Gartner surveyed chief marketing officers in the UK, France, Germany and North America to understand their 2021 strategies.
The study found that 73% of CMOs plan to play safe by relying on existing customers to fuel growth in 2021. However, many would also like to rescale their marketing strategies this year.
For 39% of marketing leaders, the primary strategy to fuel growth in 2021 is to increase existing customers' existing product sales. Around 34% of CMOs also plan to roll out new products to existing customers.
Only 18% of marketing heads intend to enter a new market using existing products and a mere 7% plans to enter a new market by launching new products. Gartner's Jay Wilson said, "Focusing on existing customers has a number of benefits for CMOs, namely being low cost and low risk. But low risk is matched by relatively low return."
[2 minute read]