June not solely marks the yr’s midway level, but it surely’s additionally when CMOs start to plan for the brand new yr. With six months left in 2023, there’s nonetheless heaps to get carried out. 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, reasonable, 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 fitting media channels to succeed in our goal audiences.
Comms planning isn’t a once-a-year “set it and overlook it” train. Maintaining with the ever-changing media panorama is especially difficult for advertising executives. 2023 has already seen its share of fabric growth — from Twitter chaos and TikTok bans to a metaverse hangover and generative AI … in every single place. 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 certain bets to development — 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 high of CMOs’ “important” priorities lists. However that’s not at all times the case: If it had been, the typical rating in Forrester’s Buyer Expertise Index (CX Index™) wouldn’t have declined in 2022 — the primary time since 2018. And expectations are even greater this yr, as shoppers instructed Forrester that they anticipate higher customer support in 2023. Learn: Navigating The 2023 Downturn: B2C Advertising Executives.
4. Producing extra loyal prospects.
Income is the secret proper now. However driving enterprise development doesn’t simply imply buying new prospects. Essentially the most super-loyal prospects (which Forrester calls “devotees”) spend over 50% greater than the typical 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 Fashionable Referral Program.
5. Figuring out easy methods to greatest construction our advertising operate.
Tenured CMOs are used to being requested to do extra with much less — particularly when development slows. Having extra obligations with much less assets means working smarter. This not solely entails bettering course of but additionally robust selections about expertise. And it begins on the very high by guaranteeing CEO and CMO alignment. Learn: Untuck The CMO.
CMOs Have It Flawed With Rising Tech
Solely a 3rd (33%) of US B2C advertising executives indicated that “understanding easy methods to leverage generative AI” is a important precedence. Actually, this ranked because the least important precedence in our checklist of 16. Worse is that “advancing our metaverse technique” ranked greater. Make no mistake: AI (and not the metaverse) is right here in the present day, and it’s right here to remain. It’s at the moment 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.
Tweet me your ideas at @McProulx. Forrester shoppers: Let’s chat extra concerning the knowledge through a Forrester steerage session.
