While federal marketers may have different priorities from their counterparts in the commercial sector, studying what the top companies are doing can help shape federal marketing strategies. Since 2008, the Duke University Fuqua School of Business, The American Marketing Association (AMA) and McKinsey & Company have joined to conduct The CMO Survey. The biannual survey is the longest-running survey dedicated to understanding the field of marketing. The most recent survey, released in February, revealed that top marketing executives are optimistic about the economy. However, they are not sure how increased investments in social media and marketing analytics will help them become more successful. The survey shows that:
- Companies expect to almost double spending on marketing analytics — the creation and use of quantitative data about customer behavior — in the next three years. However, they are not currently using all the data they have. The survey shows that using this information is a challenge for companies.
- Spending is expected to increase for digital marketing and decrease for traditional advertising — in line with findings from the 2015 Federal Content Marketing PulsePoll.
- Social media spending is expected to continue its sharp climb. It currently accounts for almost 10% of marketing but, in the next five years is expected to make up almost a quarter of spending.
For deeper analysis of the results, including business-to-business and business-to-consumer breakdowns, visit cmosurvey.org or watch the video for a summary of the survey findings.