A new survey finds that 59 percent of marketers were less optimistic about the economy than they had been one quarter before. But there is a bright side, eight months ago, 77 percent of were less optimistic, according to the “CMO Survery” by Duke University’s Fuqua School of Business and the American Marketing Association.
“While marketers in general remain unexcited about the economic situation, it is encouraging to at least see that pessimism is not increasing among the marketing community,” Christine Moorman, of Fuqua, told eMarketer. “This could either indicate that marketers think the worst times are behind us, or they have simply adjusted to operating in an adverse environment.”
The marketers expect marketing spending to remain almost flat this year, growing by only 0.5 percent over the next 12 months. They anticipate a more than 7 percent decrease in traditional advertising and increases of about 10 percent 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. Business-to-consumer marketers are making even more significant shifts to the Internet, for both product and service advertising, and 63 percent believed traditional brand positioning and advertising were losing their effectiveness.
Many felt traditional advertising was “broken.” Looking ahead to this year’s marketing priorities, the CMOs ranked greater marketing accountability as most important, followed by finding a better way to manage brands across multiple platforms.
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