Marketers are increasingly pessimistic about the economy, with sentiment reaching its lowest level since the pandemic in 2020. In response—and facing organizational pressures for returns—marketing activities are contracting, lowering spending and prioritizing existing customers over expansion opportunities.

At the same time, companies are accelerating adoption of artificial intelligence, projecting that AI will account for more than half of all marketing activities within three years. Yet this rapid technological progress is outpacing organizational readiness, with no marketing technology activity currently delivering at its full potential. These are among the findings of the 35th edition of The CMO Survey, directed by Professor Christine Moorman of Duke University’s Fuqua School of Business and co-sponsored by Deloitte and the American Marketing Association.

The survey was conducted from January 7 to January 29, 2026. It polled 308 marketing leaders at for-profit U.S. companies, 97% of whom are VP-level or higher.

Duke Fuqua Insights features digestible conversations with our faculty about the most impactful research from their careers, including studies they teach in Fuqua classes. New episodes every other week in season.

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Professor Christine Moorman on why keeping marketing secrets may cost more than letting them go

Companies spend billions safeguarding their marketing secrets—from customer insights to pricing algorithms—assuming these secrets are key to competitive advantage. The global data loss prevention market is valued at an estimated $1.5 to $2 billion annually and continues to grow. But does locking down knowledge undermine performance rather than protect it?

In this episode of Duke Fuqua Insights, Professor Christine Moorman of Duke University’s Fuqua School of Business, a leading scholar of marketing strategy and the director of The CMO Survey, examines whether protecting marketing knowledge is worth the cost.

Drawing from in-depth interviews with senior executives across industries, Moorman and her co-authors explore how firms manage three types of marketing knowledge: customer and competitor insights, marketing plans, and marketing know-how, such as pricing algorithms. Their research challenges the conventional wisdom that tighter control always leads to stronger advantage.

The research found that efforts to prevent knowledge leakage often generate significant costs, while the external benefits may be overstated. Firms frequently rely on “leakage prevention strategies” that restrict who can access or share information. But Moorman finds these controls can create a set of “hidden costs” that can undermine decision quality, slow execution, and even weaken morale. Protection can also unintentionally block learning as well as leaks. “If you put up all of these barriers, those same barriers are going to also prevent information from coming to you,” she said.

On the benefit side, Moorman points out that these benefits may be overestimated. The reason is that even when information escapes, competitors must first notice it, interpret it correctly, and have the resources to act on it before any real harm occurs.

Moorman suggests that instead of obsessing over preventing leaks, companies should first weigh a careful assessment of these costs and benefits. Companies should also consider alternative knowledge protection strategies that do not have these costs. These include investing in harm prevention strategies, like refreshing their marketing knowledge faster than competitors can use it, and out-executing rivals even when information escapes. Competitive advantage may depend less on secrecy and more on speed.

Duke Fuqua Insights features digestible conversations with our faculty about the most impactful research from their careers, including studies they teach in Fuqua classes. New episodes every other week in season.

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Professor Anna Cieslak explains how central bank communication shapes financial markets, even when rates stay the same

When the Federal Reserve meets, markets obsess over one question: Will interest rates go up or down? But sometimes, market moves happen even when rates don’t change at all. In uncertain times, a subtle shift in tone can ripple across global financial markets.

In this episode of Duke Fuqua Insights Podcast, Professor Anna Cieslak of Duke University’s Fuqua School of Business explores how central bank communication shapes financial conditions beyond formal rate decisions.

Her research examines how the Fed uses “policy tilts”—signals about future intentions—to influence investor expectations and long-term interest rates.

Drawing on decades of data—including the late 1990s productivity boom and the post-COVID recovery—her research shows how policy tilts shift investor risk perceptions and long-term Treasury yields, with effects that can rival formal rate decisions.

She explains that the Fed follows a “risk management approach,” assessing not just the most likely forecast but also low-probability, high-cost scenarios. By signaling vigilance, policymakers reduce fears that they will fall behind inflation.

The stakes of getting communication right are high. In 2021, the Fed's 'lower for longer' messaging diverged from rising inflation concerns, tightening financial conditions even as rates held steady. As former Fed Chair Ben Bernanke observed, monetary policy is '98% talk and 2% action'—which means parsing Fed language is as important as watching the rate decision itself.

Duke Fuqua Insights features digestible conversations with our faculty about the most impactful research from their careers, including studies they teach in Fuqua classes. New episodes every other week in season.

For more from Duke Fuqua, visit us on LinkedIn, Instagram, Facebook, Bluesky, and the Duke Fuqua Insights newsletter.