The latest report from Chief Outsider reveals 80% of chief marketing officers (CMO) will spend more on digital marketing in 2020.
Chief Outsider’s latest report titled “Market Trends 2020” reveals that B2B marketers will prioritize their digital marketing spend on organic search, content marketing, and email marketing in 2020. The report surveyed more than 50 CMOs Chief Outsiders works with. As per the report, 80% of chief CMOs will spend more on digital marketing in the next 12 months. Executives and advertisers consider email marketing as a key method of reaching shoppers. The majority of retailers believe email marketing was in the two topmost essential strategies for improving conversion rate. Email marketing enables retailers to drive visibility of their company’s brand and build customer loyalty with a one-to-one conversation. The report found that the popular marketing channel ropes in an average ROI of $52 for every dollar spent.
Growth-oriented CEOs are using new technologies to outsource marketing to beat economic headwinds. They are also increasing sales staff as well as in-house marketing hires. The survey stated that marketing has evolved from merely resolving customer engagement problems to more focused on overall company growth. Some of the significant challenges CMOs are facing while deploying digital marketing strategies include technical knowledge of in-house teams, limited resources in implementation, and organizational inertia. The complexity of options in technology selection, agility, and catching up with market leaders in technology were some of the other difficulties faced by CMOs.
Moreover, they believe advancements in AI will help those target and segment customers and assist them in the qualification and prioritization of new leads, reveals the study. Artificial intelligence will strengthen marketing campaigns and help marketers prioritize leads and also in customer targeting. Automating marketing campaigns or messages based on factors like behavior, demographics, and interests increase brand exposure and drive sales while decreasing the time business owners have to spend managing marketing. Automation has helped marketers increase their average monthly revenue, added the report. The survey concluded saying CMOs were not worried about the impact of tariffs and the ongoing US-China trade war, with nearly half of the respondents (47.3%) saying that any effects would be negligible.