A February 2020 report suggests that chief marketing officers (CMOs) will spend as much as 80 percent on digital marketing this year.
Earlier in the year, Chief Outsiders – a marketing and management consulting firm that specializes in executive insights – surveyed over 50 CMOs. The researchers sought the marketers’ informed perspective on what to expect this year in digital marketing.
According to the published report, marketers will focus their digital marketing spend on organic search and content marketing. However, the findings suggest that email marketing may receive the most attention.
Here’s a break down of the findings.
Marketers have consistently allocated ad dollars to email marketing, and the study only confirmed the previous trends.
Advertisers stress the importance of email marketing as a method of reaching shoppers. In a survey of 105 online retailers, 82 percent said that email marketing was an essential strategy for improving conversion.
The director of commerce marketing for marketing automation and email marketing provider Mailchimp, Deana Thorton, said:
Innovation Could Mitigate the Effects of Economic Headwinds
The Chief Outsider study also noted that “growth-minded” CEOs had devised innovative ways to beat economic headwinds. Some of these methods include using new technology and outsourcing marketing.
According to the chief marketing officer and principal of Chief Outsiders, Pete Hayes, this is the most important takeaway of their findings. “Marketing is not just about solving customer engagement problems anymore, but it’s about overall company growth,” Hayes noted.
“And for private equity, one of the biggest challenges—even bigger than a recession—will be finding growth-minded executives focused on strategy.”
The survey revealed that CMOs believe that advancements in artificial intelligence could make their jobs easier. Aside from targeting and segmenting customers, AI could help qualify and prioritize new leads.
Thorton points out that automation has helped marketers increase their monthly average revenue. According to the director of commerce marketing, Mailchimp clients who set up abandoned cart emails generate an average extra income of $619 monthly.
Effect of Trade War Tariff Would Be Negligible
Finally, CMOs believe that the impact of the trade war between the U.S. and China would be negligible. About 47.3 percent of the participants said that they were not worried about the trade war or the impact of tariffs.