to leverage their growing digital budgets.
Diversity, Equity, and Inclusion
Just under 50% of marketers said DEI will not be a priority over the next five years
What this means: This is an opportunity for DEI-focused agencies to offer advisory services that measure and evaluate marketing strategies through a DEI lens.
Vendor Partnerships
CMOs reported that 20.2% of marketing activities are outsourced, a percentage that is expected to increase by 5% next year
What this means: Given the substantial investment in digital and the expected rise in outsourced activities, companies are signaling they lack the in-house expertise to meet their digital needs.
Key Takeaway
CMOs are feeling positive about 2024. Economic optimism is on the rise, and marketers are continuing to explore new developments like generative AI. This positive sentiment is echoed by an expected 7.2% increase in marketing budgets. I hope this bullish optimism translates into you attracting more "right-fit" clients and more work that aligns with your expertise in the coming year.
Ready for 2024?
After you've had a chance to review the insights from this latest CMO Survey, your wheels will start turning on how to adapt this knowledge to your agency's unique strategy. So, my question to you is, why go it alone? Let's dive deep into what these insights mean specifically for you, craft a personalized roadmap, and accelerate your journey to reach your big hairy audacious goals.
👉🏾 Let's get started on your Agency Roadmap Today