(Marketing Executives Networking Group (MENG) Releases First Annual Survey of Top Marketing Trends for 2008)
Web and Green Marketing are hot, Women, Gen X and Y, and Hispanics Catching Up to Boomers, but Marketing Basics are More Important than Ever
Stamford, CT - November 27, 2007—The Marketing Executives Networking Group, an almost 1700 member organization of leading marketers who are at a VP-level or above in their organizations, today issued the results of its first annual survey of Top Marketing Trends for 2008. The survey of MENG members, conducted by Anderson Analytics, focused on top marketing concepts, buzz words, global areas of opportunity, targeted customer demographics, as well as the books that marketers look to for inspiration and growth opportunity.
While the marketers weighed in on many marketing concepts a few key areas emerged. Marketing basics (60% “Very Important”) which include specific concepts such as customer satisfaction, customer retention, segmentation, brand loyalty and ROI were of greatest interest. Interestingly, Search Engine Optimization (42%) had relatively wide appeal, and cut across marketers in all fields. “Green Marketing” (32%) was another important emerging concept and it was identified as the trendiest marketing buzzword.
“Senior marketers are facing an increasingly complex world with new technologies and new market segments rising to the fore” said Chandra Chaterji, a member of the MENG Board of Directors.
In regard to Global Issues, China is viewed as the region with the best future opportunity (52%); India is a distant second (20%). Few marketers saw other regions such as Eastern Europe, Western Europe, Latin America, Brazil, Russia, and Mexico, as comparable opportunities. In terms of another important global issue, Out-Sourcing/Off-Shoring, the majority of marketers (77%) reported that their companies do not off-shore any part of the marketing function. Half of senior marketers are not in favor of off-shoring any part of the marketing function, while just under a quarter view it favorably.
“This finding is not surprising” said Tom H. C. Anderson, Founder & Managing partner of Anderson Analytics “off shoring is not just limited to customer telephone call centers any more. A lot of companies are engaging in ‘knowledge process offshoring’ (KPO) which includes everything from customer data processing to more advanced marketing analytics. For instance in my specific area of marketing, market research, almost all of the larger companies are trying their hand at offshoring while trying to keep it as quiet as possible”
When asked about the most important customer demographics senior marketing executives rank Baby Boomers highest with 88% ranking them as either very important or somewhat important. What may be surprising is the fact that Gen X (86%), Hispanics (86%), Women (85%) and Gen Y (84%) are catching up to Boomers as customer targets.
Senior-level Marketing Executives read avidly to stay abreast of information and gain insights for their business. The most popular books are not necessarily the most recently published given that Good to Great, The World is Flat, and Blink were the top three most recently read books. In terms of all time favorite business book ever read, three in five executives were eager to make a recommendation to their fellow marketers. Topping the list were: Good to Great, Positioning, and 7 Habits of Highly Effective People.
Richard Guha, Chairman of MENG, in announcing this study, said, “this is the first of a series of studies by MENG which will make a major contribution to the growing effectiveness of marketing.”
The Marketing Trends Survey was fielded by Anderson Analytics among current MENG members between October 19 and November 20 of 2007. Anderson Analytics used text mining software to code open-ended/free form text answers to questions in order to truly understand what issues were top-of-mind among the senior executives. The 607 responses yield overall statistics with a confidence interval of +/-3.98% at the 95% confidence level.
About the Marketing Executives Networking Group
The Marketing Executive Networking Group (MENG) is the premier organization of senior level marketing professionals who have reached at least the VP level in their organization. This 1,600+ member not-for-profit networking community fosters career and personal success by sharing information and relationships for mutual assistance across virtually all industries and marketing specialties. Eighty four percent of the members have Fortune 500 experience and 70% have earned graduate degrees, the majority of which are from top-20 Business Schools. To learn more go to www.MENGonline.com.
About Anderson Analytics
More than market research, Anderson Analytics is the first next generation marketing consultancy to combine new technologies, such as data and text mining, with traditional market research. Anderson Analytics helps clients gain The Information Advantage by combining the efficiencies and business experience found in large research firms with the rigorous methodological understanding from academia and the creativity found only in smaller firms. For more information, please visit http://www.andersonanalytics.com
FastLane on behalf of MENG
Founder & Managing Partner