As we head into a weekend of Labor Day sales, here’s a bit of cheerful thinking for retailers hard hit by the recession: according to a survey released last month, chief marketing officers are increasingly optimistic about the economy and consumer purchases.
The Chief Marketing Officers Survey was conducted by Christine Moorman, a professor at Duke University’s Fuqua School of Business in conjunction with the American Marketing Association. Over 500 top marketing executives in the U.S. were polled this summer for the survey.
Among the findings:
- 59 percent of marketers are more optimistic about the U.S. economy than they were one quarter ago
- 48 percent expect an increase in purchase volume over the next year
- 35 percent predict an increase in new customers entering the market
Recession still a concern
When asked to report their customers’ top concerns, 34 percent of CMOs reported price, outranking the 20 percent that said trust and the 19 percent who answered product quality. As Moorman said in a Duke press release:
These results indicate that marketers believe the tide had begun to turn. However, they are clearly aware that the recession has caused customers to become more price sensitive and companies are wisely keeping that in mind as they make product and marketing decisions.
If customers are getting more ready to spend, but still want good deals, then retailers would be advised to put on some good sales this weekend. And how will they be getting the word out about these sales?
Social marketing on the rise
According to the survey, traditional marketing methods are continuing to decline and internet advertising is up. This doesn’t just include the familiar banner ads, but social marketing, in which many CMOs are beginning to see great value. Duke reported:
They report plans to increase spending on social media efforts by more than 300 percent in the next five years, increasing their marketing budget allocations for social media from 3.5 percent to 13.7 percent.
Does this survey reflect your attitudes and practices? Do you believe that we’re due for an increase in consumer activity, and if so, will you be using social marketing to reach these customers?
Sale image courtesy of Flickr user untitledprojects, CC 2.0
