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Marketing in a Post-Covid Era: Summary

Core Content

This report from the CMO Survey, conducted by Deloitte, Duke University's Fuqua School of Business, and the American Marketing Association, provides an in-depth analysis of how marketing strategies, spending, and organizational structures have evolved in the post-Covid environment. The 29th Edition of the survey was conducted in July–August 2022 and includes insights from 273 marketing leaders across various industries.

Main Findings

Economic Optimism

• Overall Optimism: Marketers' optimism for the U.S. economy is at 57.2 (out of 100), up from the pandemic low of 50.9 in June 2020 but down from 66.8 in February 2022.
• Sectoral Trends:
  • Healthcare is the most optimistic sector at 62.6.
  • Banking/Finance/Insurance and Consumer Services are the least optimistic at 45.9 and 46.3, respectively.
• Quarterly Optimism: Marketers are less optimistic about Q3 2022 compared to Q2 2022, with only 12.1% reporting increased optimism.

Inflation's Impact

• Spending Adjustments: 42.3% of companies report that inflationary pressures are reducing marketing spending, while 41.0% note no change.
• Pricing and Value Proposition:
  • 64.9% of companies have raised prices due to inflation.
  • 40.0% have strengthened their value proposition.
  • 26.8% have increased brand building investments.
• Sectoral Variations:
  • Education, Energy, and Transportation sectors are more insulated from inflation's impact.
  • B2C Product companies are most likely to report higher prices (73.5%).

Channel Strategy

• Channel Diversification: 65.1% of marketers have increased the number of channels used over the last three years.
• Social and Digital Channels:
  • 41.4% of marketers now use social channels to sell.
  • 30.9% have added direct-to-consumer channels.
• Face-to-Face Channels:
  • 50% of marketers are returning to or opening new face-to-face channels.
  • Only 10.5% of marketers report that former face-to-face channels have become entirely digital.
• Industry Differences:
  • B2B Product and B2B Services are most likely to return to face-to-face channels (58.6% each).
  • B2C Services are more likely to convert face-to-face channels to digital (27.3%).

Marketing Spending

• Budget Growth: Marketing spending increased by 10.4% over the last year, but is expected to trend back to pre-Covid levels (5.8% growth).
• Digital Marketing:
  • Accounts for 57.9% of marketing budgets, up from 23% during the pandemic.
  • Expected to flatten to 15% and then drop to 10.1% in the next year.
• Traditional Advertising:
  • Shows a downward trend, returning to negative growth after a temporary lift.
• Budget Allocation:
  • Marketing budgets as a percent of company budgets reached an all-time high of 13.8%.
  • Marketing budgets as a percent of revenues reverted to pre-pandemic levels, reflecting a 12.3% increase in revenues.

R&D vs. Marketing

• R&D Budgets: R&D budgets are 4.4% larger than marketing budgets on average.
• Industry Focus:
  • Technology, Energy, and Pharma/Biotech are the biggest R&D spenders.
  • Communications/Media, Retail/Wholesale, and Consumer Services are the biggest marketing spenders.
• Disparity:
  • 20.5% of companies spend 50% or more on marketing than R&D.
  • 25.3% of companies spend 50% or more on R&D than marketing.

Marketing Analytics and Knowledge

• Analytics Investment:
  • Marketing analytics spending reached an all-time high of 8.9% of marketing budgets.
  • Used in 49% of marketing decisions, up from 38% before the pandemic.
• Knowledge Resources:
  • Marketers have nearly doubled investments in marketing knowledge and tripled investments in marketing research and intelligence.
• Research Methods:
  • 63.3% of companies now study online consumer behavior.
  • 57.8% use more video interviews.
  • Only 18% use more text analysis.

Organizational Changes

• Remote Work:
  • 57.5% of marketing teams work from home at least some of the time.
  • 48.7% work from home all of the time.
• Productivity:
  • 50% of marketing leaders report no change in worker productivity.
• Company Culture:
  • Over a third of marketing leaders report that remote work has weakened company culture.
  • 45% of marketing leaders note that young marketers are socialized less within the company.

Marketing's Strategic Role

• Importance in Organizations:
  • Marketing's role has increased in more than half of all companies during the pandemic.
• Brand and Social Responsibility:
  • 30.2% of companies are using their brands to take a stand on politically charged issues, up from 18.5% pre-pandemic.
  • Marketers are more focused on branding and CRM investments, with a shift toward branding over CRM.

Key Metrics

• Marketing Budgets as % of Company Budgets: 13.8% (all-time high)
• Marketing Budgets as % of Revenues: 8.7% (pre-pandemic level)
• Marketing Spending Growth: 10.4% (last year), expected to trend to 5.8%
• Digital Marketing Spend: 57.9% of marketing budgets
• Marketing Analytics Spend: 8.9% of marketing budgets
• Marketing Knowledge Investment: Nearly doubled
• Marketing Research and Intelligence Investment: Tripled
• Remote Work Adoption: 57.5% of teams work from home at least some of the time

Conclusion

The post-Covid marketing landscape shows a mix of adaptation and reversion to pre-pandemic norms. While digital marketing has seen significant growth, there is a trend toward returning to traditional channels and a focus on product quality and customer service. Marketing budgets are expected to stabilize and trend back to pre-pandemic levels, with a notable shift in priorities and investment strategies.