Deloitte, in collaboration with Duke University, has released findings to its 2021 CMO Survey, and the results offer a valuable look at how marketers view 2020’s impact on the future of marketing.
Overall, the study found that marketers’ outlook on business environments are actually very positive, to the point that it is comparable to pre-covid.
CMOs believe that in 2021, having high quality customer service, products, and relationships will be essential to connect with consumers. During the pandemic, product quality rose by 34.8 percent, but quality of relationships fell by 20.4 percent.
According to the report, one-third of CMOs believe quality customer service is a priority in their organization.
The pandemic was an incredibly difficult transition for many businesses. The switch to virtual and remote work spaces meant that, for marketers, it was time to place emphasis on digital marketing efforts. As a result, companies saw a 32.7 percent increase over the last year in terms of digital marketing’s impact on business performance.
The following bullet points are a summary of some of the key findings of the report:
- 81.8 percent of consumer services professionals have a positive overall outlook
- Brand trust favors larger brands
- Customers are starting to expect and demand higher quality products and service
- Marketers increased Diversity, Equity, and Inclusion (DE&I) budgets by 8.8 percent
- 73.8 percent of businesses report prioritizing their website optimization
In 2020, customers significantly changed their expectations and needs. Marketers were left with questions on how to adapt to such a quickly changing market.
Research has shown that when brands take a more personable and human approach, they receive better customer interactions. As the market returns to a more pre-covid environment, marketers need to evolve with their customer expectations to survive.