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1、The Marketers Forecast 2024 2The Marketers Forecast 2024ForewordIn this era of perpetual disruption,we are living through another profound and radical shift.AI knocked on our door yesterday,took out the metaverse overnight,and infiltrated everything.Inflation skyrocketed to its highest rate since th
2、e 80s and is barely cooling.Creators gave rise to a new economy.The climate crisis accelerated from a 20-year warning to an imminent concern.Culture and commerce became capital.I could go on.The pace and fury of change could provoke chaos,but marketing leaders seem to be taking it in stride.As weve
3、done for the last few years,MediaLink conducted The Marketers Forecast 2024(TMF24)an exclusive piece of research exploring the forces shaking up the marketing world,as well as internal challenges and macroeconomic factors hindering the business community.We queried more than 400 marketing leaders,ex
4、tracting insights from many influential global CMOs.The headwinds at play in 2023 are among the strongest weve seen,but the data reveals marketing leaders are a rare breed of innovators,problem solvers,and creators.The voice of the CMO can and should be a guiding force for all leaders who want to na
5、vigate incessant chaos.Please read on to learn how.All Good,MEKMichael E.Kassan CEO,MediaLink3The Marketers Forecast 2024Executive SummaryThe landscape is changing.But are marketers ready?The Marketers Forecast 2024(TMF24)finds that readiness from marketers for a“new,radical future”has sunk from 70%
6、(2022)and 71%(2021)to 44%this year.And they arent alone;only 42%of CEOs are confident in their companys prospects for the following year.While marketing leaders can see rocky roads lie ahead,they have faith that their leadership can steer them through it.Nearly 80%of respondents trust their companys
7、 leaders to get the business to its future destination rising from 65%in 2022 and 71%in 2021.The winds of change are blowing.TMF24 reveals how marketing leaders can set their sails,catch the wind,and spark transformational growth.1.PwC Global CEO Survey,January 2023Executive Summary 01-Owning the Gr
8、owth Agenda As the pressure mounts for CMOs to connect the dots between their investments,sales,revenue,and profits,91%of respondents say CMOs have a meaningful impact on future revenue pipelines.Marketing leaders demonstrate how real-time consumer data and marketing insights lead to needed organiza
9、tional changes.02-ESG as an Investment Achieving ESG targets doesnt happen in one great leap.With only 18%of respondents citing diversity,equity,inclusion,and environmental sustainability as top priorities,momentum is stalling.Marketing leaders must continue demonstrating how these investments posit
10、ively impact business outcomes.03-The Promise of Partnership Partnerships between agencies and brands need to be reimagined and one size doesnt fit all.Thirty-six percent of respondents foresee creating more flexible arrangements with partners.Further,30%want to add specialist agencies.Refining orga
11、nizational models will be essential to right-size for growth.04-A Technological Tipping Point Marketing leaders are at the heart of many audacious questions that AI poses,with a focus on productivity,consumer experience,and growth.Eighty-four percent of respondents have used AI in some capacity,but
12、they must consider the upcoming regulatory and policy impact.Many still need to figure out a roadmap.05-The New Pioneers From wanting to expand their brand beyond their sector of origin(nearly 70%)to betting on non-traditional consumer interactions with creators(52%)and trailblazing new channels suc
13、h as retail media(24%),marketing leaders are pioneering new revenue-driving connections.Owning the Growth Agenda 015The Marketers Forecast 2024Owning the Growth AgendaOwning the Growth Agenda 01The last few years have been characterized by upheaval.No one has experienced this change more acutely tha
14、n CMOs.As the habits and behaviors of consumers have changed,so has the role of marketing leaders.Expectations have shifted.Our data shows that 80%of marketers believe leaders offering varied experiences,perspectives,and merits are most likely to succeed.A new generation of CMOs,whose role includes
15、Customer,Revenue,Digital,Experience,or Growth,has emerged.This reflects a closer connection to the bottom line.And TMF24 shows that financial performance and growth are the top priorities for marketers just as they were in the last two years.80%believe leaders offering varied experiences,perspective
16、s,and merits will most likely succeed6The Marketers Forecast 2024Owning the Growth Agenda Many influential leaders are revamping strategies to increase focus on revenue-generating activities.Nearly all(91%)of marketing leaders interviewed agree that CMOs have a meaningful impact on future revenue pi
17、pelines.But there is a growing awareness of the scale of this challenge.Three quarters of respondents say they are pessimistic about their businesss growth prospects in the year ahead,with 31%saying they are very pessimistic.agree CMOs have a meaningful impact on the pipeline of future revenueTo mak
18、e an impact,CMOs have to be truthtellers of the marketplace and where the customer is going.Drew Panayiotou Global Chief Marketing Officer Pfizer91%are pessimistic about their businesss growth prospects74%are very pessimistic31%7The Marketers Forecast 2024Owning the Growth Agenda So,where are CMOs l
