CMOs Remain Optimistic Despite Economic Winds of Change

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Despite economic headwinds, Chief Marketing Officers (CMOs) remain optimistic about emerging technologies such as artificial intelligence (AI) and ChatGPT for customer targeting and behavior modeling, according to a recent survey conducted by Chief Outsiders. The survey of 80 CMOs revealed that 84% of CMOs believe the economic and business climate of the next 12 months will negatively impact business goals, citing inflation, talent issues, and supply chain issues.

However, CMOs believe that revisiting market and competitive insights, refreshing strategy, and accelerating digital marketing capabilities will be critical factors in helping companies grow in 2023.

The survey found that AI and machine learning will have the most significant impact on marketing in 2023, particularly in customer targeting and modeling customer behavior. The majority of CMOs surveyed also believe that creating a best-in-class customer experience is a significant competitive advantage, and market research and competitive insights, strategy development and planning, and digital marketing will be the most significant driving factors in delivering growth.

In terms of social media, most CMOs believe that customers want to be communicated with over social media platforms through video, and video content production will be a priority in 2023. CMOs cited LinkedIn as their likely predominant social platform for B2B, and Instagram for B2C influencer campaigns in 2023.

Additionally, the survey found that direct-to-consumer (DTC) sales are expected to increase significantly in either the retail or healthcare industries in 2023. Most CMOs surveyed believe that Gen Z is the most concerned about a brand’s stance on environmental, social, and governance (ESG) issues when considering a purchase.

Finally, CMOs were also asked about the value of ChatGPT and other generative AI applications in marketing. They answered that ChatGPT and other AI applications will come of use especially in content creation and management. Market research and digital marketing came in second and third, respectively.

Despite the challenges posed by the current economic climate, CMOs remain optimistic and focused on driving growth through technology and strategic planning. As Pete Hayes, CMO and co-principal of Chief Outsiders, notes, “AI will not replace experienced marketers and everything they have to offer their clients, but marketers who are versed in AI will replace those who do not understand the technology.”

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