[Research Round-Up] Two Surveys Take the Pulse of Senior Marketers

(This month’s Analysis Spherical-Up options two latest surveys that study the attitudes and plans of senior advertising and marketing leaders. Whereas each surveys included B2B and B2C respondents, they supply a number of fascinating insights explicit to B2B advertising and marketing leaders.)

“2024 Global CMO Navigator – CX Edition” by Merkle (a dentsu firm) 

Supply:  Merkle

• A survey of 1,934 chief advertising and marketing officers from 13 international locations (22% from the USA)
• Respondents represented greater than 14 business verticals
• 65% of the respondents labored at hybrid B2B/B2C firms, 19% had been with B2C firms, and 16% had been with B2B firms
• Greater than half of the respondents (54%) had been with firms having not less than 250 staff
• The survey was performed in August 2024

The Merkle survey was designed to seize the attitudes and plans of world CMOs concerning a number of matters. One group of questions addressed financial and enterprise circumstances, and the surveyed CMOs had been optimistic about each. For instance:

CMOs at B2B firms had been 17% extra doubtless than the common to say they’re accountable for rising the shopper base. B2B CMOs had been additionally 6% extra doubtless than the common to say they’re accountable for median and long-term model well being.

The survey additionally requested contributors what they anticipate the first position(s) of the advertising and marketing perform to be over the next 12 months. The highest two roles recognized by the survey respondents had been understanding shopper/market developments (38% of respondents) and delivering enterprise development (36%).

B2B CMOs had been 8% extra doubtless than the common to determine delivering enterprise development as a main position and 20% extra doubtless than common to determine making certain efficient model administration as a main position.

These findings are notably fascinating on condition that B2C entrepreneurs are normally seen as extra centered on branding than B2B entrepreneurs.

Supply:  “The CMO Survey”

For a number of years, every version of the survey has requested contributors about general financial circumstances, present advertising and marketing spending patterns, and future spending expectations. Listed here are a number of the findings on these matters from the Fall 2024 survey.

Financial Outlook

The Fall 2024 survey discovered that advertising and marketing leaders had been considerably much less optimistic in regards to the economic system than a yr earlier. The survey requested contributors to fee their optimism concerning the general U.S. economic system on a 100-point scale, with “0” being the least optimistic, and “100” being essentially the most optimistic. The imply ranking given by respondents was 63.8, down barely from 66.7 within the Fall 2023 survey.

The survey additionally requested if contributors had been kind of optimistic in regards to the U.S. economic system in comparison with the earlier quarter, and 37.0% of the respondents reported being extra optimistic. That was down considerably from 49.0% within the Fall 2023 survey.

Advertising and marketing Spending

Within the Fall 2024 survey, respondents reported that advertising and marketing spending represented 7.7% of complete firm income, which was down from 9.2% within the Fall 2023 survey.

Respondents additionally stated that advertising and marketing spending elevated 5.8% over the 12 months previous the survey, they usually anticipated spending to extend 8.6% over the 12 months following the survey. Within the Fall 2023 survey, respondents anticipated advertising and marketing spending to develop 7.2% over the next 12 months, which exhibits that forward-looking expectations aren’t at all times correct.

The relative change in spending on digital advertising and marketing vs. conventional promoting stays vital. Within the Fall 2024 survey, respondents reported that spending on digital advertising and marketing grew 11.1% over the prior 12 months. In distinction, respondents stated they anticipate spending on conventional promoting to extend by solely 0.8% over the 12 months following the survey.

An Emphasis on Model Constructing

The survey additionally requested contributors how a lot they anticipated their advertising and marketing spending to vary over the next 12 months in 5 particular areas. The fastest-growing areas recognized by respondents had been advertising and marketing actions regarding new product introductions (8.1% anticipated development) adopted by model constructing (7.0% anticipated development).

One notable discovering is that B2B entrepreneurs anticipate spending on model constructing to develop at a quicker fee than B2C entrepreneurs. Respondents with B2B product firms anticipated spending on model constructing to develop 9.5%, and respondents with B2B providers firms anticipated 6.2% development. This compares to anticipated development of 5.7% at B2C product firms and 4.8% at B2C providers firms.

These findings counsel that B2B entrepreneurs are recognizing the significance of constructing robust manufacturers.