CMO Council’s Marketing Outlook ’09 Report Reveals Retaining and Training
of Key Staff Critical in New Digital World
Online media and digital channels of engagement are taking center stage like never before according to the Chief Marketing Officer (CMO) Council in its annual Marketing Outlook study. Marketers are looking to enhance talent, expand competencies and sharpen measures and metrics for performance.
According to the survey, planned budgets for online and Web 2.0 initiatives are almost 50 percent higher than planned spending for traditional media as marketers gain increased confidence in the effectiveness of digital marketing investments.
“This year’s survey shows increased spending in online and digital at the expense of traditional media budgets will continue in 2009. Digital marketing metrics such as page views and click through rates give at least the perception of accountability, making online marketing increasingly attractive as the industry focuses on performance measurement,” said C. Lee Smith, president and CEO of Ad-ology. “Our recent consumer research shows online and emerging media’s influence on customers’ buying decisions now rivals that of traditional media, which corresponds with this shift,” Smith said.
Just 9.3 percent of marketers surveyed rate their e-metrics and measurement capabilities as excellent. More than a third of marketers are questioning spend, struggling to quantify value or are simply not doing a good job of converting visitors to leads or to customers.
The majority of marketers are sticking to old online measures like page views and registrations (64.6 percent), site traffic and volume (58.4 percent) and search prominence (45.2). However, a growing number are measured customer engagements including translating online traction to the acquisition of new accounts and customers, tracking content consumption transactions or subscriptions and measuring word-of-mouth advocacy.
Despite the current economy, however, marketers see budgets holding up fairly well with dollars being allocated to growing and retaining market share.
Half of the marketers responding to the survey report they’re either holding firm on budgets or anticipating increases. Nearly one third plan at least a small budget increase, with 8.2 percent planning a bump of more than 10 percent. However, almost half say they will decrease spending at least somewhat, with 18.8 percent anticipating cuts of more than 15 percent.
This year’s report was sponsored by the sales and marketing practice of Deloitte Consulting LLC, the Jigsaw business community, and Ad-ology.
[Source: CMO Council Marketing Outlook 2009 press release, newbusinesshunter.net]
Tuesday, Mar 17, 2009
Michelle OBrien