Ad agency executives said they are not seeing immediate changes with their clients' budgets.
“We are not really seeing much impact in the way of pullback across the board. We haven't seen it as yet,” said Carl Anderson, president-CEO of Doremus, New York, which has many financial clients. Many of the agency's clients, including the Chartered Financial Analyst Institute, Credit Suisse and Deutsche Bank, are remaining active with ad campaigns, he said. “They are not backing off in this market environment,” he said.
Going into next year, much will depend on what happens in the coming weeks with the financial bailout package and the overall economic condition, Anderson added. “Volatile markets provide opportunities to those who can prove they can deliver,” he said.
Gary Slack, chairman-chief experience officer of Slack Barshinger, Chicago, also said he is not seeing any immediate cuts in client budgets for the remainder of the year or heading into next year.
“Were clients to make changes, I think we would see clients who target middle or large enterprise markets cut back on horizontal marketing and increase investment in vertical and even account-based marketing, something they probably should have been doing all along in many cases,” he said.
“Clients targeting small-business markets likely would go either of two ways—cutting back on vertical marketing or becoming even more vertically focused, depending on how many or few vertical markets they serve. In all cases, we're bound to see more emphasis on faster-working, more efficient, more measurable investments.” M