1、February 2021 Christine Moorman2We are almost a year into the COVID-19 pandemic. Amidst the tragic human loss and suffering, we have witnessed a year full of transformation and challenge for the field of marketing. Digital transformation was thrust upon companies as they sought new ways to reach and

2、 engage with their likely remote customers. This necessity inspired the rewiring of many go-to-market models and the introduction of powerful new digital interfaces. Marketing, as the function and process responsible for managing customers and the firm-marketplace interface, was placed at the center

3、 of many corporate initiatives72% of marketing leaders responded that the role of marketing in their companies increased in importance during the last year. This importance was further heighted by the social and political upheaval experienced in the United States.Transformation required rethinking m

4、any aspects of business to more effectively approach and survive our changed world.This 26th Edition of The CMO Survey provides the marketing profession with an understanding of how marketing activities, spending, jobs, and performance have been influenced by the upheavals of the past year. This Edi

5、tion offers forward-looking insights regarding digital investments, managing new social and political demands on companies, shifting customer behavior, and managing growth during these uncertain times.Drawing on the power of The CMO Surveys longitudinal view of marketing, we develop leadership lesso

6、ns applicable across periods of crisis and into the future. This Edition of the survey also involved a pilot study of U.K. marketing leaders in conjunction with the London Business School (see results at /results/).I hope these benchmarks will be useful to you and your company as you navigate this h

7、istoric period. Special thanks to all of the marketing leaders that gave their time and good will to make these insights possible.Christine MoormanT. Austin Finch, Sr. Professor of Business Administration Fuqua School of Business, Duke UniversityFounder and Director, The CMO SurveyFebruary 2021Spons

8、ors support The CMO Survey with intellectual and financial resources.Survey data and participant lists are held in confidence and are not provided to Survey sponsors or any other parties.3 Christine MoormanM I S S I O NTo collect and disseminate the opinions of top marketers in order to help predict

9、 the future of markets, track marketing excellence, and improve the value of marketing in firms and society.The CMO Survey is an objective source of information about marketing and a non- commercial service dedicated to the field of marketing.26 th E D I T I O NThis 26th Edition examines the transfo

10、rmation of marketing practice through the lens of emerging digital, social, and political trends that have been inspired by the COVID-19 pandemic and the political and social upheaval that have occurred this year.Questions focus on the marketing leadership challenges faced this year and answers capt

11、ure how marketers are meeting these challenges through marketing investments.Founded in August 2008, The CMO Survey is administered twice a year. Questions repeat to observe trends over time and new questions are added to tap into marketing trends.S P O N S O R SSponsors include Deloitte LLP, Duke U

12、niversitys Fuqua School of Business, and the American Marketing Association.About The CMO SurveyFebruary 2021Survey Methodology and Reports4 Christine MoormanS A M P L E2955 top marketers at for-profit U.S.companies356 responded for a 12.05% response rate94.5% of respondents VP-level or aboveA D M I

13、 N I S T R AT I O NEmail contact with four follow-up remindersSurvey in field from January 6-26, 2021S U R V E YR E P O R T SThe Topline Report offers an aggregate view of Survey resultsThe Highlights and Insights Report shares key Survey metrics and trendsThe Firm and Industry Breakout Report displ

14、ays Survey results by sectors, size, and salesAll reports available at: /results/Interpretive guide:M = AverageSD = Standard deviationB2B = Business-to-Business firmsB2C = Business-to-Consumer firmsFebruary 202137.1%27.5%20.4%15.0%B2B ProductB2B ServicesB2C ProductB2C Services5 C

15、hristine MoormanSurvey Participants (n=356)E C O N O M I CS E C TO RI N D U S T R YS E C TO RTechnology (Software/Platform)18.8%Manufacturing13.1%Consumer Packaged Goods11.6%Professional Services/Consulting10.5%Healthcare7.7%Banking/Finance/Insurance7.4%Retail6.8%Communications/Media4.8%Education4.5

16、%Consumer Services3.1%Transportation2.8%Energy2.3%Wholesale2.3%Pharmaceuticals/Biotech1.7%Mining/Construction1.7%Real Estate0.9%February 2021Survey Participants (n=356)N U M B E RO FE M P LOY E E S20.3%5.6%6.2%6.8%10.7%21.4%9.3%19.7%More than 10,0005,000-9,9992,500-4,9991,000-2,499500-999100-49950-1

