CMOs in the US expect marketing budgets to rise by 5.5% in the next 12 months, according to the latest edition of the biannual CMO Survey [pdf] from Duke University’s Fuqua School of Business. While CMOs’ level of budget optimism is weaker than in the February edition of the study (+8.7%), it’s stronger than in August 2014 (+5.1%) and 2013 (+4.3%).
The results strike a familiar tone when breaking out planned spending on digital marketing versus traditional media advertising. In this latest study CMOs said they expect digital marketing spending to grow by 12.2%, while traditional advertising spend is predicted to contract by 2.1%. That marks the 8th consecutive edition of the study in which slight declines have been predicted for traditional spend. For most of that period, digital marketing spending growth has been expected to be in the double digits."
Digital marketing budgets are set to increase by 8 percent for 2015, according to a report from Gartner that projects CMO spending for the rest of the year. The survey reached across six different industries: high tech, financial services, manufacturing, retail and transportation, media, and hospitality. It consisted of 315 marketing decision-makers from companies with revenue totaling $500 million per year or greater.
The adoption of marketing technology has grown in a number of areas, including CRM, digital marketing, database marketing, marketing automation, customer analytics, mobile marketing and ecommerce. Digital marketing has experienced major growth, according to the study, with companies now viewing marketing and digital marketing as one cohesive strategy.
Marketing is totally responsible for choosing and managing marketing service providers at 83 percent of companies and choosing technology providers at 71 percent of companies. Marketing’s reach extends to software, as well, with 75 percent of companies reporting that marketing controls the budget for consulting and design of marketing-related software. Additionally, 47 percent of companies report that marketing controls the budget for software purchased as a service, while 43 percent responded that its marketing budget extends to external hosting of technology to run marketing-related software.
So what does this mean for IT? Well, the future of IT will probably involve more collaboration with marketing, as the department brings in more technology. “Technology professionals will become more adept in driving business and revenue instead of solely supporting growth, and IT initiatives will be based around working hand-in-hand with marketing to develop new products as opposed to just systems to support the business.”
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Whereas a few years ago this was a point of discussion, today there is no debate.
Researchers looked at how brands are segmenting and personalizing email campaigns and found that emails sent to 35 or fewer subscribers, which suggests more personalized messaging, saw open rates of 55%. Emails send to more than 7,500 subscribers saw open rates of 14%. On average, email open rates are 22%.
• 51% of emails are opened via mobile device • Of those opened via mobile 38% are opened via smartphone and 11% via tablet • Religious organizations have the highest average open rate (38%) for nonprofits • Sports & Rec brands hold the best B2C open rates (26%) • Professional Services hold the best B2B open rates (26%)"
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50-50 desktop to mobile open rate is holding firm.
"The marketers who use third-generation marketing automation are those who are ready to accept the challenges of the mobile era and transform them into a strength. Their strategies should include:
Capturing every marketing touchpoint: This means businesses knowing when prospects visited their website, seen them at a trade show, clicked on a display ad, etc. Achieving such compete tracking requires a marketing automation tool that can track activities such as email blasts, content downloads, demo requests and website visits. Advanced automation can also capture details on how visitors got to the site (i.e. paid search, organic, direct, etc.). Marketing automation is excellent for capturing online conversions, but for complete tracking businesses will also need call tracking software that enables the tracking of offline conversions from both online and offline marketing campaigns.
Enroll prospects in Salesforce campaigns: After gaining the ability to track every marketing touch, businesses then must make sure to record each touch in a common location. The overwhelmingly popular way to do this is with Salesforce campaigns.
Turn all of this data into quantified results: Once they’re tracking all marketing touchpoints, businesses need to turn all of this hard data into digestible numbers. It’s important to gain insights into which campaigns are truly pushing deals past the goal line."
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