We always look forward to Christine Moorman’s CMO Survey, one of the most robust and timely reports on the state of marketing. But this report was particularly exciting because hidden in plain sight among its many informative charts and graphs is a gem with the power to transform your impact in 2020. Trust us; you won’t want to miss this.
Where Marketers Are Investing
As they seek to drive growth marketers the survey highlights three key areas of marketing investment:
- Social media. Social media spending–currently 11.9 percent of marketing budgets–is set to skyrocket 89 percent to an astounding 22.5 percent of the marketing budget within five years. It’s astounding because social media has made zero headway when it comes to impacting company performance; since 2016 it has ranked a lackluster 3.3 on a seven-point scale for impact. Close to a third of marketers report they are unable to show any impact yet from social media; 44.6 percent lean on qualitative proof, and just 24.1 percent can show impact quantitatively.
- Mobile marketing. Mobile marketing, currently 12.8 percent of marketing budgets, has been trending upward steeply since 2015 when it sat at just 3.2 percent of overall budget. But that line is moving rapidly skyward, projected to increase 71 percent to 21.8 percent of the marketing budget within five years. But wait, marketers rank mobile marketing even less impactful than social media at just 3.1 on that seven-point scale.
- Marketing analytics. the third key focus analytics were just 4.6 percent of marketing budget three years. Today it’s now 7.2 percent and is projected to grow 61 percent to 11.6 percent within the next three years. And, the contribution of analytics to a company’s financial performance is the highest among the three at 4.1 on the seven-point scale. While still relatively moderate, don’t miss this:
“One reason for this weakness may be that only 40 percent of marketers report having quantitative tools to demonstrate the impact of marketing spend on company performance.”
What the Numbers Say Is Missing
So let’s recap what we’ve learned:
- What’s the goal of marketing? Drive business growth.
- Where are marketers investing to drive growth? Social media, mobile marketing and marketing analytics
- Where will they spend the most? Social media
- Which area delivers the greatest impact? Marketing analytics
Given these facts, wouldn’t it make sense to prioritize spending where the impact is the greatest?
A survey by ClickZ (sponsored by Keen Decision Systems) tells the rest of the story:
99 percent of marketers using predictive marketing analytics report uplift of 10 to 50 percent!
Why Courageous Marketers Will Win in 2020
Forbes’ profile of “The World’s Most Influential CMOs” defines influence this way: The impact a chief marketer’s actions and words have on [the company’s] motivation and performance; corporate brand perception; broader marketing and advertising trends; and, ultimately, corporate financial performance, including stock price.
Do you see it yet?
When the ultimate goal is to impact corporate financial performance: Your best bet to drive double-digit growth in 2020 is a quantitative predictive marketing analytics tool (okay, yes, like us). But regardless of which tool you choose we advise you to make sure it meets these five criteria:
- Ties to financial contribution
- Generates forward-looking data
- Creates accurate, predictive investment plans
- With a unified channel strategy
- Updates in real-time
What’s no secret is that Keen offers the best-in-class predictive analytics tool for marketers. So what are you waiting for? Book a call today, and let us show you how to make 2020 the year you break through.