Earlier this month, Anderson Analytics and the Marketing Executive Networking Group released a report (view here) conducted in January, 2010 on members' marketing plans for this year. Two-thirds of executives are more optimistic a
bout business opportunity than in 2009.
More likely to increase market budget - planned increases rose from eleven percent in 2009 to 24 percent in 2010
Less likely to reduce staff and more likely to hire incremental staff - keeping current staff reached 44 percent this year from 34 percent last year
More likely to increase spending on innovation and R&D - 36 percent of executives in 2010, compared to 21 percent in 2009
The most important marketing concept for this year was "Marketing ROI," which MENG members selected 58 percent of the time. This surpassed "Customer Satisfaction" at 49 percent and "Customer Retention" at 53 percent. These two concepts were the top two placed in both the 2009 and 2008 report, while Marketing ROI was number three last year and number six in 2008.
"Social Media" made the top ten list for the first time this year, selected by 42 percent of respondents.
Social Media is accepted as even more important now than ever, but is one of the buzz terms that marketers are most tired of hearing (placed number one at 29.1 percent). More specific frustrations with Web 2.0 terms focused more on social media, especially Twitter at number 2 (14.8 percent).
Other most oversaturated industry buzz words were Social networking (7.9 percent) and Web 2.0/3.0 (3.9 percent). "Web 2.0" seems to be losing traction from its previous two years as number one term, giving way to the less vague Social Internet terms.
As for strategy, marketer budget still favors traditional marketing over online 55 percent versus 45 percent, with smaller companies edging more towards an even split in their budgets. Seventy percent of marketers are planning new social media initiatives in 2010.