New research reveals 70% of marketing experts believe the pandemic has made consumers more concerned about social responsibility and values, with longer-term consequences for their profession. More than three-quarters of the marketing experts (78%) say the next decade will see greater emphasis on social good and transparency.
The findings, from research conducted by the Worshipful Company of Marketors among its membership of senior marketing practitioners and academics, give new insight on the effect of the pandemic on the profession.
More than two-thirds (67%) say marketing coped well with the pandemic, and 57% say it gave marketing the shake-up it needed. 67% also believe the pandemic will make businesses think more strategically about marketing in future.
“As businesses struggled with the drastic effects of the pandemic, the marketing function understood the sudden shifts in consumer and business behaviour, providing leadership and a route to resilience in very tough conditions,” said John Farrell, Master of the Worshipful Company. “As we move forward, companies that place marketing at the heart of their strategies are far more likely to adapt and succeed in the new environment.”
Indicating the extent to which marketing experts feel economic conditions have changed in the last 12 months, 68% of respondents to the Marketors’ survey say CMOs will need to be obsessed with their customers to excel in the next decade and 64% say marketing leaders need to improve their ability to build strategies around what customers think and feel.
“For any business now it is imperative to understand the changes in what motivates consumer behaviour,” added Farrell. “Marketing has never been better placed to lead business from the front. As we move beyond the pandemic, marketing will provide the necessary insights, creative ideas and leadership that fuel business growth.”