A recent Chief Outsiders survey found that almost half of the CMOs are optimistic about the economy’s effects on their efforts this year.
The study observed 91.6% CMOs believing companies to be prepared to pivot strategically this year as compared to pre-COVID-19. Where 45.8% CMOs believe companies are much more prepared, an equal number note them to be somewhat more prepared to pivot.
62.5% of CMOs expect marketing budgets to increase in 2021. About two-thirds of respondents do not see the trend of agency work in-housing to gather any substantial momentum in 2021. CMOs also think the pandemic has made them more capable to pivot strategically.
Other surveys revealed that a vast majority of CMOs think spending on digital advertising will rise in 2021. But, 78.5% of CMOs are also finding it difficult to stay ahead of technological advancements.
[3 minute read]
