CMO 2021 Growth Strategies - Avoid New Markets

CMOs Expect A Return to Business as Usual in the Next Year or Two, But Are Avoiding New Markets.001.jpeg

Businesses may be sailing on rough water in 2020, but 57% of CMOs expect a return to normal sometime in the next 18-24 months, according to a recent report from Gartner. While the positive outlook on recovery is on horizon, current marketing trends are risk averse.

Just 6% of marketing professionals surveyed said they’re entering a new market with the introduction of new products. Going even further, only 14% said they’d be entering a new market using existing products. So much uncertainty has businesses circling the wagons around what they do best. Marketing strategies are focused on introducing new products to existing markets (45%) or increasing sales of existing products to existing markets (34%).

A low appetite for risk is a clear trend among CMOs and business leaders at-large. Taking manageable risks with markets and products a business understands is a balanced approach to keeping your business afloat during trying economic times.

Chart Source: Gartner