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Chief Marketing Officers Say Consumers More Concerned with Service than Price and Brand

Chief Marketing Officers Say Consumers More Concerned with Service than Price and Brand

By | 03.03.15
Chief Marketing Officers Say Consumers More Concerned with Service than Price and Brand

In a recent survey conducted by CMO Survey, Chief Marketing Officers (CMOs) indicate that, over the next 12 months, excellent service is more important to consumers than product quality and a trusting relationship, according to MarketingCharts.

  • Excellent service: 23 percent
  • Product quality: 22 percent
  • Trusting relationship: 21 percent

The survey’s results appear in the most recent edition of the CMO Survey conducted by Duke University’s Fuqua School of Business. CMO Survey seeks to issue information regarding the opinions of top marketing executives so that future markets may be predicted and marketing excellence and value improvement may be achieved. This survey, released in February 2015, marks the 13th CMO Survey.

In recent years, and analyzing the February editions of the CMO study, which is released twice each year, less and less CMOs site low price and brand as their consumers key priorities.

For this survey:

  • 2630 top United States marketers from Fortune 1000 and Forbes Top 200 were contacted, as well as key marketers who are either AMA Members or Duke University Alumni and Friends
  • 288 responded for a 10.9 percent Survey Administration response rate
  • 4 follow-up reminders were issued via email
  • The survey was in field from January 13, 2015 to February 3, 2015
  • 3 percent of the respondents were at the vice president level or higher

The survey also revealed that consumer purchases through the Internet continue to increase for business-to-business and –consumer products and services. Over the next 12 months, the following increases are expected:

  • B2B Products: 10.2 percent
  • B2B Services: 10.9 percent
  • B2C Products: 13.2 percent
  • B2C Services: 21.7 percent

The percentage of domestic company sales is also promising:

  • B2B Products: 78.0 percent
  • B2B Services: 88.9 percent
  • B2C Products: 87.0 percent
  • B2C Services: 97.0 percent

Company growth, according to the participants, is expected to occur internally over the next year with the smallest level of growth expected to occur from licensing. Growth breakdown in each area was further broken down, with mixed responses, for B2B and B2C products and services, according to the Duke University CMO Survey report:

Growth from the firm internally (organic growth): 76 percent

  • B2B Products: 76 percent
  • B2B Services: 77 percent
  • B2C Products: 75 percent
  • B2C Services: 74 percent

Growth from partnerships: 10 percent

  • B2B Products: 9 percent
  • B2B Services: 10 percent
  • B2C Products: 12 percent
  • B2C Services: 11 percent

Growth from acquisitions: 9 percent

  • B2B Products: 8 percent
  • B2B Services: 10 percent
  • B2C Products: 7 percent
  • B2C Services: 10 percent

Growth from licensing: 5 percent

  • B2B Products: 7 percent
  • B2B Services: 3 percent
  • B2C Products: 7 percent
  • B2C Services: 5 percent

Sources:

Marketing Charts;  Customers Prioritize Service Over Price and Brand, CMOs Say. February 27, 2015.

Duke University; CMO Survey Report: Highlights and Insights; February 2015.

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