CMO Survey: Bigger Budgets to Spend Across the Buyer’s Journey
Content is still king, according to a recent survey of 100 CMOs (B2B and B2C) conducted by IBM and the CMO Club. And that’s where the dollars will go.
The study looked to measure CMOs future budget allocations and determine the key areas for planned expenditures in the coming year. According to CMO Club author, Sandra Zoratti, the survey indicates “that CMOs are increasing their budgets and allocating a greater part of their investments across the entire customer journey rather than in individual channels.”
This shift is being driven by buyers’ changing behavior – buyers are mobile, always-on and certainly multi-channel. “As this customer journey becomes prevalent,” says Zoratti, “CMOs can no longer afford to dedicate a majority of their budget to customer acquisition and allocate market spend by channel.”
It’s clear that CMOs will look to tools like predictive intelligence to play a role in helping them get visibility into the buying stages of their prospects and then apply targeted campaigns to move them along their journey. According to article published in AdvertisingAge about the survey, Jay Henderson of IBM was quoted as saying, “CMOs are really focused on investing across the customer journey…They are looking at more sophisticated ways of experimenting with different channels at different user stages to drive revenue.”
Key findings from the study include:
- Allocations by program type: content (13%), advertising (12%), digital online (11%), events (11%), digital website (11%)
- 57 % say their marketing budgets will increase over the next 2-3 years.
- 53 % plan to allocate budgets across the entire customer journey in order to generate higher revenue.