It appears as if marketers are becoming optimistic that a recovery is coming according to the July 2009 “CMO Survey” by Duke University’s Fuqua School of Business and the American Marketing Association.
The recovery time line remains to be revealed – some economists see some encouraging signs. A CNN Money article stats that July new home sales handily beat expectations. That report along with several other key indicators may signal that a recovery is coming.
The “CMO Study” is conducted twice a year via internet survey. Nearly 3,500 top marketers from Fortune 1000, Forbes Top 200, CMO Club Companies, and AMA members were surveyed to get a read on how they feel about the status of the marketing industry. 79% of the respondents have the title of CMO or higher.
Some of the highlights of the study include:
Overall Marketing Industry: 59% indicated they are currently more optimistic than they were in the past quarter (February 2009).
Marketers will begin to spend more on Social Media and Brand building. An overview of the survey can be found here CMO Survey Summary.
Key issues on the minds of respondents was activities that improve Marketing ROI. Measuring the effectiveness of social media is also a key issue for this group.
The study also revealed that the optimism is cautious optimism as marketers realize that a new customer will emerge from this recession. Consumers will be much more cost conscious and focus on long standing relationships they have built with existing brands.
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