Results from Reader Survey: Predicting Retail CMO Trends For This Holiday Season
At the beginning of this month we asked you, our readers, to put your knowledge of the retail industry to the test and predict retail CMOs’ projections on trends for this holiday season ahead of the release of the 2016 Retail Compass Survey of CMOs
. The results are in!
Retailers and Readers Project Optimistic Holiday Sales
This year you are in sync with the top 100 retail CMOs when it comes to overall sales expectations. In fact, 50 percent of blog survey participants expect overall retail sales for the 2016 holiday season to increase—in line with the 50% of retail CMOs from our annual survey.
Price Competition Presents Challenge
When asked about the greatest challenges posed to CMOs this holiday season, 77% of you pointed to price competition. Similarly, the majority of retail CMOs cite price competition as their most anticipated challenge this year. However, you all expected lack of in-demand product to be the second greatest challenge for retail CMOs, whereas our annual survey revealed brand management was the second-most ranked for this question.
Social Media to Deliver Deals and Discounts
Finally, your expectations for how retail CMOs will leverage social in their marketing strategies is right again, predicting that advertising deals and discounts on those platforms will be chief among social media marketing tactics. Readers and retailers remain on the same page, expecting that click-to-buy will be the least used social media marketing tactic.
To learn more about the 2016 Retail Compass Survey of CMOs, we encourage you to take a look at the infographic below, and for more in-depth insights into the findings, you can read the full report here
. And be sure to follow @BDOConsumer
on Twitter for timely insights on trends and developments in the retail industry.