“How the heck can we…”
CMOs are facing tough job in current downturn, coz they are to keep products moving—even in an economy where practically nothing is moving.
To find out how top marketing officers around the country are dealing with adverse economic conditions, Duke University’sFuqua School of Business and the American Marketing Association (AMA) conducted the “CMO Survey” in February, a poll of nearly 600 US marketing executives.
The survey found that 59% of marketers were less optimistic about the economy than they had been one quarter before. Amazingly, though, that is better than when the survey was conducted in August 2008. Then, 77% of respondents were less optimistic.
When the CMOs were asked about the first customer priority for the next 12 months, price dominated.
The marketers expect marketing spending to remain almost flat this year, growing by only 0.5% over the next 12 months. But where they are spending their limited marketing dollars is changing.
They anticipate a more than 7% decrease in traditional advertising and increases of about 10% in both Internet marketing and new product introductions.
CMOs are turning to new and often unproven strategies that focus on the Internet, partnerships, new markets, and new products and services to keep their companies moving forward.