17、00Fewer than 50S A L E SR E V E N U E3.2%6 Christine Moorman9.4%5.6%5.6%7.6%3.8%19.9%12.9%10.3%21.7%More than $50+ billion$10 - 49 billion$5.1 - 9.9 billion$2.6 - 5 billion$1 - 2.5 billion$500 - 999 million$100 - 499 million$26 - 99 million$10 - 25 million Less than $10 millionFebruary 202126th Edit

18、ion Topics7 Christine MoormanTopic 1:Macroeconomic Forecasts8Topic 2:Customer Behavior11Topic 3:Managing Marketing in the Pandemic16Topic 4:Marketing Leadership25Topic 5:Managing Growth43Topic 6:Marketing Spending and Performance49Topic 7:Digital, Mobile, and Social Media Marketing59Topic 8:Marketin

19、g Jobs69Topic 9:Marketing Analytics75Topic 10:The CMO Survey Award for Marketing Excellence80 Christine Moorman8February 2021Macroeconomic ForecastsMarketers overall economic optimism has rebounded beyond mid-pandemic and even pre-pandemic levels. Optimism hit 66.3 (out of 100), up dramatically from

20、 the 50.9 value reported in June 2020 in which optimism plummeted nearly to Great Recession levels (47.7). Current optimism levels appear to continue the upward pre-pandemic trend from February 2020 at 62.7. This upward trajectory also aligns with widespread vaccination efforts, the anticipated reop

21、ening of education activities and retail sectors, and the certainty that follows presidential elections.Optimism regarding the US economys next quarter (Q1 2021) compared to last quarter (Q4 2020) also showed a major increase with 55.3% of marketers stating they were “more optimistic”a stark increas

22、e from 7.8% in June 2020. Consistent with this, only 22.6% of marketers reported being “l(fā)ess optimistic” compared to record-setting 85.3% in June 2020.To no surprise, the industry sectors driving this increase in optimism were Consumer Services (81.8%), Retail/Wholesale (68.2%), and Transportation (

23、70%) because reopening the economy will improve their businesses. Similarly, firms with 10% Internet sales (58.6%) had the greatest optimism given the view that customers will continue to rely on digital interfaces across many sectors post-pandemic.M A C R O E C O N O M I C SC U S T O M E RC O V I D

24、 - 19 L E A D E R S H I PG R O W T HS P E N D I N G / P E R F O R M A N C ED I G I T A L / M O B I L E / S O C I A LJ O B SA N A L Y T I C S Christine Moorman9February 2021Feb-Feb-Feb-Feb-Feb-Feb-Feb-Feb-Feb-Feb-Feb-Feb-June-Feb-091011121314151617181920202147.757.863.363.462.766.169.964.3863.268.957

25、.062.750.966.34050607080Economic SectorB2B Product: 67.3B2B Services: 65.3B2C Product: 65.6B2C Services: 66.8How optimistic are you about the overall U.S. economy on a 0-100 scale with 0 being least optimistic and 100 most optimistic?InsightsOptimism regarding the US economy is rebounds across all s

26、ector breakouts, Pharma/Biotech (72.5), Healthcare(71.9), and Transportation (71.0) are most optimistic, while Communications/Media (61.9),Education (61.8), and Mining/Construction (58.8) are the least optimistic. Optimism is highest for higher revenue companies.Marketer optimism grows; nears histor

27、ical high Christine Moorman10February 202120.1%37.4%7.8%55.3%23.7%32.6%6.9%22.6%56.2%30.0%0%25%50%Feb- 19June- 20Feb- 21Feb- 20More optimisticNo changeLess optimisticOptimism about the economy increased over 7x since height ofpandemic, when “l(fā)ess optimistic” was lowest in survey historyInsightsConsu

28、mer Services (81.8%) are most more optimistic, while Communications/ Media (37.5%) are most less optimistic. This is in stark contrast to June-2021, when Healthcare (18.5%) was the most more optimistic and Consumer Services (100.0%) was most less optimistic.Are you more or less optimistic about the

29、overall U.S. economy compared to last quarter?Economic Sector100%85.3%75%More-Feb-21More-June-20B2B Product51.3%4.8%B2B Services58.8%13.9%B2C Product54.4%9.8%B2C Services62.5%0.0% Christine Moorman11February 2021Customer BehaviorMarketers report that customer experience, product quality, and a trust

30、ing relationship will be prioritized by customers in the next year. Comparing these priorities to pre-pandemic levels, we see a 34.8% increase in product quality and a 20.4% decrease in trusting relationship even though it remains important. When asked to gauge the importance of customer experience,

31、 it emerges as most important with over one- third of marketers rating it their customers key priority. Although low price is the least important priority, it has increased in importance by 62.5% during the pandemic, reflecting household and company belt-tightening especially in the last six months.

