Marketing Budget Update
Marketing professionals across the globe are facing budget challenges, with the added pressure to grow business in this tough economic climate. You can bet there is buzz going around, because new technologies are throwing curve balls to the best laid plans. Last budget planning period, typically August – October looks dramatically different from today in March 2009. But not all is lost.
Here’s more nuggets from the brief article:
The CMO Council’s Marketing Outlook study was based on an online survey of more than 650 global marketing executives. It found that 29% of marketers plan budget increases this year; 50% will cut budgets; and 21% will keep budgets flat.
The top factors driving marketing budget allocation this year are: customer anxiety (49%), slower selling cycles (38%) and reduced consumer spending (33%). (Respondents could select more than one response.)
The study also found that the top two areas of marketing investment this year are e-mail marketing (45%) and online surveys and research (33%).
I was pleased to see this last fact that companies are increasing email marketing and online surveys. In our experience, we strongly encourage customer and market communications during times of economic challenge. Sticking our heads in the sand never got anywhere. We can see from any reality show TV that teams who communicate well perform better. Same holds true for businesses and their customers and partners. By taking the time to share information, use tools to discover what they really worry about using online surveys and research tools, your business will find ways to improve service and retain customers over the long haul.