June not solely marks the yr’s midway level, nevertheless it’s additionally when CMOs start to plan for the brand new yr. With six months left in 2023, there’s nonetheless tons to get completed. Forrester’s Q2 2023 B2C Advertising CMO Pulse Survey featured an inventory of 16 advertising priorities. For every, we requested respondents (154 B2C advertising executives within the US) to point if the precedence is important, excessive, average, low, or “not on their agenda” for the rest of 2023. The outcomes are in, and the highest 5 priorities that had been rated “important” most frequently are:
1. Evaluating if we’re utilizing the precise media channels to achieve our goal audiences.Comms planning isn’t a once-a-year “set it and neglect it” train. Maintaining with the ever-changing media panorama is especially difficult for advertising executives. 2023 has already seen its share of fabric improvement — from Twitter chaos and TikTok bans to a metaverse hangover and generative AI … in all places. And did we point out all of the adjustments to the streaming market? Learn: How To Create A Communications Plan.
2. Higher measuring the ROI of our advertising efforts.Advertising measurement is a precedence staple amongst CMOs, however this yr, it hits totally different. Financial uncertainty forces CMOs to double down on positive bets to progress — tried and true advertising techniques with some experimentation within the combine. As advertising budgets get slashed, CMOs are pressured to show the ROI of their advertising efforts each step of the best way. Learn: The Advertising Measurement And Optimization Panorama, Q2 2023.
3. Optimizing our buyer expertise (CX).Buyer expertise ought to persist on the prime of CMOs’ “important” priorities lists. However that’s not at all times the case: If it had been, the common rating in Forrester’s Buyer Expertise Index (CX Index™) wouldn’t have declined in 2022 — the primary time since 2018. And expectations are even increased this yr, as shoppers instructed Forrester that they count on higher customer support in 2023. Learn: Navigating The 2023 Downturn: B2C Advertising Executives.
4. Producing extra loyal clients.Income is the secret proper now. However driving enterprise progress doesn’t simply imply buying new clients. Probably the most super-loyal clients (which Forrester calls “devotees”) spend over 50% greater than the common buyer. Why? All of it tracks again to nice buyer experiences and having a loyalty technique in place inclusive of your entire buyer lifecycle. Learn: Shut The Loop On Loyalty With A Trendy Referral Program.
5. Figuring out methods to greatest construction our advertising operate.Tenured CMOs are used to being requested to do extra with much less — particularly when progress slows. Having extra obligations with much less sources means working smarter. This not solely includes bettering course of but in addition robust selections about expertise. And it begins on the very prime by making certain CEO and CMO alignment. Learn: Untuck The CMO.
CMOs Have It Improper With Rising Tech
Solely a 3rd (33%) of US B2C advertising executives indicated that “understanding methods to leverage generative AI” is a important precedence. In reality, this ranked because the least important precedence in our listing of 16. Worse is that “advancing our metaverse technique” ranked increased. Make no mistake: AI (and never the metaverse) is right here right this moment, and it’s right here to remain. It’s at present having a profound impact on creativity, advertising operations, and promoting. CMOs who aren’t proactively planning for the influence of AI to their advertising methods and capabilities are already behind. Learn: Generative AI Unleashes Advertising’s Creativity Renaissance.
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