CMOs Say Recession Will Not Harm Marketing Budgets
Marketing budgets this year will not be slashed because of the economic downturn, according to a new survey by the Chief Marketing Officers Club.
71% percent of chief marketing officers in the study do not plan on cutting their company's marketing budget, while only 14 percent said they would.
Other key findings:
- When asked which budget line items would be cut first, advertising and mass marketing strategies (32 percent) were cited most frequently.
- Online strategies, such as search engine optimization and online marketing campaigns, were cited as the least likely to be cut, followed by public relations campaigns.
"There is a school of thought that says marketing is more important than ever in a recession, and our survey results show that a number of companies seem to be following that philosophy," said Pete Krainik, CMO Club founder and former CMO at DoubleClick, in a statement.
The CMO Club, a professional community of more than 1,600 chief marketing officers, queried 100 chief marketing officers from startup to Fortune 1000 firms in business-to-consumer and business-to-business markets. Full results of the survey were presented at The CMO Club summit in New York.