19、ooking to grow?Most respondents point toward operational efficiency and product innovation as the areas that will help them achieve growth targets.Influential CMOs are leading the way in delivering large-scale optimizations and transformations including Pfizers push into consumer-and data-driven mar
20、keting(driven by its COVID-19 vaccine rollout)and Adobes creation of a single global media operating model,which MediaLink was proud to partner with them on.But despite marketers enthusiasm,there is a sense it wont be easy.Almost two thirds of marketers think it would be hard to translate their bran
21、d into a new product or service.But that doesnt mean they arent trying,and the strides many retailers have made into becoming successful retail media networks,an offering that required their brands to translate into a new technological category and client ecosystem,is just one example.New eras.New r
22、emits.New strategies.Many CMOs are accelerating the transformation of their teams and often,in tandem,playing a central role in enterprise-level transformation.This means rethinking everything from rewriting their job description to adjusting their marketing mix or experimenting with tech that empow
23、ers marketing leaders to work more collaboratively across the C-suite.Many feel its working.The TMF24 survey shows that 70%of marketers believe their marketing team is upstream and integrated.But there are still roadblocks to CMOs having as much control over their new destiny as they would like,with
24、 68%of respondents saying CMOs are at risk of becoming corporate figureheads.68%say CMOs are at risk of becoming corporate figureheads8The Marketers Forecast 2024Owning the Growth AgendaWhy It MattersAs the pressure for meaningful growth increases,so does the pressure for CMOs to connect the dots be
25、tween their investments,sales,revenue,and profits.CMOs who are successfully overcoming this challenge in the eyes of the boardroom have evolved the narrative around their role,highlighting how their skill sets are essential to future-proofing a business.Instead of solely focusing on making a case fo
26、r brand-building budgets,they are raising their hands to be part of broader business transformation and demonstrating how real-time consumer data and marketing insights lead to needed changes across their organization.As MediaLink has seen from decades of counseling both CEOs and CMOs,we know the mo
27、st successful leaders are those who build the strongest relationships across the whole C-suite.ESG as an Investment0210The Marketers Forecast 2024ESG as an InvestmentESG as an Investment 02Environmental,social,and governance(ESG)strategies are going through a period of change driven by a demand for
28、more accountability to the bottom line,all in the context of intensifying economic and cultural pressures.TMF24 data suggests that marketers commitment to ESG is wavering.Diversity,equity,and inclusion(DEI)and environmental sustainability ranked second to last out of suggested priority subjects,with
29、 only 18%of respondents citing them as a top priority.But these figures likely tell a more nuanced story;many marketers now consider DEI as a critical means to achieving growth,and,in many cases,they have already operationalized several DEI frameworks.Environmental sustainability is not as far along
30、,because it requires more transformation at the enterprise level.It remained at the bottom position.Just half of marketers say they are measuring their medias impact on climate,citing a need for more rigorous infrastructures and industry standards.Marketing Leaders Top 10 Priorities 2023 vs.2022Fina
31、ncial performance&growthOperational efficiencyProduct innovationEmployee well-beingData&analyticsTalent acquisition&developmentEthical business practicesE-commerce capabilitiesDiversity,equity,&inclusionEnvironmental sustainability52%39%31%29%28%27%22%22%18%18%70%27%29%32%17%46%15%12%22%8%11The Mark
32、eters Forecast 2024ESG as an InvestmentWe as CMOs need to continue prioritizing responsible marketing and be able to demonstrate that what we are doing is both linked to doing good in the world and driving good business outcomes.Tariq H.HassanSVP,Chief Marketing&CXO McDonalds USA65%say their busines
33、s is ready to operate in a climate-fragile world12The Marketers Forecast 2024ESG as an Investment Marketers know better than anyone that short-term sacrifices have long-term ramifications.Over a third of marketers are worried about their business being called out by their employees for not prioritiz
34、ing DEI(30%)or for working with morally challenging businesses or clients(36%).Both these figures represent significant rises compared with previous years.DEI is still a hot topic,dominating headlines and panels.But actions speak louder than words.And marketers,shareholders,and consumers all need br
35、ands that positively impact our planet,society,and workforce.TMF24 shows that marketers under 40 years old are slightly more likely to rank DEI as a priority.And though only 18%of respondents cited environmental sustainability as a priority,that is more than double the 2021 amount(7.6%).think their
36、company has compromised core values to enable short-term wins an 80%increase year on year202225%45%202313The Marketers Forecast 2024ESG as an InvestmentAchieving ESG targets doesnt happen in one great leap.Its a process.ESG targets are more successful when closely and authentically linked to busines
