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Chief marketing officers plan to spend more on digital marketing in 2020

Chief marketing officers expect to spend on organic search, content marketing and email marketing, according to Chief Outsiders‘ “Market Trends 2020” report. Plus, marketers say tariffs and the ongoing U.S./China trade war will only have a negligible or a slightly negative impact on company goals.
Spending on digital marketing is expected to increase for 80% of chief marketing officers. Chief Outsiders is strategic marketing and management consulting firm specializing in executive insights.

The February 2020 report

The February 2020 report surveyed more than 50 chief marketing officers Chief Outsiders works with. All of them had experience with Fortune 500 companies and are now working at mid-sized businesses.

Marketers said they will prioritize their digital marketing spend on organic search, content marketing and email marketing, according to the report.

CMOs say organic search, content and email marketing will be prioritized for digital spending!
What are your spending priorities across these digital marketing channels? (Rank-ordered where higher figures represent a higher priority)

Source: Chief Outsiders, “Market Trends 2020” report

E-mail marketing?

Dollars allocated to email marketing specifically is a familiar trend. February 2020 survey of 105 online retailers by Digital Commerce 360 and Bizrate Insights stated the importance executives and advertisers place on email marketing as a method of reaching shoppers. 82% of retailers are saying that email marketing was in the two top most important strategies for improving conversion rate.

When it comes to what kind of emails are successful for brands, personalization is key, says Deana Thornton. She is director of commerce marketing for marketing automation and email marketing provider Mailchimp.

“Email marketing continues to be a consistent, driving force in conversion due to the low barrier to entry and high return on investment,” Thornton says. “With an average ROI of $52 for every dollar spent, email marketing allows any retail business to drive visibility of their brand and build customer loyalty with a one-to-one conversation.”

The Chief Outsiders study also found that “growth-minded” CEOs are using new technology. They try to innovate and begin to outsource marketing in an attempt to beat economic headwinds. This is one of the most important takeaways of their findings, says Pete Hayes, chief marketing officer and principal of Chief Outsiders.

“Marketing is not just about solving customer engagement problems anymore, but it’s about overall company growth,” Hayes says. “And for private equity, one of the biggest challenges—even bigger than a recession—will be finding growth-minded executives focused on strategy.”

CMOs plan to innovate and use new technology to beat any economic headwinds
What are growth-minded CEOs doing to beat economic headwinds? (Rank-ordered where higher figures represent a higher priority)

Source: Chief Outsiders, “Market Trends 2020” report

Deploying digital marketing strategies

According to Chief Outsiders, some of the greatest challenges chief marketing officers are facing when it comes to deploying digital marketing strategies include following. Technical knowledge of in-house teams, resource constraints in implementation and organizational inertia, which Chief Outsiders describes as “changing the way things have always been done.”

Resource constraints and organizational inertia marked as top challenges for digital marketing!
The greatest challenges to deploying digital marketing strategies in client companies are (rank):

Source: Chief Outsiders, “Market Trends 2020” report

AI

The survey also found that chief marketing officers believe advancements in artificial intelligence (AI) will help them target and segment customers. Also, AI could assist them in the qualification and prioritization of new leads.

CMOs say AI will affect their marketing campaigns by helping them qualify/prioritize leads and assist in customer targeting!
What is the most important way AI (predictive analysis) will affect your marketing campaigns?

Source: Chief Outsiders, “Market Trends 2020” report

AI and automation are helpful when it comes to digital marketing. Reason? These tools can increase conversion rates, Thornton says.

“Automating marketing campaigns or messages based on factors like behavior, demographics and interests increases brand exposure and drives sales while decreasing the time business owners have to spend managing marketing,” Thornton says.

Automations specifically have helped marketers increase their average monthly revenue, according to Thornton.

Finally, the Chief Outsiders survey found that chief marketing officers were not worried about the impact of tariffs and the ongoing trade war between the United States and China. Most respondents are saying that any effects would be negligible.

AI

What role will AI have for Digital Marketing in 2020?

