The annual international study conducted by Serviceplan Group, where Chief Marketing Officers (CMOs) and Marketing Directors from leading companies in Europe are interviewed, saw the participation of 800 CMOs this year. Despite cautious outlooks for the coming year, a positive trend is noticeable.

Milan, December 11, 2023 – What will be the predominant marketing trends in 2024? Will budgets face drastic cuts, or can we anticipate a slight improvement? What skills will become indispensable next year? For its annual study, Serviceplan Group partnered with the prestigious Swiss academic institution, the University of St. Gallen, to gather exclusive insights from international brands and marketing leaders.

This year, the study expanded from eight to eleven countries, including Austria, Belgium, Germany, France, Italy, Luxembourg, the Netherlands, Poland, Romania, Switzerland, Spain, the United Kingdom, and the United Arab Emirates. The study, conducted in September 2023, is based on an online survey followed by an in-depth analysis of data from 767 international CMOs.

Key Learnings from CMO Responses

Artificial Intelligence (AI), Emotional Branding, and Content Creation will dominate the CMO agenda in 2024 across Europe. In Italy, sustainability stands out along with Artificial Intelligence and Pricing.

CMOs will face significant challenges, requiring superhero-like skills: openness to innovations and new ideas, interconnected thinking, and agility.

The Evolving Perception of Agencies

CMOs now seek partners that reflect their own evolution.

Budgets and Expectations: The Economic Landscape of Marketing

While 46% of European participants do not foresee significant changes in the industry from an economic perspective, 34% expect a moderate improvement.

Italy follows the cautious European trend (47%), although optimists are slightly fewer, with 22%.

Optimism extends to marketing investment forecasts, especially in Italy, with 49% of CMOs. In Europe, only 40%.

However, both in Italy and Europe, the majority of respondents, despite being optimistic, remain cautious and believe that investments may remain unchanged.

AI and EB: A Successful Mix for 2024

AI and Machine Learning will continue to dominate the industry, with 83% of CMOs identifying it as the most important trend for 2024 in Europe. This trend has risen from fifth to first place compared to last year’s results (with an increase of about 20%), displacing sustainability from first to fourth place.

Content Creation and Emotional Branding occupy the second and third positions, both trends gathering 82% of the votes.

Italy confirms the importance of AI (81%), which climbs the ranking compared to last year but prioritizes sustainability. Indeed, 89% of the CMOs interviewed still consider it a main trend for 2024. Pricing (81%) also emerges as a top, pragmatic, and technical aspect.

An issue that has not yet topped the agenda of CMOs, both internationally and in the Italian landscape, is NFTs and the Metaverse.

Beyond Hard Skills: Openness to Innovation

The strategic and creative effective use of skills in AI and technology proves successful, as survey results attest. 'Analytical and technical skills,' followed by 'Strategic thinking' and 'Creativity and innovation,' emerge as the three key competencies for a successful marketing team in Europe in 2024. With the advancement of AI capabilities and innovations, soft skills like "mental agility" become crucial in the industry. An “open mind” is identified as the main competency by CMOs (29%), followed by “strategic thinking,” “flexibility,” and “agility.”

In Italy, essential skills for a marketing team include “analytical skills,” “communication,” and “market knowledge.” This perspective aligns with the broader trend of favoring a balanced mix of technical and cross-functional skills in the professional environment.

In Italy, CMOs leverage pragmatic skills to navigate a continuously evolving context while maintaining a strong attitude towards flexibility and adaptability. Additionally, there is increasing recognition of the importance of soft skills: empathy, active listening, and leadership.

Agencies Must Adapt and Innovate in the Face of Growing Internal Competence

With the growth of internal competencies, agencies face increasingly high expectations. In 2024, they are required not only to provide inspiration but also to adapt to a continuously evolving context and implement ideas as effective and equal-level partners.

Future CMOs require agencies to transform into genuine strategic partners, capable of sharing their vision for the future, generating creative ideas, using data effectively, and adapting flexibly to a constantly evolving landscape.

European CMOs require partner agencies to take a more strategic approach (41%), while Italy demands an orientation based on analysis and planning (39%).