CMO Survey

Analysis

The CMO Survey: The latest results

Observations, insights, and benchmarks for the modern marketer

The 28th edition of The CMO Survey examines the issues top of mind for marketers including the latest focus for marketing activities, spending, jobs, and performance.

The latest impacts on marketing

The latest edition of The CMO Survey features responses from 320 senior marketing executives on the issues top of mind for marketing leaders and stakeholders. From marketing spending and budgets to customer privacy concerns and the rise of influencer marketing, the current survey provides insights into the latest trends impacting the world of marketing and how marketers are engaging with the ever-changing landscape.

Marketing budgets and spending on the rise

While uncertainty about the economy and overall optimism dampened by COVID variants and inflation ensues, the latest reports from marketers show that marketing budgets are on the rise. Marketing budgets as a percentage of overall budgets have risen to 11.8%, resetting to pre-pandemic levels. Additionally, yearly marketing spending broke 10% for the first time in the past decade and is predicted to increase even more in the coming year. An increase in marketing spending over the next year is expected across all categories including brand building (+11.8%), customer relationship management (+9.5%), new product introductions (+8.8%), customer experience spending (+8.6%), new service introductions (+5.3%), and traditional advertising spending (+2.9%).


Marketers managing customer privacy and third-party data

The phasing out of third-party cookies by 2023 has marketers more concerned about how they can effectively engage and manage customer privacy concerns as they lean into acquiring first-party data instead. Marketers have indicated that they expect their companies’ use of third-party data to decrease over the next two years (17.7%). On average, marketing leaders report that protecting the privacy of their customers falls under their job description, reporting a 4.5 on a 7-point scale. And 58.3% of marketers report that their companies are taking steps to create stronger privacy strategies and are taking action to increase trust with customers in the face of privacy concerns.

The role of marketing in diversity, equity, and inclusion efforts

Many organizations have experienced barriers to envisioning diversity, equity, and inclusion (DEI)-related opportunities in marketing such as other opportunities crowding out DEI efforts (34.6%) and lack of dedicated time envisioning DEI opportunities (30.9%). Despite these barriers, marketing spending for DE&I initiatives has increased. Companies are reporting an average increase of 10.8% of marketing spend on DEI in the past year, compared to 8.9% last reported in February 2021. Their most impactful DEI initiatives include increased employee acquisition and/or retention (40.8%), improved brand reputation (37.6%), and improved relationships with other stakeholders (27.7%).

The impacts of influencer marketing and spend

Social media spending has increased slightly over the past six months (15.4%, up from 15.3%) but is still trailing behind levels seen during the height of the pandemic. There is consensus among marketers, however, that social media will continue to increase at a faster pace, reaching 23.5% of marketing budgets in the next five years.

Marketers are also noting the presence of influencers in the social media sphere increasing over the next three years, though not as rapidly as initially predicted in June 2020. The industries leading the way in influencer marketing are consumer-facing companies such as consumer packaged goods (11.3%) and consumer services (10.0%). Energy and banking finance insurance companies, on the other hand, are currently dedicating less than 1.0% of their marketing budgets to influencers and predict small growth in the next three years.

Amid uncertainty, marketing jobs are up

Despite uncertain economic conditions, companies are reporting an average increase in marketing job growth of 12.2% in the past year. Companies surveyed expect marketing hires to further increase by 10.5% over the next year. The Great Resignation was top of mind for marketing leaders and over all sectors, which attributed to 33.3% of voluntary resignations. Many marketers are working to devote additional budgets to training and development to offset many of these changes. Many marketers (59.2%) are building new capabilities themselves by training or hiring new employees with the skills needed.


Indeed, today’s marketers are balancing so many decisions to ensure their brand remains relevant—and profitable—for years to come. And in times of uncertainty, having a lens into how others navigate the most complex issues in marketing is paramount. Click on the full report to dive deeper into each of these issues along with learning how marketers view climate change, marketing leadership, and the relationship of the CMO with their finance counterparts.

About The CMO Survey

Deloitte supports The CMO Survey—conducted biannually since 2008 by Duke University’s Fuqua School of Business marketing professor Christine Moorman—as a measure of how marketing leaders are navigating this brave new world. The survey reports on their priorities and plans enabling marketers to compare staffing, budgeting, and investment areas, and identify potential trends.

Interested in participating in the upcoming CMO Survey?
Visit cmosurvey.org/participate

About The CMO Program

Deloitte’s CMO Program supports CMOs as they navigate the complexities of the role, anticipate upcoming market trends, and respond to challenges with agile marketing. CMOs often hold one of the most innovative and challenging roles in business today.

Those who excel can operate at the highest level to drive growth and create value for their organizations. Deloitte helps bolster the value CMOs deliver as they advance along their career journeys.

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