Following years of accelerated digital spend, marketing’s allocations to digital channels have leveled off. In 2022, digital channels accounted for 56% of total marketing channel spend, little changed from last year. Multichannel marketing spend is an essential component of any marketing budget. With so many different channels and platforms to choose from, CMOs must make informed decisions about which media investments will generate the best ROI — for customer awareness, consideration, conversion, and loyalty and advocacy.
CMOs must be very strategic to align the right channel, be it digital or traditional, to the right journey point in an effort to deliver a customer experience that changes the customer in some way and makes them feel more confident about their choices. According to Gartner, CMOs are up to the challenge: More than half (50.5%) of CMOs’ channel budget is allocated to consideration and conversion.
The burning question: Is this the right allocation? Balancing complex, multichannel journeys cannot be answered by simple broad-brush benchmarks. CMOs must first start with a view of goals and the prevailing market condition, as well as previous performance.