Marketing Budgets Rise in 2011
Another report, the 2011 State of Marketing: Outlook, Intentions and Investments, found that marketers are now beginning to focus, and thus, spend more, on digital media and online marketing. Comparative research by the CMO Council revealed that of the marketers surveyed, a majority of them planned to increase their social media budgets by more than 5%. This budget increase could also be allotted to other forms of online marketing; such as search engine optimization, mobile initiatives and online videos and banners, and brand building and promo products.
Despite these increases, the report states that increased spending on digital media will still depict only a maximum of 10% of marketing expenditure. According to the CMO Council, it is of absolute importance that marketers implement an approach that takes advantage of both digital and online marketing tactics. With both of them, and their effects for that matter, being measurable, it is no wonder the use of these approaches are becoming ever more popular for brand building and increased sales. This was reinforced by CMO Council’s Executive Director, Donovan Neale-May: “Today’s successful marketing organization is unifying its extended ecosystem, aligning more effectively with business and sales groups and integrating campaign components to drive efficiency and more measurable outcomes”.
In addition to the enhanced brand building tactics and increased use of promotional items, the report also revealed the participants’ plans to enhance customer segmentation and targeting. The CMO Council concluded by saying that marketing, as such, has since evolved from simply branding and now impacts many more aspects of business operations, including, strategic planning and forecasting, business development, pricing, channel management and even product design.