The Spring 2024 CMO Survey Insights has been saved
Analysis
The Spring 2024 CMO Survey Insights
Tech investments may need a strategy overhaul
In the latest edition of The CMO Survey, trends concerning martech, customer insights and strategy stand out above the rest. First, leading marketers appear to be doing more with less. Among marketers outperforming the growth of their markets, a differentiated strategy is cited as the top contributor to their success (60.3% of respondents), while only a quarter of marketers cited adequate funding in comparison.
Meanwhile, marketing spend appears to trending towards martech. Senior marketers anticipate a 50% increase in their martech spend over the next 5 years, comprising nearly a third of marketing budgets, but this anticipated surge in martech spend belies ongoing problems with martech capabilities.
Marketers report utilizing only just over half of the tools they’ve actually purchased, and these tools are underperforming their overall expectations. Among these martech issues, insights and analytics also appear to pose a challenge. Only about a quarter of marketers report being able to identify actionable insights over their most engaged customers, or respond quickly when opportunities arise.
To read more insights from the CMO survey, scroll below, or visit the CMO Survey homepage.
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Key Takeaways
High performers credit a differentiated strategy as key to success
The majority of brands that outperformed their markets growth cited a differentiated strategy as their top reason for success. Conversely, only about a quarter of these high performers pointed to adequate funding as a contributor to success, highlighting the enduring importance of strategy in lean times.
Martech spend anticipated
to rise
Martech budgets currently make up an average of 20% of marketers budgets, but respondents indicate that this figure is expected to balloon to nearly 1/3 of marketing budgets by 2029. Within an increasingly complex martech landscape, marketers will likely face important decisions on where and how to invest these dollars.
Difficulties leveraging insights
into actions
Senior marketers are reporting an insights issue. Only 40% of senior marketers report they can identify their most engaged customers, and fewer still are able to act on those customers. Only a quarter of marketers report they are able to identify actionable insights on their most engaged customers or respond quickly when opportunities arise.
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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.
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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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