Deloitte, the American Marketing Association and Duke University’s Fuqua School of Business have released their biannual report on the marketing industry.
The analysis examines the survey responses of over 2,800 top marketing professionals, providing a detailed picture of the global marketing landscape.
Some of the key findings from the Deloitte 2017 CMO Survey are outlined below:
New data shows that marketers plan to spend 376% more on analytics over the next three years.
This growth comes despite criticisms of analytics software – 32.2% of marketers cite a lack of adequate analytics tools and processes for measuring success, while 14.4% claim the software does not offer sufficient insight.
Further, over 65% of marketers still do not make use of analytics software.
Digital ad spending is rising, on average, 14% per year vs traditional ad spending (which remains flat).
Spending on Customer Relationship Management is also increasing, approximately 8% per year on average.
The increase in Brand Building spend rose from 6.3% in August to 9.7% in February.
The Executive Summary notes that: “Many marketers are finally realizing the consequences of poorly integrated customer information across channels”, and that: “Across the board, survey respondents reported substantial increases in online marketing”.
The full 2017 report, available through Deloitte, also weighs in on social media strategy and several other topics.