The forecast is especially noteworthy because overall execs polled for the CMO Survey also predicted a 4.3% increase in marketing budgets over the next year. No surprise -- much of that increase will come from a 10.1% leap n digital marketing spending, which is expected to grow across the board.
By category, marketing execs expect digital advertising for business-to-business products to increase 9.5%, for B2B services 9.9%, for business-to-consumer products 11.1%, and for B2C services 10.6%.
Across the same categories, the respondents see traditional media advertising decreasing 2.4% for B2B products and 3.9% for B2B services. A modest 0.8% increase is predicted for B2C products, but this is paired with a 1.9% decrease for B2C services.
Turning to other marketing disciplines, the CMO Survey respondents said they expect an average 7.1% increase in spending on new product rollouts, a 4.9% increase in spending to introduce new services, a 6% increase in spending on customer relationship management, and a 4.6% increase in spending on brand-building.
Marketing execs also see positive trends for marketing research and intelligence, with a 6.6% increase in spending over the next twelve months, as well as a 1.6% increase in spending on marketing budgets.
The CMO Survey had good news from a broader perspective: More respondents were optimistic about the direction of the U.S. economy than in previous surveys, although they also expect to see increased competition from domestic and international rivals.