CMO Survey: Spring 2020 report has been added to Bookmarks.
CMO Survey: Spring 2020 report
What insights can we gain from marketing leaders?
The CMO Survey is conducted bi-annually to understand senior marketing executives’ landscape, challenges, and opportunities for the upcoming six months. The survey has been conducted since 2009 and developed by Duke’s Fuqua School of Business with sponsorships by Deloitte and American Marketing Association.
The CMO Survey February 2020: Marketing’s strategic role in revenue growth increases
The Spring report from The CMO Survey reveals that marketing’s role related to revenue growth, customer experience and innovation is on the rise. Marketers have indicated that when it comes to evaluating marketing performance, year over year (YOY) growth is the most important KPI across all sectors, levels of revenue and levels of internet sales, followed by Return on Investment (ROI). Traditional accounting metrics, such as share, sales or profits are used at much higher rates than forward-looking metrics such as Net Promoter Score (NPS) or Customer Lifetime Value (CLV).
Click the boxes below to reveal key findings from The CMO Survey
Marketing’s Use of Social Media
Spending on social media has grown to approximately 13 percent of marketing budgets, reaching the second-highest amount in the history of the survey. Organizations expect the spend on social media to rise by 62 percent over the next five years across all industries and company sizes. Despite the increased spend, social media continues to contributes moderate value to overall company performance (3.4 on a seven-point scale, where 7=very highly and 1=not at all) a statistic which has remained relatively flat since 2016. Marketers have reported an increased ability to demonstrate the impact of social media on company performance with the quantitative impact reaching 30 percent in February 2020.
Importance of Customer Relationships
Marketers anticipate that customers will place greater emphasis on trusting relationships (40.2 percent increase), while pressures for lower price has dropped by 40.9 percent since August 2019. Customers still value excellent service (24 percent) and superior product quality (22.4 percent). Spend on the customer experience has increased 71 percent over the last three years from 8.9 percent of marketing budgets to 15.2 percent at present.
Brands taking political stances
When it comes to brands taking a stance on politically charged issues, 81.5 percent of marketers do not feel it is appropriate for their brand to take a stance. Marketers believe that the best way for allowing employees to speak out about political issues is the most important followed by making changes to their products or services.
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?
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.