Good news for the marketing industry!
Marketing officers are becoming increasingly optimistic about the economy, more optimistic than they have been in the past six years! CMOs are more confident and “corporate marketing budgets are expected to increase an average of 8.7% this year, thanks in part to a strong U.S. economy, according to the semi-annual Chief Marketing Officer Survey released recently by Duke University, the American Marketing Association and McKinsey & Co.” (Advantages April 2015). With the economy becoming more stable, marketing officers are more willing to increase their budgets and utilize marketing tools more frequently.
That being said, their efforts are leading to increases in customer acquisition, customer retention and customer purchase volume. In turn, recent activity has led to increased entry of new customers into the market. Now that the economy has stabilized, buyers are no longer placing as much emphasis on price. According to the CMO Survey by Duke University, “CMOs believe low prices won’t be as important to buyers as things like excellent service, superior product quality and trusting relationships. Business-to-consumer services companies will likely see the biggest marketing boost this year” (Advantages April 2015). The marketing industry is on the rise!
Check out the article in Advantages Magazine!