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.
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