32、With shifting customer expectations in the last year, a dramatic drop in customer KPIs was witnessed across all key activities. Customer acquisition, retention, new customer entry, product bundling, purchase value, and purchase price all show major decreases relative to pre- pandemic growth levels.

33、Decreases range from 8.6% to 33.9%.Marketers report that customers, overall, have a high level of trust for their brands (7.9 on a 10-point scale). The Education industry reported the highest level of brand trust (8.2) and the Banking/Finance/Insurance sector reported the lowest (7.5). Brand trust w

34、as still heavily skewed towards larger firms with greater marketing reach and brand recognition. Brand trust was also associated with brick-and-mortar status. As sales from the Internet increased, brand trust decreased.M A C R O E C O N O M I C SC U S T O M E RC O V I D - 19 L E A D E R S H I PG R O

35、 W T HS P E N D I N G / P E R F O R M A N C ED I G I T A L / M O B I L E / S O C I A LJ O B SA N A L Y T I C SFebruary 2021Customers desire superior products at an increasing rate, while being more price conscious over pandemic yearSuperiorProductTrustingRelationshipLowPriceB2B Product39.1%24.5%13.6

36、%B2B Services22.1%31.2%14.3%B2C Product39.4%15.2%21.2%B2C Services10.9%17.4%23.9%Economic SectorInsightsCustomers increasingly demand a superior product and excellent service across all industries. June 2020 highlighted trusting relationship as the most important priority. Moving forward and out of

37、the pandemic, product quality emerges as most important.Rank your customers top three priorities (1, 2, 3) over the next 12 months (% reporting 1st priority)22.4%24.0%27.2%16.0%10.4%23.0%18.8%29.3%10.5%30.2%20.6%23.3%9.0%18.4%16.9%0%5%10%15%20%25%30%35%Superior product qualityExcellent serviceSuperi

38、or innovationLow priceFeb-20Trusting relationshipJune-20Feb-2112 Christine MoormanFebruary 2021Customer experience emerges as a leading customer priorityEconomic SectorB2B Product: 27.4%B2B Services: 35.3%B2C Product: 31.3%B2C Services: 45.8%InsightsConsensus across sectors and industries shows all

39、customers demand a “strong customer experience,” catapulting it into the #1 priority.Service firms rate this more highly as do companies with a great percentage of their sales from the Internet33.3%30.2%20.6%23.3%9.0%16.9%0%5%10%15%20%25%30%35%CustomerexperienceSuperior productqualityExcellentservic

40、eTrustingrelationshipSuperiorinnovationLowpriceIf you were to insert “strong customer experience” into the list of priorities from the previousslide, what rank would you give it? (% reporting first priority)O r i g i n a l r a n k13 Christine MoormanFebruary 2021Standard customer benchmarks show sma

41、ller increases during pandemic71.9%67.3%68.5%52.2%42.2%79.0%68.5%72.4%67.7%52.0%45.0%43.7%51.6%41.9%38.5%42.9%43.4%29.3%73.9%47.7%20%10%0%30%40%50%60%70%80%Which customer activities increased, decreased, or had no change in the prior 12 months? (% of reporting increased levels)90%Increased acquisiti

42、on Increased customer of new customerspurchase volumeIncreased purchase of related products and servicesIncreased customer retentionIncreased entry of new customers into the marketIncreased customer price per unitIncreased value on digital experiences*Increased company attempts to do good*Feb-19Feb-

43、20Feb-21*These questions were not asked in February 2019 or 202014 Christine MoormanFebruary 2021How much do customers trust your brand? (1=significantly below the industry average, 10=significantly above the industry average)Marketers report strong brand trust, skewed towards larger and brick-and-m

44、ortar companiesEconomic SectorB2B Product: 8.0B2B Services: 8.0B2C Product: 7.8B2C Services: 7.9InsightsThe education industry reported the highest mean at 8.2 and Banking/ Finance/Insurance with the lowest of7.5. Trust increased with revenue, highest at firms $500M+ and with brick-and-mortar status

45、.0.3%0.3%1.0%1.9%7.3%5.4%12.4%29.8%27.9%13.7%0%5%10%15%20%25%30%35%12345678910M e a n = 7 . 915 Christine Moorman Christine Moorman16February 2021Managing Marketing in the PandemicMarketing continues to be increasingly important as the pandemic continues. 72.2% of marketers reported that the importa