37、s performance.Several car manufacturers,for example,have shown the value of the electric vehicle revolution for their bottom line,often outpacing what regulations impose.MediaLink regularly counsels marketers to place ESG considerations and benchmarks into their agency contracts.Consequently,many ag
38、encies have directly initiated more diverse and equal talent pipelines while diversifying their supplier investment.Additionally,contractual provisions keep brands accountable to digital accessibility standards and sustainability projections.Since 2020,nearly$30 billion of media spend has been impac
39、ted by the measures MediaLink has implemented,including almost$10 billion in the past year alone.Marketing leaders have started to look at ESG through the lens of responsible capitalism.They must continue demonstrating how these investments positively impact business outcomes to increase momentum.Wh
40、y It MattersThe Promise of Partnership 0315The Marketers Forecast 2024The Promise of PartnershipThe Promise of Partnership 03They say you are the company you keep.In 2023,this has never been truer.The media and marketing industry is a partnership economy in which businesses need to be able to collab
41、orate and cross-pollinate.Successful and long-lasting partnerships are based on a shared understanding of goals,roles,responsibilities,and results.And this starts at the top.Data from TMF24 shows how marketers are finding the right balance in the partnership ecosystem and that trust between partners
42、 is high.say their team works fast and closely with partnerssay they relinquish too much power/knowledge to their partners32%73%16The Marketers Forecast 2024The Promise of Partnership Good and sustainable partnerships deliver value for brands and agencies through the entire lifecycle.And this means
43、being flexible.Marketers know the importance of flexibility,with 36%saying they foresee creating more flexible arrangements with partners.While 34%also anticipate negotiating better rates in the next 12 months,the flexibility marketing leaders look for primarily reflects the reality of the changing
44、CMO job and the state of transformation businesses are in.Marketers are on a journey that requires new and dynamic capabilities,and their partners are going on that ride with them.foresee creating more flexible arrangements with partners36%anticipate negotiating better rates34%30%look to add special
45、ist agencies into their ecosystem17The Marketers Forecast 2024The Promise of Partnership Part of this flexibility is accepting that marketers will never have total control.No one person or business can keep pace with the perpetually proliferating complexity of modern marketing tools and platforms.Th
46、is is why 30%of marketers are looking to add specialist agencies into their ecosystem in the next 12 months,with social,performance marketing,and e-commerce most in demand.Partnerships arent just external.Marketers also need meaningful relationships with internal teams.TMF24 data reveals a discrepan
47、cy between the attitudes of brand and agency leaders regarding employee relations.Agency leaders are almost twice as likely to say that employee well-being is a priority for their business in the year ahead.This tension can be seen throughout the conversation our industry is having around the pitch
48、process.Theres tension on the agency front between integration and specialism,driven by money movements in different channels,which require expertise.Agencies can deliver every single specialism is nonsense.Youre always trading off something somewhere.Margaret JoblingGroup Chief Marketing Officer Na
49、tWest Group18The Marketers Forecast 2024The Promise of PartnershipWhy It MattersPartnerships between agencies and brands need to be reimagined.And one size doesnt fit all.The current economic reality favors consolidated partnerships one-stop shops are a good solution when resources are tight.Markete
50、rs must stay vigilant that non-traditional but increasingly powerful areas like social,performance,or e-commerce get the attention they deserve even though they might not represent the majority of spend.Specialist agencies remain a desirable solution for marketers whose coffers are full although mul
51、tiple partners often put an extra burden on procurement teams trying to consolidate reporting and costs.The“Constellation”model,anchored in a consistent open-source structure for data&analytics and media performance,thus allowing audience intelligence to flow across a constellation of partners,lets
52、brands easily plug in partners to meet the demands of their changing ecosystem.It is a third compelling option for marketers looking to right-size for growth and compete without the requirement of consolidating agencies19The Marketers Forecast 2024The Promise of PartnershipConstellation ModelCreativ
53、e PartnersBusiness Units or Local MarketsSpecialist PartnersCore Data&TechEverybody wants to grow a business,but market dynamics put tension on the affordability of growth.How do you right-size your business?This is where technology definitely plays in.Margaret JoblingGroup Chief Marketing Officer N
54、atWest GroupA Technological Tipping Point 0421The Marketers Forecast 2024A Technological Tipping PointA Technological Tipping Point 04have used AI in some capacity,from strategy to research to personalized marketing campaignsArtificial intelligence(AI)is on a course to change everything.Tools like C
