August 31, 2020

Spend expectations

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According to the latest Gartner CMO Spend Survey which polled 432 marketing executives at large organizations in North America, the UK, France, and Germany, 73% of CMOs expect the pandemic’s negative impact to be ‘short-lived’ and to turn positive within 18-24 months. Optimism from CMOs is at odds with other executives, with Gartner citing a World Economic Forum survey reporting 60% of CEOs expect a U-shaped recession post-Covid. 44% of mar...keters said they were facing mid-year budget cuts of at least 5%. 61% of companies launched Covid-specific comms to customers, while 40% took the opportunity to promote eCommerce offerings. 44% canceled or postponed events, while 41% delayed campaigns, and 37% reduced headcount. 79% of respondents said they would focus on existing markets for future growth: 45% on introducing new products to an existing market, 34% on doubling down on existing products, while only 6% were prepared to enter a new market with new products. Digital channels take almost 80% of budgets in 2020. Digital advertising are at the top with 69% of respondents indicating an increase. Email marketing, mobile marketing, paid search, website and SEO – all of them are also on the rise (66-67%), while event marketing and off-line advertising were far behind (24% and 25% decrease respectively). 62% of CMOs expect total media spend to bounce back in 2021.

https://marketingtechnews.net/news/2020/jul/06/cmo-marketing-budgets-gartner-covid19/

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