featured-image

Enterprise CMO Survey: COVID-19’s Impact on Budgets and Tactics

Many CMOs at large companies are facing budget cuts because of the COVID-19 pandemic, but most expect the economic climate to return to business as usual in the next 18-24 months, according to recent research from Gartner.

The report was based on data from a survey conducted between March and May 2020 among 432 marketing executives in North America, France, Germany, and the United Kingdom who work for companies with $500 million to $20 billion (or more) annual revenue.

Some 45% of enterprise CMOs say COVID-19 has driven their firm to reduce its 2020 marketing budget, 22% say there has been no change, and 34% say their firm’s marketing budget has increased.

Here’s a further breakdown:

Actions Taken in Response to COVID-19

Some 61% of enterprise CMOs say they launched special communications to customers in response to COVID-19, 47% say they deployed listening tools to monitor customer sentiment, and 44% canceled customer-facing marketing events.

Marketers’ Risk Tolerance

The COVID-19 pandemic has made many CMOs risk-averse: 37% say their marketing team is seeking to conserve the status quo, and 32% say their marketing team is taking only limited risks.

Return to Business as Usual

Some 57% of enterprise CMOs say they expect their company’s ability to meet performance goals to return to business as usual in the next 18-24 months.

About the research: The report was based on data from a survey conducted between March and May 2020 among 432 marketing executives in North America, France, Germany, and the United Kingdom who work for companies with $500 million to $20 billion (or more) annual revenue.

Source

Post Your Comment

Your email address will not be published. Required fields are marked *

Copyright © 2020 Maxxhost.net. All rights reserved.
<!--Start of Tawk.to Script--> <script type="text/javascript"> var Tawk_API=Tawk_API||{}, Tawk_LoadStart=new Date(); (function(){ var s1=document.createElement("script"),s0=document.getElementsByTagName("script")[0]; s1.async=true; s1.src='https://embed.tawk.to/5e4c036e298c395d1ce88e95/default'; s1.charset='UTF-8'; s1.setAttribute('crossorigin','*'); s0.parentNode.insertBefore(s1,s0); })(); </script> <!--End of Tawk.to Script-->
Register your Domain