CMO Survey: Marketer Optimism for U.S. Economy Slumps
Optimism is also fueled by continued growth among international markets, Moorman said. CMOs report sales revenues in their company's top international market increased revenue 23.7 percent in the last year. Canada and China were most frequently noted as the top revenue growth market.
The survey also reveals that companies appear to be turning to marketing to help move their companies forward during these uncertain times. Marketing employment is on the rise—from a 5.2 percent increase in marketers hired in February 2012 to a 6.5 percent increase in this most recent survey.
Likewise, marketing budgets remain positive at 6.4 percent growth. Marketing budgets have also increased in the last six months as a percent of overall firm budgets (from 10.4 to 11.4 percent) and as a percent of firm revenues (from 8.5 to 11 percent).
Compared to the prior 12 months, CMOs also expect to increase spending on marketing knowledge in the upcoming year, including in marketing training (an anticipated 94.6 percent increase in spending), marketing consulting (a 94 percent increase), and marketing research and intelligence (a 32.3 percent increase).
New technology and social media continue to dramatically alter how marketers spend their budgets. Currently, marketers allocate 7.6 percent of their budgets to social media. CMOs expect that number to reach 18.8 percent in the next five years. Business-to-business services and business-to-consumer products are expected to see 20 percent and 24.4 percent increases, respectively, in the next five years.
Marketers continue to struggle with integrating social media to the company's overall strategy, however. On a scale of 1-7, only 6.8 percent of respondents believe that social media is "very integrated" to the firm's strategy (the highest rank for the question), while 16.7 percent believe that it is not integrated at all (the lowest rank for the question).