89% of CMOs and Senior Marketing Executives Plan to Increase Marketing Investments for 2023, Signaling Competitive Opportunities for Brands
Matter Communications — a Brand Elevation Agency that integrates PR, marketing and creative services — today released findings from its 2023 Marketing Outlook Survey, which explored how CMOs and senior marketing executives across B2B technology, healthcare, retail, professional services and customer experience plan to manage marketing budgets, address economic challenges and engage customers in the year ahead. The survey found that almost all (89%) CMOs and senior marketing executives are planning to increase their marketing investments for 2023, with nearly half (44%) planning to substantially increase investments.
“Our survey indicates – and historical data prove – marketers understand that while cutting marketing and advertising budgets during economic uncertainties may bring temporary financial relief, it often leads to significant long-term strain on sales pipelines, brand awareness and customer trust,” said Scott Signore, Principal and CEO of Matter.
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Matter releases findings from its 2023 Marketing Outlook Survey, which explored how CMOs and senior marketing executives plan to manage marketing budgets, address economic challenges and engage customers in the year ahead.
Integrated PR + Marketing Strategies Drive ROI for Brands this Year
As the market becomes increasingly cluttered with brands competing for attention, organizations are prioritizing investments in high-ROI tactics to drive leads, by offering consistent, high-value content to their audiences.
When asked to select the top three areas that saw the greatest ROI over the past year, CMOs’ and senior marketing executives’ highest-ranking choices were:
- Public relations + social media (69%)
- Content marketing (49%)
- Video marketing (39%)
Marketers Identify 2023’s Biggest Challenges + Budget Allocation Strategies
Recent data from KPMG shows that 80% of CEOs anticipate a recession over the next 12 months. Matter’s survey revealed that the biggest challenges facing CMOs’ and senior marketing executives’ programs in 2023 are:
- Measuring marketing performance (31%)
- Economic uncertainty (30%)
- Driving qualified leads/sales (25%)
- Support from leadership (12%)
- Other (2%)
When asked to select the top three areas where they’re planning to allocate 2023 marketing budgets, CMOs’ and senior marketing executives’ highest-ranking choices were:
- Public relations + social media (66%)
- Marketing operations / analytics / mar tech (59%)
- Content marketing (50%)
- Video marketing (38%)
- Brand Building (25%)
- SEO + SEM (24%)
- Media Buying (15%)
- Internal communications (13%)
- Demand gen (11%)
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COVID’s Downturn Was a Precautionary Tale for Companies that Scale Back Marketing
Countless brands hit the budgetary brakes when the COVID pandemic began, only to realize they had overreacted. Those that stayed the course enjoyed a seamless acceleration into the fast lane as they remained top of mind with their customers.
- 34% of CMOs and senior marketing executives increased their marketing investments during the COVID lockdowns/restrictions in 2020-2021
- Of those who increased their marketing investments, 71% experienced substantial or moderate growth during the following 12-month period
- While 48% decreased their marketing investments, 90% of those CMOs and senior marketing executives are now planning to increase their investments in the year ahead
The Matter Marketing Outlook Survey was fielded by a third-party provider from September 29-30, 2022. The online survey research collected responses from more than 200 CMOs and senior marketing executives across B2B technology, healthcare, retail, professional services and customer experience, with responsibility for public relations, customer marketing, corporate/product marketing and social media in the U.S.
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