Observed Signal · Oct 7, 2022 · Survey & Analysis · Source: CMSWire · Impact: 2/5 · Sentiment: Positive
CMOs Share Marketing Priorities Amid Economic Stress
Amid economic uncertainty, a new Forrester Q3 B2C Marketing CMO Pulse Survey 2022 found that 95% of CMOs plan to increase their marketing budgets next year, with 52% planning significant increases. The article also notes that more than half of US consumers will reduce online spending. CMOs from Recorded Future, Circuit City, IntelePeer, Somebody Digital, and Stern Brands shared their recession strategies. Common priorities include investing in the current customer base, customer retention, increasing brand awareness, improving efficiency, targeting specific customer spending profiles, tailoring messages to verticals, controlling costs, and maintaining quality. Some also advocate for continuing digital marketing during downturns to maintain visibility and prepare for opportunity when competition eases.
Provides insights into CMO budget priorities and marketing strategies during an economic downturn, based on Forrester survey data; relevant to the marketing industry but not an industry-shifting event.
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Key Takeaways & Evidence Grounding
- Forrester's Q3 B2C Marketing CMO Pulse Survey 2022 found 95% of CMOs plan to increase marketing budgets next year, with 52% planning significant increases.
- More than half of US consumers will reduce their online spending amid economic uncertainty.
- CMOs from Recorded Future, Circuit City, IntelePeer, Somebody Digital, and Stern Brands shared priorities.
- Common CMO priorities include customer retention, brand awareness, efficiency, targeting, and tailoring.
- Sara Stern of Stern Brands emphasized cost control and quality, using SEO, SEM, and automated drip email campaigns.
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