CMOs bullish about the future but not keen on launching new products

First Forbes/gyro CMO Index finds US chief marketing officers are investing in the future but cautious about growing in new markets

Chief marketing officers (CMOs) have a positive outlook over the next six months but continue to be cautious about entering new markets and launching products and services, a new report claims.

The inaugural Forbes Insights/gyro Index surveyed 876 US marketers and found 45 per cent are more optimistic about industry-wide marketing conditions, while 46 per cent are as optimistic about the future as they are today.

In addition, 39 per cent are increasing marketing budgets compared with 49 per cent who are retaining existing numbers. The quarterly poll was completed in October and based on respondents assigning a 0, 10 or 20 point sentiment score to each question.

One the issue of staffing, 54 per cent said they are maintaining existing employee numbers, while 36 per cent plan to add more staff.

In a sign of the continued caution in the market, however, 55 per cent of those surveyed are spending the greatest amount of their time growing existing markets, against 29 per cent who are preparing to enter new markets and 16 per cent who are focus on growing in new markets. The report authors said the overall sentiment score of 7.5 indicated a clear negative sentiment towards entering new markets.

The figure in perhaps unsurprising given industry-wide acknowledgement that customer retention is cheaper than new customer acquisition.

In addition, 58 per cent of respondents are focusing on growing existing product lines and services, while just 14 per cent are prioritising new product or services launches. The overall sentiment score was 5.8, again indicating the negative sentiment towards new product and service expansion currently.

Overall, Forbes and gyro, a global ad agency, assigned a 52.1 sentiment score to respondents for October. Across industry sectors, business services/legal/training and consulting gained the highest optimism score, while aerospace/defence recorded the lowest.

Marketers must transform their story to meet the new customer paradigm: McKinsey
How you can be a digital CMO
Should CMOs own product development?

Follow CMO on Twitter: @CMOAustralia, take part in the CMO Australia conversation on LinkedIn: CMO Australia, or join us on Facebook: https://www.facebook.com/CMOAustralia

Signup to CMO’s new email newsletter to receive your weekly dose of targeted content for the modern marketing chief.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

5 cornerstones of a strong digital culture

Creating a strong company culture may sound like a daunting task, but it’s actually pretty straightforward. In fact, company culture is created in exactly the same fashion as a religion or democracy. Behaviours created from the organisation’s inception are reinforced over time by leadership, attracting like-minded people and eventually reaching critical mass to become an accepted ‘truth’.

Anthony Stevens

Founder and CEO, Digital Asset Ventures

Should you rebuild your company’s tech stack in blockchain?

The question I get asked most regularly these days is: ‘Do I need to rebuild my company’s systems on Blockchain?’ And the answer, every time, is ‘No, you’re asking the wrong question’.

Michelle O'Keeffe

CEO, Engaging.io

Customer value proposition: Getting the brand promise to your customers right

Throughout my career, I have witnessed a litany of brand names that profess to have a unique customer value proposition (CVP). In reality, however, they’ve had little more than a ‘value proposition’: A simple list of benefits applied to a general audience.

Ric Navarro

Global director of marketing and communications, Norman, Disney & Young

RE: Sales and marketing SLAs, often the choke point isn't the teams but them getting the data into the tools they want to use with the da...

Ed Fry

Why sales and marketing alignment is more important than ever

Read more

Amazing article Mitchell. I really enjoyed the read. Chatbots will be critical in the future evolution of banking and financial services ...

Giridhar Prathap Reddy

7 businesses successfully implementing chatbots

Read more

Thank you for the good and very helpful information. It is very interesting. I love all the things you share and see your beautiful creat...

รัตนาวดี ภูมิวรรณ

Former eHarmony marketing chief joins telco startup

Read more

Colin Kaepernick, not Mike Kapernick.

thisisw

Zenith's innovation leader: Mid-digital age not benefitting media, brands or consumers

Read more

AGA KHAN HOSPITAL is in need of kidney donors for the sum of 2 crore, Contact us today if you want to sell your kidney for money, and thi...

Sebastian Friedrich

Mindshare gets behind blockchain advertising alliance

Read more

Latest Podcast

More podcasts

Sign in