Where CMOs Are Expected to Spend Their Money In 2024

Published on March 4, 2024

CMOs will be making some interesting trends in the coming year. Here are a few.

Discovering Unusual Development in the Storm

CMOs are certainly not surprised that they must navigate volatile markets. Although 49% of them say they are more enthusiastic about the U.S. economy than they were last quarter, they are yet cautiously hopeful about what lies ahead. In a recent Deloitte poll, just 22% expressed less optimism. They are walking a tightrope, balancing short-term strategies with long-term expansion objectives. According to a recent Salesforce survey, 76% of marketers said they felt increased pressure to drive growth, which is evidence that more businesses are realizing the potential of marketing to boost sales. This pressure is increasing as more marketing leaders assume greater commercial responsibility.

Meeting the Fundamentals of Marketing and Leaving Space for Innovation

According to the majority of CMOs we spoke with, they are growing accustomed to working in the frequently erratic and tumultuous post-pandemic marketing climate. At the top of that list is figuring out how to combine demand and brand strategies more effectively. Even though there is a brief surge in demand, brand is still very important. While finding the appropriate ratios is still important, the traditional division is no longer effective. With 80% of respondents to the Forrester poll indicating they want to employ generative AI in the upcoming year, generative AI—which is already essential to 56% of marketers—is becoming more and more significant. Most uses are blogs (cited by 65%), followed by website copy at 62%.

Embracing Creativity

The most exciting thing, maybe, is that executives are becoming less shy about the things that first drew them to marketing: the power of ideas and creativity, even as they develop teams with new competencies, skills, and abilities. According to CMOs, this inventiveness is still essential for setting brands apart. Investing in the company and witnessing how creativity makes them stand out, boosts sales, and becomes relevant brings them joy. They are creating meaningful moments that eventually result in long-term expansion. Marketers should keep pushing for inspiration that is fueled by genuine, profound creativity since they are aware of this. CMOs’ “must-do” list also includes updated methods for tracking ROI, with data and analytics emerging as the next frontier in scientific research.

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Andrew Lambert

Meet Andrew Lambert

My goal with Lambert Consulting is to continue to bring community, business, and education together. You must have all three in order to be successful. My experiences have allowed me to be more in tune with my clients’ needs and how to fulfill them. Hard work, honesty, and respect is what I give to each of my clients.