Survey Shows High-Level Marketers Believe CMOs Are Becoming Corporate Figureheads
A survey conducted by MediaLink revealed that 69% of high-level marketers believe Chief Marketing Officers (CMOs) are at risk of becoming mere figureheads with limited capacity to drive change in their organizations. Despite this concern, 91% still expressed confidence in their CMOs’ ability to positively influence financial performance. The study found that CMOs with diverse experiences, viewpoints, and accomplishments are 80% more likely to be successful, emphasizing the importance of a well-rounded skillset and open-minded approach to addressing industry challenges.
By embracing innovation and fostering multidisciplinary perspectives, CMOs can contribute significantly to their organizations’ overall growth and development, rather than being confined to traditional roles.
Marketing Professionals Face Skillset Transformation Challenges
A separate study by the Chartered Institute of Marketing revealed that 79% of marketing professionals think their job’s required skillset has entirely transformed over the past decade. Many marketers feel inadequately prepared for these new challenges, with 19% admitting to having only some of the necessary skills. This has led to a growing demand for continuous learning and upskilling within the marketing profession, as it becomes more data-driven and digitally focused. Companies are now investing in training programs and providing resources to ensure their marketing teams have the right skills to navigate the dynamic landscape of modern marketing.
Cost of Living Crisis Exposes Gender Disparities
The cost of living crisis has highlighted gender disparities, with 45% of women feeling financially worse off than last year compared to 35% of men. Mintel research found that women were more likely than men to cut back on their expenses, further emphasizing the disproportionate impact of economic challenges on women. This has led to the need for inclusive financial policies and increased awareness of affordable financial solutions to address these disparities and ensure the well-being of all members of society.
Consumer Spending Trends Reflect Economic Uncertainty
Mintel forecasts a 6.5% growth in consumer spending by 2023, amounting to £1.73 trillion, primarily due to increasing prices. This growth rate is slower than the record 15% rise between 2021 and 2022. Despite the downward trend in growth rate, the expansion of the market illustrates a significant level of consumer confidence moving forward. The shift toward increased spending signifies a possible economic resurgence, although the impact on personal financial stability remains uncertain.
Consumer Spending Habits Evolve Amid Health, Wellness, and Safety Concerns
Consumer spending habits have evolved, with only 24% opting for home delivery or takeaway services once a week or more in 2023, down from 30% in 2021. This change in consumer behavior is due to a renewed focus on health and wellness and a desire to reconnect with friends and family through in-person dining experiences. Furthermore, enhanced safety measures implemented by restaurants have created a more hygienic dining environment, encouraging people to dine out more frequently.
IPA Bellwether Report Indicates Growth in Marketing Budgets
The IPA Bellwether report revealed a 5.3% net balance growth in total marketing budgets across all channels in Q3 2023. This marks a notable increase compared to the previous quarter, signifying a positive shift in the marketing landscape as businesses continue to adapt and invest in various strategies. The report highlights key areas experiencing significant growth, including digital marketing, social media, and content creation, illustrating the evolving trends and continued focus on these channels.
Although a positive sign, the growth rate has decreased from Q2’s 6.4% and is the lowest level since Q4 2022. This decline can be attributed to global economic uncertainties and supply chain disruptions. However, experts remain optimistic that with timely interventions and strategic investments, the growth rate can rebound in upcoming quarters.
Businesses Recognize the Power of Main Media Channels
‘Main media’ channels, frequently used for brand-building initiatives, fueled this quarter’s growth, with 7.4% of companies increasing their primary media budgets. This uptick in investment showcases businesses recognizing the power of main media platforms in driving consumer engagement and brand visibility. As a result, the advertising landscape is becoming increasingly competitive, pushing companies to further innovate and optimize their marketing strategies to stand out and capture audience attention.
FAQ
What are the key findings from the MediaLink survey on high-level marketers’ views on CMOs?
The survey found that 69% of high-level marketers believe Chief Marketing Officers (CMOs) are at risk of becoming mere figureheads with limited capacity to drive change in their organizations. However, 91% still expressed confidence in their CMOs’ ability to positively influence financial performance. The study also emphasized the importance of a well-rounded skillset and open-minded approach for CMOs to be successful.
How has the marketing profession changed in the last decade?
A study by the Chartered Institute of Marketing revealed that 79% of marketing professionals think their job’s required skillset has entirely transformed over the past decade. This has led to a growing demand for continuous learning and upskilling within the marketing profession as it becomes more data-driven and digitally focused. Companies are investing in training programs and resources to ensure their marketing teams have the right skills.
What is the impact of the cost of living crisis on gender disparities?
The cost of living crisis has highlighted gender disparities, with 45% of women feeling financially worse off than last year compared to 35% of men. Women are more likely than men to cut back on their expenses, leading to the need for inclusive financial policies and increased awareness of affordable financial solutions to address these disparities and ensure the well-being of all members of society.
What is the forecast for consumer spending by 2023?
Mintel forecasts a 6.5% growth in consumer spending by 2023, amounting to £1.73 trillion, primarily due to increasing prices. While this growth rate is slower than the record 15% rise between 2021 and 2022, the expansion of the market illustrates a significant level of consumer confidence moving forward and indicates a possible economic resurgence.
Why are consumers shifting away from home delivery and takeaway services?
Only 24% of consumers are opting for home delivery or takeaway services once a week or more in 2023, down from 30% in 2021. This change in consumer behavior can be attributed to a renewed focus on health and wellness and a desire to reconnect with friends and family through in-person dining experiences. Additionally, enhanced safety measures implemented by restaurants have created a more hygienic dining environment, encouraging people to dine out more frequently.
What does the IPA Bellwether report reveal about marketing budgets?
The IPA Bellwether report revealed a 5.3% net balance growth in total marketing budgets across all channels in Q3 2023, indicating a positive shift in the marketing landscape. Key areas experiencing significant growth include digital marketing, social media, and content creation. However, the growth rate has decreased from Q2’s 6.4% and is the lowest level since Q4 2022 due to global economic uncertainties and supply chain disruptions.
What is the significance of the increasing investment in main media channels?
A 7.4% increase in primary media budgets for main media channels has been observed, showcasing businesses recognizing the power of these platforms in driving consumer engagement and brand visibility. As a result, the advertising landscape is becoming increasingly competitive, pushing companies to further innovate and optimize their marketing strategies to stand out and capture audience attention.
First Reported on: marketingweek.com
Featured Image Credit: Photo by Alena Darmel; Pexels; Thank you!
