Wednesday, December 24, 2008

Pete Krainik on CMO CLUB Survey Results: Customer Acquisition Remains Top Challenge for CMOs in 2009

Our recent CMO CLUB survey question on biggest marketing challenges in 2009 had a surprising result. A number of articles and industry surveys keep talking about the importance of retaining customers and focusing on sustaining those relationships in a down economy. With budgets being cut, circle the wagons and make sure your current customers are happy. However, only 23% of CMOs surveyed stated Customer Loyalty and Retention as their biggest challenge. I have two thoughts on this response. It is either a top priority but not viewed as a challenge (which I think could be a mistake), or regardless of the down economy the ongoing marketing priority of growth and customer acquisition remains the biggest priority and challenge for us as CMOs (60% of CMOs responding stated New Customer Acquisition as top challenge). Business as usual when it comes to priorities and focus.

Only 6.7% of CMOs stated Customer Profitability as a top challenge for 2009. I want to follow up on this in a future survey with the club to see if this is due to already having metrics and reporting in place, or not a top priority and therefore not viewed as one of our biggest challenges.

Finally Brand Awareness and Consideration was the top marketing challenge for 10% of CMOs responding.

Are you surprised by these results?

No comments: