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.
“Marketers are not running scared from the economy. Broad concerns about the economic, stock market and credit downturn are not the leading forces shaping this year’s budget planning process”, said Donovan Neale-May, executive director of the CMO Council.
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%).
The CMO Council study was conducted from mid-January through early March.