The number one issue Krainik wanted to know was "Has the impact of the recession affected your business?" In general, the answer was no.
- 58% of CMOs do not feel negative business impact due to the recent slowdown or recession
- 71% of CMOs say their marketing budgets have NOT been reduced
- Only 33% of CMOs felt budget reductions (14% overall) were tied to the recession
Question: If you were cutting your budget today, what would be the two things they'd cut first?
Answers (in order):
- TV/Print (half said this)
- Trade shows
Answers (in order):
- Online Advertising
- Company website
Only 20% of CMOs with budget reductions have had their marketing objectives amended in line with reduction.
Question: What is the best tool or advice you'd give other CMOs for improving marketing effectiveness during a recession?
- Segmentation and direct response vs. branding. Analyze and focus on target set of customers/prospects
- Focus on Metrics and campaigns you can measure. If you can't measure it, don't do it. Everything you do should have ROI attached.
- Focus marketing efforts on current customers. Customer satisfaction is critical.
- Leverage online and new social networks more than traditional mass market vehicles. Online advertising, SEO/SEM, online networks
- Headcount and resource effectiveness. Acquiring and retaining good talent. Doing more with less headcount.
- Customer engagement and trust. Getting more net promoters.
- Differentiation. Cutting through the clutter in messaging, programs and service delivery.
- Managing Marketing budget cuts linked to a recession is NOT a top issue of CMOs.
- The most important issues for CMOs surveyed are talent management, customer engagement and trust, and differentiation.
- We're reached a point where online advertising, SEO/SEM, and the company website budgets are now "sacred" vs. traditional media budgets.
- Focused measurable direct response and current customer satisfaction and upsell are most critical to CMOs during a recession.