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Study: CMOs say budgets cut by at least 20%

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Cambridge, Mass.—More than seven in 10 chief marketing officers say their 2009 budgets have been reduced from 2008 levels, with a majority—51%—indicating that their budgets had been slashed by at least 20%, according to a new study by Forrester Research.

According to the company’s “Q1 2009 Global CMO Recession Online Survey,” budgets for traditional media, such as TV, print, radio and magazines, were hardest hit; two-thirds of marketers whose budgets have been cut said they were taking the money out of these media. Moreover, CMOs reported more than half of their direct-mail budgets were gone.

E-mail marketing budgets were reduced by 11%, while social media spending was cut by 7%.

Forrester’s online survey was submitted in March to 63 CMOs who are members of the company’s Marketing & Strategy Research Panel.

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