Key factors affect CMOs’ marketing planning and spending
- B2B and B2C marketers agree on the top three factors. The No. 1 factor that impacts marketing and planning spending is the economic climate for B2B marketers and corporate financial performance for B2C marketers, according to a Q1 2024 survey from the CMO Council. These influences on success are not within the control of a CMO.
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- Consumers tend to focus on the short term. B2C marketers frequently adjust budgets due to market demand, inventory levels, competitive pressures, and overall business performance, per the CMO Council. However, in B2B, sales for high-value, long-term purchases are more affected by economic and political pressures.
B2B is very dependent on many nuances that can significantly impact a decision to make a larger investment. Identifying the buying cycles that are influenced by these external factors that you have no control over is a key challenge.
- CMOs need to be adaptable and responsive. Business requirements are dynamic and constantly evolving, and customer needs and market conditions change. Swift adaptation is crucial for maintaining a competitive edge and relevant and effective marketing strategies.
Agility is very important. Not being stuck to a plan but understanding what the business needs and knowing that it’s always shifting is very important. The goal is to be able to move quickly and make sure that you have an organization that can move with you with speed and agility as well.
Read the full report, How CMOs Are Successfully Mastering the Expanded Role.