Among the aspects of the marketing playbook to flux big time in 2020 was the allocation of marketing budgets. Indeed, shifting consumer shopping behaviors, social distancing mandates and the increased demand for digital communications have required marketers to rethink line items and investment priorities.
But there is good news on the horizon. Nearly two thirds of global marketers surveyed by the CMO Council in December and January said they plan to boost marketing spending in 2021. And just 10 percent plan to reduce. The study, called “Getting It Done in 2021,” surveyed approximately 200 members the CMO Council, a global network of senior marketing leaders, about their expectations for 2021 surrounding budgets, technology investments and organizational performance. Following are the key insights from the report.
*When it comes to investments, the report found that marketers will prioritize optimizing the customer journey, using data more effectively, extending marketing automation, increasing efficiencies and working closer with lines of business.
*Nearly two thirds (65 percent) of marketers intend to increase marketing spend in 2021. Just 10 percent will reduce budgets and 24 percent expect no change.
*Approximately 70 percent of marketers surveyed plan to invest in marketing technology to increase their companies’ effectiveness. When asked how investment will be applied, 53 percent said analytics, insights and intelligence; 36 percent said campaign executions; and 35 percent noted marketing operations. Customer experience and engagement will be a focus for 32 percent of marketers, and digital engagement will be for 26 percent.
*A quarter of marketers plan to downsize or restructure their organizations in 2021, compared to 64 percent who do not intend to downsize.
*The ways marketers plan to improve organizational performance in 2021 include working more efficiently with other teams (49 percent), lowering the cost of doing business (40 percent) and improving the targeting and localization of campaigns (36 percent).
Click here to view the report’s full infographic.