Chief marketing officers are in a reasonably optimistic state.
While only 9% are extremely confident about marketing’s ability to handle economic adversity/uncertainty against their revenue growth mandate, 25% remain very upbeat and 39% moderately so, according to Outsmart Adversity: How CMOs can Weather Economic Headwinds And Emerge Poised For Growth, a study from the CMO Council and Sprinklr.
But it depends on how you add it up. Thirty-six percent say their budgets are growing, while 31% say they remain the same and 33% report there has been a decrease.
Similarly, 25% report that their technology budgets are decreasing, with the remainder split by between increases and remaining the same by a 36-29% margin.
Some blame their CFOs. Of those polled, 19% strongly agree they are able to convince their CFOs to invest in marketing and not cut the budget, while 40% somewhat agree, 19% disagree, and 21% neither agree or disagree.
Only 23% have a very effective relationship with IT, but 99% agree it is imperative for CMOs and CIOs to develop a competitive advantage with CX.
What are their 12-month plans for when they have emerged from this uncertain period? They expect to:
Meanwhile, those who feel highly confident cite these strategies and capabilities as extremely important:
Large percentages also think these activities are very important.
In contrast, less confident marketers say these strategies are extremely important:
The CMO Council surveyed almost 500 global marketing leaders.
Of those polled, 28% were in firms with greater than $5 billion in estimated 2023 revenue; 29% in firms with $1 billion-$5 billion estimated revenue; 12% with $751 million to $1 billion; 6% with $501 million to $750 million, and 25% with less than $500 million in estimated revenue.