55、hatGPT and MidJourney have burst into the public consciousness,changing the behaviors and perceptions of consumers and C-suites alike.Boards are pushing AI to the top of the agenda.And they expect marketers to have a plan.TMF24 data reveals the scale of this expectation and the considerable appetite
56、 from marketers for AI investment.Fifty-two percent of respondents cited AI as the number one new space/technology they would like to explore further and understand better over twice more than any other technology.84%22The Marketers Forecast 2024A Technological Tipping Point Marketing leaders know t
57、he jump from predictive to generative is likely the next great technological leap potentially transforming society on a scale akin to the advent of the internet.Two thirds of marketers say their business is already experimenting with AI and other emerging technologies,with 70%believing their busines
58、s is set up with the right technology stack.There is palpable optimism in the TMF24 data based on accessibility to technology and data and the incredible opportunities they bring for marketers.Most companies have the right tools but havent gone deeper.AI is forcing them to look at their technology a
59、nd data strategy through a new lens.Marketers need to reassess their data-readiness in this new context to develop a roadmap that helps make the most of technology at their fingertips and use it to positively impact the marketing value chain when businesses need it most.The largest challenge I see C
60、MOs facing with AI is that the data and technology brain is evolving faster than the body or the operation of their companies can keep up with.Tariq H.Hassan SVP,Chief Marketing&CXO McDonalds USA89%do not feel paralyzed by the impending change75%do not feel overwhelmed by the rate of technological c
61、hange23The Marketers Forecast 2024A Technological Tipping Point Marketing leaders say AI is the number two subject driving the most concern in their business.Many point to budget(66%)and resources(52%)as the biggest roadblocks to their companies experimenting with new technology.Pressure on short-te
62、rm success and lack of time to think outside core business structures is also a significant barrier,according to nearly 40%of marketers.But there are signs that marketers are seeing reality through rose-tinted glasses,especially when it comes to regulatory processes and policy.Almost two thirds(58%)
63、say they have considered or prepared for AIs long-and short-term legal and regulatory impact on their business which is intriguing,as there are yet to be official standards.It is essential that C-suites work collaboratively and form consortiums with competitors and industry organizations now to brin
64、g these standards to bear quickly.AI regulation is an incredibly intricate and far-reaching topic.The processes and safeguards implemented today may not be enough to prepare us for the world of tomorrow.concern in their business is AI,say marketers under 40-those most likely to have experimented wit
65、h it1#24The Marketers Forecast 2024A Technological Tipping PointMarketing leaders are at the heart of many audacious questions that AI poses.There are two ways of approaching the AI technological tipping point:be tactical(test and learn,do a pilot,fail fast and learn fast,etc.)or be strategic(look a
66、t all the possible ramifications at the enterprise level and take your time to think about how AI will transform your business deep down).Although contradictory on the surface,these two approaches work best when employed jointly.The brands that can figure out how to orchestrate both in tandem are mo
67、re likely to succeed.Marketers are looking for the right tools to experiment with,and MediaLink has developed a basic functional framework as a starting point for AI adoption across Productivity,Consumer Experience,and Growth use cases.Why It Matters25The Marketers Forecast 2024A Technological Tippi
68、ng PointContent&CreativeMeasurement&ModelingInsights&IntelligenceProductivityConsumer ExperienceGrowthKeyRepresentative Business FunctionsShared Enterprise CapabilitiesAI FrameworkFinanceReconciliationData GovernanceResearchDevelopmentPlanningPersonalizationSearch&DiscoveryService&SupportE-commerceJ
69、ourney OptimizationBrick&Mortar(Physical)PaidEarnedLoyaltyAudience DevelopmentOffer ManagementPlanningThe New Pioneers0527The Marketers Forecast 2024The New PioneersThe New Pioneers05Against a volatile backdrop,marketers continue to be a driving force of change.Evolution is on the agenda for some bu
70、t it should be a priority for more CMOs.Only a quarter of marketers believe product innovation is a key battleground for CMOs.A theme of TMF24 is a focus on long-term strategic thinking and investments that future-proof brands.Seventy percent of respondents say their business prioritizes investments
71、 in long-term growth(defined as the next 24 months in this study),and 82%want to see an even greater focus on it.consider expanding their brand beyond their sector of originNearly70%Taking the long-term view allows marketers to lean into innovation embracing change and positively impacting the botto