46、nce of marketing in their companies increased during the last year. With customer demands for digital experiences growing, marketing has been placed in a stronger position to deliver strategic direction and growth. Larger companies (by employees) and companies with more Internet sales report the str

47、ongest roles for marketing.Marketers focused their attention on building brand value that connects with customers and retaining new customers throughout the pandemic and into 2021. However, some of that attention shifted to acquiring new customers (+48.6%) and improving marketing ROI (+105.5%), indi

48、cating companies are moving from survival to a renewed focus on growth and profits. Considering marketing opportunities, marketers continue to shift resources to building digital interfaces and transforming go-to-market business models during the pandemic with digital interfaces growing by 21.0% sin

49、ce June 2020. Reflecting an emphasis on growth, marketers report increased emphasis on expanding into new products and services (+14.3%) and building partnerships (+9.6%).While the pandemic has had many effects, most marketers report that tactics taken to stay afloat have been effective in the short

50、-run (5.2 on a 7-point scale) and will be important opportunities for their companies in the long-run (5.6). These assessments have not changed since June 2020, pointing to their reliability.M A C R O E C O N O M I C SC U S T O M E RC O V I D - 19 L E A D E R S H I PG R O W T HS P E N D I N G / P E

51、R F O R M A N C ED I G I T A L / M O B I L E / S O C I A LJ O B SA N A L Y T I C SFebruary 202172% of marketers report that the role of marketing has increased in importance during this pandemic yearHow has the role of marketing in your company changed during the last year?72.2%7.5%62.3%11.1%26.5%20

52、.3%0%25%50%75%100%Increased in importanceDecreased in importanceNo changeJune-20Feb-2117 Christine MoormanF i r m a n d i n d u s t r yb r e a k o u t s o n n e x t s l i d eFebruary 2021Firm and industry sector differences in the importance of the role of marketingIndustry SectorTop Industry Sector

53、sEducation (100.0%)Tech/Software (84.1%)Consumer Services (77.8%) Bottom Industry SectorsRetail/Wholesale (62.5%)Communications/Media (58.3%)Transportation (57.1%)Economic SectorB2B Product: 69.0%B2B Services: 76.6%B2C Product: 74.0%B2C Services: 69.2%How has the role of marketing in your company ch

54、anged during the last year? (% reportingmore important this year.)I N T E R N E T S A L E SE M P L O Y E E SR E V E N U E65.3%71.6%80.0%0%1-10%10%66.7%88.0%78.8%79.6%80.0%66.0%57.7%$10B72 . 2 %S a m p l e a v e r a g e i n c r e a s e di m p o r t a n c e o fm a r k e t i n g66.7%18 Christine Moorma

55、n92.3%73.6%66.7%83.3%92.3%71.4%58.8%10K Christine MoormanFebruary 202119Marketers remain focused on building brand and retention in pandemic year; however, acquisition and ROI objectives resurfaceWhat marketing objectives have you been focused on during the pandemic?(percent ranking #1)InsightsAcqui

56、ring new customers and improving marketing ROI saw the biggest gains, showing renewed emphasis on new business with B2B companies showing strong acquisition objectives and Product companies showing stronger ROI objectives. Brand building is most important for Consumer Services (55.6%) and least impo

57、rtant for Technology (15.1%). Retaining customers is most important for Communications (40.0%) and least important for CPG (16.7%).Acquiring CustomersImproving ROIB2B Product21.0%10.5%B2B Services28.2%1.4%B2C Product18.0%13.1%B2C Services13.6%2.3%Economic Sector33.0%14.0%32.6%3.6%27.6%16.7%16.3%20.8

58、%27.9%7.4%0%5%10%15%20%25%30%35%Building brand value that connects with customersIncreasing customer awareness of brand/companyAcquiring newcustomersRetaining currentcustomersImproving marketingROIJune-20Feb-21 Christine MoormanFebruary 202120Beyond the onset of the pandemic, companies still focused

59、 on interfaces, go-to-market models, and expansionConsidering marketing opportunities, what activities have you shifted resources to during the pandemic? (check all that apply)17.5%27.4%28.8%42.5%42.8%44.5%47.9%52.4%73.6%9.2%29.5%17.5%24.9%34.1%40.6%41.9%56.2%60.8%Engaging in mergers and acquisition

60、sImproving our research and experimentation capabilitiesExpanding into new geographies, segmentsImproving data integration to allow for end-to-end customer trackingInvesting in new automation technologies to improveBuilding partnershipsExpanding into new offerings (i.e., products and services)Transf