An August 2009 CMO Survey, conducted by professor Christine Moorman of Duke University’s Fuqua School of Business in conjunction with the American Marketing Association indicates some positive news for the future.
Overall, 59 percent of marketers are more optimistic about the U.S. economy than they were just one quarter ago. 47 percent are feeling more optimistic about prospects for revenue from end customers and 39 percent more optimistic about revenue from channel partners (who resell products to end customers, e.g. distributors) than they were just three months ago.
Marketers continue to report a shift in spending away from traditional advertising (with a planned overall decrease of 8 percent) and toward Internet marketing, where they expect to increase investments by 10 percent. They report plans to increase spending on social media efforts by more than 300 percent in the next five years, increasing their marketing budget allocations for social media from 3.5 percent to 13.7 percent over the next five years. Social networking (65 percent), video and photosharing (52 percent) and blogging (50 percent) dominated firms’ social media patterns. Survey respondents report the five most frequently reported uses for social media tactics are brand building, customer acquisition, new product introductions, customer retention and market research.
Russia and Eastern Europe are the regions where marketers expect the most future growth to occur, with significant decreases in opportunities in Canada, Mexico and Western Europe.