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NEWS: CMOs to improve client experience by investing in customer journey

Budget levels are soaring as marketers shift investment towards long-term customer retention, according to new research by The CMO Club and IBM.

The study, entitled Marketing is a (Buyer) Journey, Not a Destination, reveals marketers are spreading budgets over every phase of the buyer journey, with social and digital platforms enjoying the most investment.

Over half (57 per cent) of CMOs expect their marketing budgets to increase over the next two-threee years. These budgets will be spread over multiple channels rather than focusing on individual areas, the study demonstrates an ongoing relationship will encourage customer loyalty and maximise retention levels.

Technology spending is also projected to enjoy a significant increase, rising from $12 billion to $120 billion over the next 10 years.

Chris Campbell, CMO of CNO Financial, said: “We’re excited about what this study reveals. Marketing dollars are in a seismic shift from channel to journey with feedback metrics that allow for rapid experimentation across campaigns and tactics.

“The domino effect of this change ripples through marketing campaigns, customer service, agency offerings, marketing approaches, marketing investments and metrics. It is one of the first and most compelling data points that showcase the change in marketing behaviour mapping to the changing role and power of the consumer.”