Perhaps the most striking thing about this year’s CMO Survey is the number of all-time highs and all-time lows, evidence of the remarkable volatility wrought by the COVID-19 pandemic and its reverberating effects on consumer behavior:
- Marketer optimism surged from a near-historic low to a near-record high with an unprecedented rebound between last June and February.
- As a percent of firm revenue marketing budgets rose to the highest level in survey history.
- Internet sales rocketed to 19.4%, the highest level in survey history, with a 70% increase among B2C companies over last year.
Yet if one trend dominated this year’s survey it was the surge in digital marketing, with a 32.7 percent increase in contribution to company performance reported over last year. CMO Survey Founder and Director Christine Moorman describes it as
“…A pillar of success during this pandemic year, a trend that cannot be overstated.”
Digital transformation is expected to permeate all aspects of business, with digital budgets expected to increase another 10.1% over the coming year.
Why Marketing Planning Needs To Keep Pace With The Market
Just as the task of buying media has become highly automated and programmatic, the process of building a marketing plan, based on potential financial contribution, also is rapidly evolving into a technology-powered, automated paradigm.
AI and machine learning have enabled robust technology platforms, like Keen’s MIDA solution, to automate the process of analyzing all available marketing channels to calculate the profit threshold for each investment in each week of a plan.