LinkedIn study: New revenue streams, driving spend top of C-suite agendas

A new study by the social network based on a survey of more than 300 UK C-suite executives at large (+£250m turnover) organisations reveals that innovating revenue streams is a key priority as old ways of operating are forced to change by the pandemic.

What it means for marketing

Broadly, it’s good news: 44% of respondents plan to increase marketing spending in order to help them adapt. But what happens to spend is even more important, with 56% of all leaders saying they are refocusing spend around stimulating customer spending.

Key points

• Nearly three-quarters (74%) of UK CMOs expect their role to change as a result of COVID-19. Fifty-eight percent believe they will increasingly support other functions, such as employer branding, internal communications and learning and development.
• 53% of CMOs say tech and data will be an even bigger part of their role.
• 48% expect to have greater influence.
• In the next six months, leaders anticipate that marketing will help their companies evolve by: shifting from in-person events to virtual events (41%); adapting content, messaging and tone of marketing assets to reflect the economic climate (38%); and focusing on reaching new customers (30%). 
• However, with speed at the heart of the pandemic response, 60% of CMOs now feel that they risk over-prioritising agility over strategy.

Key quote

“Undoubtedly this year has shown the need for flexible marketing plans but CMOs must balance this with staying focused on their long-term strategy and vision,” says Tom Pepper, Head of Marketing Solutions for LinkedIn UK, Ireland & Israel. “Upskilling will be an important focus for CMOs this year as they look to redeploy employees and plug potential skills gaps, but the savviest will also know when to bring in extra talent.”