72、m line.28The Marketers Forecast 2024The New Pioneers57%Social43%Website35%Apps33%Mobile25%Email25%Retail media21%PR17%Web3/gaming15%CTV11%Audio radio10%Linear TV10%OOHMost of the technology marketers use daily didnt exist just a few years ago.Social channels will continue strengthening their positio
73、n at the core of campaigns and business communications due to cost effectiveness,reach,and impact,capitalizing on the transformative power of the voice of the consumer and the democratization of shopping.TMF24 data shows that social is the channel marketers believe they will invest in most in 2025.C
74、hannels marketing leaders say they will invest in most in 2025If youre using the same marketing tools today that youve been using for the last five years,youre not taking advantage of all the ways you can connect with your customers.It isnt really a decision to embrace change or not its a decision t
75、o stay relevant or be left behind.Kellyn KennyChief Marketing&Growth Officer AT&T29The Marketers Forecast 2024The New Pioneers Marketers are doubling down on influencers and digital talent,placing bets on the flourishing$18 billion creator economy.2 Half of all marketers have worked with celebrity t
76、alent or specialized creators,with 61%believing doing so can drive results to the bottom line.Nearly a quarter of marketers(22%)would like to expand their creator/influencer economy practice.Another rapidly evolving space is the$128 billion retail media industry.3 Interestingly,the promise of retail
77、 media is so strong that TMF24 data shows it outpacing another non-traditional medium CTV as an investment channel in North America and EMEA(only 12%of respondents globally cited CTV as a top investment channel).have worked with celebrity talent or specialized creatorsbelieve doing so can drive the
78、bottom line2.UTA,Creators&The New Frontier of Consumer Engagement,November 2021;3.WARC,Media analysis 202354%61%30The Marketers Forecast 2024The New PioneersThe digital era has created a two-way dialogue between consumers and brands.Communication has never had such a direct impact on the bottom line
79、.Direct-to-creator is at a fever pitch.Brands are increasingly funding and co-creating entertainment,with creators becoming a direct part of the marketing process.MediaLink has counseled numerous creator-led media companies.They are rich in premium IP and have hugely influential fan bases both of wh
80、ich naturally capture the attention of investors.This interest will only grow as creators develop more sophisticated advertising offerings.Retail media,an already complex ecosystem,is rife with opportunities for data-driven customer experiences.There are established players,but there is also a growi
81、ng cottage industry of emerging technology players and experienced practitioners.Marketers need a plan that allows them to see opportunities with clarity,differentiating the meaningful from the less-than-meaningful.As the economic climate continues to disrupt,marketers who leverage non-traditional c
82、onsumer interactions to create revenue-driving change will enable their companies to stand stronger.Why It Matters31The Marketers Forecast 2024ConclusionNow is a unique moment in time.Social,economic,and environmental pressures are intensifying.How we work,socialize,and shop is changing.Innovative t
83、echnologies like AI are accelerating these changes beyond all recognition.Marketing leaders have an opportunity to shape culture,rally communities,and shift consumer attitudes.And TMF24 suggests marketers feel they are in good hands.Despite less than half(44%)of marketers believing their business is
84、 ready to embrace the new radical future,nearly 80%trust their companys leaders to get it to its future destination a vote of confidence which is up significantly from the prior two years.Intentional Optimism Leaders who have the trust of their employees will be able to make the most of the economic
85、 upswing when it comes.And there is a growing sense of optimism from marketers who can sense the opportunity.Over three quarters(76%)of marketers say most of their team is excited about their companys future.And 85%of marketers believe their team is committed,with 66%stating their team is either ver
86、y or extremely committed.Culture moves fast.But marketers have the privilege of making an impact that lasts.As the winds of change blow,marketers can use their optimism to drive innovation,harness emerging technologies,and create powerful partnerships,sparking the change brands and consumers crave.T
87、he Marketers Forecast 2024(TMF24)is a proprietary and future-facing research study into the evolution of marketing leaders roles in their organizations and the wider world.It offers many insights,analysis,and predictions for the year ahead and aims to support marketing leaders as they navigate the n
88、ext 12 months.MethodologyThe quantitative study was conducted by UTA IQ with Qualtrics and used proprietary UTA and MediaLink contacts and CINT panels between July and August 2023.It comprised over 400 surveys among senior and executive marketing leaders in North America,Europe,and Asia.Any statisti
89、cally significant differences use a confidence level of 95%.In addition,MediaLink continuously monitors the marketing industry and conducts research in partnership with clients looking to understand marketing,media,and technology trends affecting the business world.Photo creditsCover by Stas Ostrikov;p.12 by Precious Plastic Melbourne;p.17 by Sigmund;p.23 by Kati at Xilo Photography.All on Unsplash.