June not solely marks the 12 months’s midway level, nevertheless it’s additionally when CMOs start to plan for the brand new 12 months. With six months left in 2023, there’s nonetheless heaps to get executed. Forrester’s Q2 2023 B2C Advertising and marketing CMO Pulse Survey featured an inventory of 16 advertising and marketing priorities. For every, we requested respondents (154 B2C advertising and marketing executives within the US) to point if the precedence is vital, excessive, average, low, or “not on their agenda” for the rest of 2023. The outcomes are in, and the highest 5 priorities that had been rated “vital” most frequently are:
1. Evaluating if we’re utilizing the precise media channels to succeed in our goal audiences.
Comms planning isn’t a once-a-year “set it and neglect it” train. Maintaining with the ever-changing media panorama is especially difficult for advertising and marketing executives. 2023 has already seen its share of fabric growth — from Twitter chaos and TikTok bans to a metaverse hangover and generative AI … all over the place. And did we point out all of the modifications to the streaming market? Learn: How To Create A Communications Plan.
2. Higher measuring the ROI of our advertising and marketing efforts.
Advertising and marketing measurement is a precedence staple amongst CMOs, however this 12 months, it hits completely different. Financial uncertainty forces CMOs to double down on positive bets to progress — tried and true advertising and marketing techniques with some experimentation within the combine. As advertising and marketing budgets get slashed, CMOs are pressured to show the ROI of their advertising and marketing efforts each step of the best way. Learn: The Advertising and marketing Measurement And Optimization Panorama, Q2 2023.
3. Optimizing our buyer expertise (CX).
Buyer expertise ought to persist on the high of CMOs’ “vital” priorities lists. However that’s not all the time the case: If it had been, the typical rating in Forrester’s Buyer Expertise Index (CX Index™) wouldn’t have declined in 2022 — the primary time since 2018. And expectations are even increased this 12 months, as shoppers advised Forrester that they count on higher customer support in 2023. Learn: Navigating The 2023 Downturn: B2C Advertising and marketing Executives.
4. Producing extra loyal prospects.
Income is the secret proper now. However driving enterprise progress doesn’t simply imply buying new prospects. Probably the most super-loyal prospects (which Forrester calls “devotees”) spend over 50% greater than the typical buyer. Why? All of it tracks again to nice buyer experiences and having a loyalty technique in place inclusive of your complete buyer lifecycle. Learn: Shut The Loop On Loyalty With A Fashionable Referral Program.
5. Figuring out the way to finest construction our advertising and marketing perform.
Tenured CMOs are used to being requested to do extra with much less — particularly when progress slows. Having extra tasks with much less sources means working smarter. This not solely includes bettering course of but additionally powerful selections about expertise. And it begins on the very high by guaranteeing CEO and CMO alignment. Learn: Untuck The CMO.
CMOs Have It Fallacious With Rising Tech
Solely a 3rd (33%) of US B2C advertising and marketing executives indicated that “understanding the way to leverage generative AI” is a vital precedence. In truth, this ranked because the least vital precedence in our checklist of 16. Worse is that “advancing our metaverse technique” ranked increased. Make no mistake: AI (and not the metaverse) is right here right now, and it’s right here to remain. It’s at the moment having a profound impact on creativity, advertising and marketing operations, and promoting. CMOs who aren’t proactively planning for the influence of AI to their advertising and marketing methods and features are already behind. Learn: Generative AI Unleashes Advertising and marketing’s Creativity Renaissance.
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