According to a report from 2020 CMO Survey, marketers are spending 15.2% of their marketing budget on customer experience.
The report states marketing budgets are expected to increase by 7.6% in 2021, as compared to 8.7% in August last year. However, mobile spend is expected to grow 73% over the next five years, with social ads being the highest contributing factor.
The budget on customer experience is likely to increase 71% from the last three years, as brands are spending 15.2% on customer experiences. Though marketers are investing 54% of their budgets on existing markets, diversification is the lowest growth strategy.
Companies with at least 10% of online sales, gain the most value from mobile with an average of 4.1%. The survey data was gathered in January when the Chinese budgets were expected to grow exponentially.
[3 minute read]