Strategic advisory firm MediaLink has announced the release of their latest global study, “The Marketer’s Forecast 2024 (TMF24).” The comprehensive research, which surveyed over 400 marketing leaders across the media and marketing sectors, delves deep into the significant challenges and potential avenues for innovation that the marketing world is likely to face over the next year.
The initial findings from the research are startling. Only 44% of the marketing heads believed their businesses were prepared for the rapidly evolving future – a sharp decrease from 70% in 2022 and 71% in 2021. In addition, while revenue and sales pipeline remain top concerns, Artificial Intelligence (AI) is quickly emerging as a close secondary worry for many businesses.
However, on a positive note, a robust 91% of participants agreed that Chief Marketing Officers (CMOs) play a pivotal role in influencing the future revenue pipeline. Moreover, faith in company leadership has witnessed a significant boost, with nearly 80% trusting their organisation’s leaders to steer the business towards its future goals, up from 65% in 2022 and 71% in 2021.
Key Insights from TMF24
Owning the Growth Agenda:
With growing pressures on CMOs to showcase a direct correlation between their strategies, sales, and resultant revenue, a whopping 91% believe in the influential role CMOs play in shaping future revenue streams. The study reveals how marketing leaders are leveraging real-time consumer data to drive necessary organisational changes.
ESG as an Investment:
While only 18% currently view diversity, equity, and inclusion (DEI) along with environmental sustainability as a topmost priority, a shift is evident. Marketing heads are keen on illustrating how ESG investments can lead to positive business outcomes.
The Promise of Partnership:
The dynamics of partnerships between agencies and brands are set for an overhaul. About 36% of surveyed leaders anticipate more adaptable agreements with their partners, and 30% are looking to incorporate specialist agencies into their fold.
A Technological Tipping Point:
AI’s role is becoming increasingly significant in marketing. While 84% have already harnessed AI, many are still grappling with impending regulatory impacts and formulating strategies to maximise AI’s potential.
The New Pioneers:
Marketing pioneers are not shying away from diversifying their brand outreach beyond their traditional sectors, with nearly 70% looking to do so. Additionally, 52% are keen on exploring non-conventional consumer interactions, and 24% are venturing into new channels like retail media.
Industry Leaders Weigh In
Michael Kassan, CEO of MediaLink, commented on the study’s findings, saying, “The challenges faced are formidable, but marketing leaders are uniquely positioned as innovators and problem solvers. We believe our Marketer’s Forecast will provide invaluable insights for industry leaders as they navigate the complexities of 2024.”
Margaret Jobling, Group Chief Marketing Officer at NatWest Group, emphasised the pivotal role of marketing in the current landscape. She said, “The dynamic changes and opportunities position marketing at the forefront. The focus is on understanding customers, personalising experiences, and leveraging technology for content creation and proposition development.”
Other industry stalwarts such as Drew Panayiotou, Global Chief Marketing Officer at Pfizer, Tariq H. Hassan, SVP, Chief Marketing & CXO at McDonald’s USA, and Kellyn Smith Kenny, Chief Marketing & Growth Officer at AT&T, also shared their thoughts on the evolving landscape of marketing and the role of CMOs in driving innovation, responsible marketing, and staying relevant.
“The Marketer’s Forecast 2024” was conducted by UTA IQ in collaboration with Qualtrics. It leveraged proprietary UTA and MediaLink contacts and CINT panels. The study spanned from July to August 2023 and encompassed over 400 surveys from senior and executive marketing leaders based in North America, Europe, and Asia.
Download the complete report HERE