After a tumultuous year in 2020, new research suggests that CMOs are looking to take a low risk, low cost approach to achieve their objectives for the remainder of 2021.
Gartner recently conducted its CMO Strategic Priorities Survey, and statistics indicated that 39% of CMOs intend to increase the sales of existing products to existing customers, while 34% intend to introduce new products to existing customers.
In the survey, Gartner also explored 11 different marketing strategies that could either be rescaled, reduced or reinvented. Half of respondents said that they would be willing to rescale or reinvent six out of 11 strategies. Approximately 31.8% stated that they would plan to rescale or reinvent eight out of the 11 strategies.
“CMOs cannot reinvent and rescale everything while still executing effectively and remaining agile in a year that promises more challenges,” said Augie Ray, vice president analyst in the Gartner Marketing practice. “Those who attempt to reinvent too much simultaneously risk failing to do any one thing right while overburdening their teams.”
Marketers and The Potential of Existing Customers
Although many marketers are still interested in acquiring new customers, previous research suggests that they have been leaning toward leveraging their existing customer base as well.
Altimeter published its “2020 State of Digital Marketing” report, and data suggested that over the next 12 months, most marketers (40%) are focused on acquiring new customers, while 39% would like to increase revenue from existing customers.
Additionally, 52% would like to improve upon their ability to personalize content, messaging and experiences based on customer segments and personas. This suggests that marketers are still focused on improving the overall customer experience for existing customers, as well as prospects.