Being a digital marketeres in 2020. it is crucial to be attentive to the trends and technologies which can affect digital advertising and marketing. A well-known saying is “time flies,” and this is equally applicable to consumer interests. These interests are constantly changing and are getting harder to understand inherently. Previously, voice search optimization, artificial intelligence, virtual reality, and machine learning were considered new but not yet impactful technologies. Today, these technologies are at the top of the priority list of marketers.

So, how artificial intelligence (AI) is going to affect digital marketing in 2020?

AI with Voice Search Domination

Conversational AI does it all! Voice search and digital assistants are two sub-areas of AI. Google uses machine learning, where the engine uses pattern detection and other methodologies to teach itself and generate the best possible search result, getting better every time based on new information. Machine learning is what’s behind conversational AI. It makes search engines more intelligent and powerful, too. That’s the reason why we are seeing ads about the things which we just said or talked about but haven’t actually searched for yet.

So, now is the time to optimize your campaigns for voice search. You can start with basic SEO by targeting long-tail keywords, optimizing Google My Business, and adding a FAQ page to your website. Assemble your content as query-based (Who/What/Why/Where/How) and see how your performance changes.

AI with Data Analysis Domination

As human beings, our decisions are not always based on logic. The decision-making process combines intuition, emotion, trust, culture, and inner soul satisfaction. All of these play an important role when we make any decision or make a purchase. AI is smart and it has the ability to identify these key emotions and collectively generate effective insights for the potential buyers. Without AI, if we have a look into our data, we’d find rows after rows of complex data with customer and product details which lead us to exactly nowhere when it comes to predicting a customer’s buying journey or their interest.

How could AI’s data analysis be applied to marketing? As one example, AI can recommend the best time to send your next newsletter by analyzing conversion rates and clicks from an email marketing campaign. With AI, you can get more precise and analyzed data which helps you increase your conversion rate, which will translate into more leads and sales.

AI with Content Creation Domination

By adopting AI, marketers can satisfy the emerging content need and ensure targeted delivery. You can generate a stock update or a sports/event news easily with AI. In fact, we are already reading content written with AI, probably without noticing it. Companies such as Yahoo and Fox have been using it for quite some time, now. Creating quality content is difficult and time-consuming. But, AI can be trained to deliver engaging, personalized content that is optimized for conversion.

AI personalization

As a marketer, it is not feasible to manually personalize your content for each customer. Artificial intelligence will be a saviour in this case. You can try ai-writer.com (if you want to test). Also, consider how AI chatbots are handling customer relationships these days. Chatbots are getting smarter and carry out quasi-conversations with potential customers to deliver real-time solutions.

AI bot

AI with Modern Advertising Domination

As we have seen earlier in this article, data analysis and customer relationships are growing together and improving day by day. These factors together affect today’s digital advertising. AI is capable of reading huge sets of data about consumer interaction and uses this analysis to create meaningful insights to optimize campaigns. The advertisers also have more control over campaign features and how it runs on the network. Artificial intelligence can also apply to ad creation. It is already in use on some of the social platforms and other third-party tools are actually using two appreciable AI-powered technologies – natural language generation (NLG) and natural language processing (NLP). For example – Socialbakers, which is an AI-driven influencer marketing & social media management platform.

Socialbakers

So, at last, we can say, the domination of artificial intelligence is a blessing for marketers. You can gain a deeper knowledge of your consumers, deliver personalized content, and benefit from AI-powered algorithms. Isn’t this exciting? Artificial intelligence is becoming ingrained in our digital marketing world and we should be ready to implement it in all ways in order to get the benefits. This fine domination of artificial intelligence into digital marketing will help consumers have a better experience and give your business a boost it needs to succeed. So, get ready to have a satisfied customer base with this advanced trending technology – artificial intelligence. All you need to do is ask yourself, “what are my needs?” and AI will do the rest. In brief, we can say that artificial intelligence is the new face of efficiency, productivity, and profitability.

Source: business2community.com