Majority of marketers have 'increased confidence' for year ahead, says CIM
Six in 10 marketers have increased confidence in UK economic growth and performance for the year ahead, according to research by The Chartered Institute of Marketing (CIM) and Bloomberg.
Confidence is twice that of October 2012, the date The Marketing Confidence Monitor survey began, and now stands at an all time high when compared to previous findings.
Negative sentiment around financial and economic uncertainty is beginning to calm among marketers with 41% reporting "above normal" levels of uncertainty within their organisation this October, some 12 percentage points lower than findings from the beginning of the year.
Some 46% of marketers reported they exceeded expectations of their financial performance during the last year, compared with 29% who fell short.
Risk aversion also appears to be receding, with 42% of respondents reporting an increase in management buy-in and appetite for investment in risk and innovation, which is six percentage points greater than those believe there is continued risk aversion.
Thomas Brown, associate director of research and insights at CIM, said: "We have long said that as businesses look to make the shift from recession to recovery, a renewed commitment to risk and innovation is crucial, so it’s encouraging that businesses are beginning to acknowledge this.
"As businesses look to ensure their readiness for a New Year, we need to break out of this cycle of short-termism and look to elevate marketing investment with a view to driving growth, performance and more commercially-grounded business metrics."
Budgets are still the primary driver of the marketing planning process in the opinion of 45% of respondents, versus 37% claiming insight and analysis was the key driver.
The Marketing Confidence Monitor study is repeated quarterly and produced from a weighted survey of more than 1,000 UK marketing professionals
This article was first published on marketingmagazine.co.uk
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