The survey was conducted online in January and early February, with 141 ANA marketer members responding.
Following up on a survey conducted in July and August 2008, the new ANA poll found that 93% of companies are working to identify savings in marketing and advertising campaigns, compared with 87% six months ago. Further, 37% of respondents plan to reduce budgets by more than one-fifth, up from the 21% who indicated that last summer.
Top areas where marketers plan more reductions include travel and expenses, and media and production budgets. Respondents also said they were increasingly likely to challenge their agencies to reduce internal expenses or identify cost reductions.
Changing economic conditions seem to have surprised marketers. Last summer, 53% said they expected their advertising budgets would be reduced in the ensuing six months. Instead, 71% actually experienced budget decreases. —Christopher Hosford