Mar. 24th, 2017
The IBM and the Club of the Chief Marketing Officers conducted the research that proved that the marketing budgets are now spread across all the stages of making a purchase. According to the study of the CMO Club, managers and senior management of marketing departments of companies reallocate budgets to retain existing customers and to facilitate the realization of their rights and interests.
The study, conducted in collaboration with the IBM Corporation has shown that marketing Directors increase budgets and allocate a great deal of the costs of the marketing activities at each stage of interaction of the company with consumers instead of using separate marketing channels.
In the study "marketing is a consumer’s journey, not his destination" are provided the opinions of 100 leading representatives of the CMO leadership Club, including heads of marketing departments, working with budgets of a million dollars and more.
The report also contains comments on the survey from representatives of the senior management of such companies as Wells Fargo, Bally, Ticketmaster, Valspar, CNO Financial, medCPU and Goddard Schools.
The results of the research are the following. Market budgets for digital communications will increase over 10 years in 10 times – with the amount of 12 billion dollars to 120 billion dollars. Customers interact with companies through different channels of communication. Consumers use mobile devices to learn about products, make purchases with i-pads and then pick up goods at the points of delivery in stores. 57% of heads of marketing departments expect the growth of marketing budgets in the next 2-3 years.
Marketers feel change in the behavior of the target audience and began to focus on retention and customer loyalty, based on their rights and interests at each stage of the purchase: from learning about the product before using it and writing reviews. Marketing officers distribute the expenses at each stage of purchase, hereby social media and other digital channels of communication are the main priorities. 53% of respondents said that the main aim of allocation of marketing budgets across all stages of making a purchase is to obtain greater profits.
Marketers noted that creating content is the most costly activity, which takes 13% of the budget. 52% of marketing budgets distributed on traditional marketing.
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