Reimagining Your Marketing Team and Budget
The new norm in marketing includes a shift in team roles and delivery models, with an increased emphasis on jack-of-all-trades team members who can roll up their sleeves and get stuff done. We’re seeing more and more organizations who need to micro-target opting to find partners who can think like a CMO or CTO instead of filling high-level executive roles.
Forrester also considers 2021 a year of reinvention for CMOs and their teams.
- The research group predicts that leaders will integrate marketing and CX this year, no longer segregating acquisition from product utilization, customer service, retention and advocacy.
- Because growth is tied to continued use of a company’s offering, it’s also imperative that marketing teams focus on acquiring customers who will stick around, reemphasizing full-fledged loyalty programs rather than frequency-based rewards.
- Chief marketing officers will need to drive customer obsession within their teams, putting the customer at the center of everything they do – from leadership and strategy to operations.
CMOs are also prioritizing digital in their budgets.
- The latest CMO Survey reports that while marketing spending decreased by 3.9% over the last year, marketers reported an 11.5% increase in digital marketing spend, showing us the shift in HOW they are spending their budgets.
- Social media ad spend has continued to increase, leaping nearly 30% (Q3 2020 vs. Q3 2019). This trend will only accelerate as we pull out of the pandemic.
- Do you have the bandwidth to generate and nurture leads?
- Take a close look at what skills you need on your team. Do you need to train existing team members, or hire new ones? Remember, the more senior the hire, the higher the investment across the employee lifecycle – from recruiting and training, to management and engagement.
- What’s happening with your trade show manager and their budgets?
- In fact, what’s happening with your budget overall?
In case you missed it, check out the other installments of our CMO Intelligence series: