Large reductions in marketing budgets contributed to dismal sales performance in 2009, but companies are fighting back: Over three-quarters (72.5%) say they are increasing their marketing budgets in 2010, and over 9 in 10 cite customer acquisition as their top marketing objective in the next 12 months, according to the Lead Generation report from from CSO Insights.
In 2009, 67.0% of surveyed companies said they froze or reduced their marketing spend, but in 2010 that level has fallen to 27.5%.
Among surveyed companies, the top 3 marketing objectives for 2010 are the following:
- Customer acquisition: 91.2% of companies now say acquiring new customers is their top priority, compared with 65.0% who said so in 2007—when the activity was ranked No. 2.
- Brand awareness: An all-time-high 54% of companies now say branding is their top priority, compared with 40.0% who said so a year earlier and 52.0% who said so in 2007. Trends in social media are likely responsible for an increased focus how companies—and their products—are viewed in the marketplace, moving beyond just one of many vendors to a preferred-supplier status, according to CSO Insights.
- Cross-selling and up-selling: 41.2% of companies say their top priority is to both optimize deal size and increase wallet share with current customers, especially as many look to show investors they can once again achieve revenue growth.
Below, other findings from the annual Lead Generation Optimization report, 2010 Lead Generation Optimization Key Trends Analysis (LGO).
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