No one ever knows for certain how far your money will go. As CMOs and executives plan their marketing budgets, Forbes noticed a trend in five areas of focus.
Here’s where marketers are putting their money so far in 2022:
- Customer Data Privacy: The marketing landscape as a whole has grown privacy as a focal point. More than 1 in 3 CMOs will enhance cybersecurity for customer data as well.
- Data Driven Marketing: We’re still fans of the notion that “content is king,” but data is quite the convincing runner up. So as marketing strategies move data to the forefront, there is a need to invest in big data and analytics (if that hasn’t happened already). We’re not just talking streamlined dashboards, we’re talking advanced data sourcing and research.
- Building a More Diverse Marketing Team: The Great Resignation is still alive and well meaning companies are dealing with major gaps in their talent and likely still understaffed. CMOs will have to work to fill those gaps by building a more diverse marketing team and hiring more agency partners that prioritize diversity.
- Elevating Diverse Voices: Brands have recognized that they cannot treat diversity as a trend to celebrate outwardly. They have to make meaningful steps and put money where their mouths are for authentic support in communities and elevation of diverse voices in campaigns.
- Expanding the Team’s Skills: Part of employee retention during these times includes developing your team’s skill-set. Investing in programs, certifications, and even soft-skills is essential for your team’s success and happiness.
Overall, there are huge trends in data and diversity for where CMOs are investing their budgets. Check out the full Forbes article for all the stats and examples.