Asked to rate their optimism about the overall US economy on a 0-100 scale, where 100 is most optimistic, marketers reported an average score of 66.1—nearly 20 points higher than the all-time low score of 47.7 in February 2009.
That bullishness extends across all B2B and B2C sectors, including manufacturing, biotech, and consumer packaged goods, the survey of CMOs and other marketing executives found.
Marketers' optimism is accompanied by expected improvements in key metrics, such as increased entry of new customers into the market, increased customer acquisition, increased purchase volume, and increased customer retention.
Moreover, marketers predict that customers' top priority over the next year will be a focus on product quality, not on low price.
Below, additional key findings from the report, which was based on data from a survey of 408 US marketers (88% VP-level or above).
- Over the next year, marketing executives report their companies will spend 11.1% more on market development strategies (sell existing products/services to new customers), 11.5% more on product/service development strategies (sell new products/services to existing customers), and 15% more on diversification strategies (sell new products/services to new customers).
- Those three strategies are riskier than a market penetration strategy (i.e., selling more existing products/services to existing customers), which is projected to decline 11%.
Ayaz Nanji is an independent digital strategist and a co-founder of ICW Content, a marketing agency specializing in content creation for brands and businesses. He is also a research writer for MarketingProfs. He has worked for Google/YouTube, the Travel Channel, AOL, and the New York Times.
LinkedIn: Ayaz Nanji