From Marketing Spend to Marketing Accountability
American Marketing Association
Marketing budgets are on the rise, yet marketing leaders still struggle to demonstrate the impact of their spending. The solution to this accountability challenge lies not in marketing metrics, but in how marketers think through the impact of their marketing strategies.
According to the February 2014 edition of The CMO Survey, the latest iteration of a biannual survey of more than 400 marketing executives across all major industries that my team and I conduct at Duke University in partnership with McKinsey & Co. and the AMA, marketing budgets are expected to increase 6.7% in the next 12 months. This is a sizable jump over the projected increase of 4.3% that was reported in the previous edition of the survey, released in August 2013, and a massive boost over the 0.5% increase reported in February 2009.