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CMO Ad Budgets Shrivel, Money Shifts toward Digital
Always a bummer
Two-thirds (65 percent) of CMOs and marketing execs say their ad budgets will decrease because of the troubled economy, but more of their money will go toward digital/interactive marketing than before, according to a survey (pdf) from Epsilon, writes MarketingCharts.
Roughly the same percentage (63 percent) of the 175 CMOs and marketing execs surveyed report that their spending on interactive/digital marketing has risen, while 59 percent report a decrease in traditional marketing spend.
The study also finds that though CMOs are facing tough challenges in the current economic climate, 94 percent of those surveyed agreed with the statement, 'A tough economic period is precisely the time when marketing plays a key role.'
To offsest budget cuts, CMOs are shifting to more targeted and measurable marketing strategies. When asked how their firm determines target market for each channel, 50 percent said they use data-driven marketing techniques: 31 percent stated they use sophisticated"