The latest report from Chief Outsiders, titled “Market Trends 2020”, shows some exciting growth insights from over 50 Chief Marketing Officers (CMOs).
The company surveyed CMOs of Fortune 500 companies, who collectively have led brand experiences in more than 900 companies – about various issues with emerging technologies and new ways to engage audiences.
Today, CMOs are aligned towards cross-team collaboration to streamline organizational constraints focusing growth. One of the principal findings from the report was – nearly 72% of CMOs see greater collaboration in organizations that have helped to reach organization-wide growth goals. Besides, 60% of the survey CMOs agreed that they would increasingly need to manage a company’s growth strategy. With marketing becoming increasingly digitized, the typical role of a Chief Marketing Officer in 2020 is not confined to only marketing. Implementation of martech solutions, strategy development, and customer experience are now a priority for CMOs.
John Kennedy, VP of Marketing at IBM has stated to have said in the CMO blog post, “CMOs face a new world of marketing choices and arguably have to be the most agile and responsive executive in the face of the changing market as business strategy and marketing strategy become more synonymous.”
Going deeper digitally – Online advertising is expected to increase in 80% of the businesses this year. Similarly, customer and strategy – understanding the customer base and developing a relevant strategy is the focal point for marketers to remain a step ahead in the B2B marketplace. The Chief Outsiders report also found some more exciting facts around marketing-
- Organic search, email marketing, and content marketing will take precedence over other marketing channels.
- Video content, interactive content, case studies, and blogs are on high-priority.
- Experiential marketing will lead to an increase in brand advocacy.
As per the report, growth-focused CEOs at B2B enterprises are strongly aiming for marketing technology, innovation, and increasing the sales workforce to address the current economic headwinds. However, many CMOs are still finding it hard to tackle technology – almost 88% of CMOs find it challenging to stay ahead of rapid technological advancements. Hence, it is a clear need for many marketers to get used to and implement marketing technology to track marketing functionalities and automate processes while optimizing ROI and resources. Undoubtedly, it can be said that marketing strategies in collaboration with creative streak and technology will drive businesses moving forward.
According to Pete Hayes, CMO, and Principal at Chief Outsiders, said: “One of the most important takeaways in this survey is that marketing is not just about solving customer engagement problems anymore, but it’s about overall company growth.”
The report found many areas that need to be marketers’ priority in 2020 and beyond. As technological innovation accelerates, marketing is evolving every passing day. To keep up with the changes, businesses need to embrace and adapt to modern marketing dynamics.