A new Forrester report (Marketing Budgets Suffer Significant Cuts) suggests 71% of CMOs have seen their marketing budgets reduced–of those, 51% saw a reduction of at least 20%!
It’s enough to send any marketer running for the hills, but really it’s only those knee-deep in old school channels that need to worry. As the chart below indicates, online advertising, email marketing, and social media are the least hit, with TV, print and radio seeing a whopping 67% decrease!
Scratching below the surface, we see even more good news for new media marketers. While 7% of CMOs plan to spend less on social media, 47% plan on increasing their spend in this area! The same goes for web site development, online advertising, and email marketing–all seeing more budget increases than decreases.
Regardless of where the money is being spent, marketers are feeling more pressure than ever to deliver results.
Of those who responded, 51% said marketing has a key role in enhancing revenue while 41% agreed that marketing’s efforts are being watched at all levels of the company.
Yep, that sounds like the daily grind for us marketers. You reduce our budgets but expect us to do more with what little you give us!
Want all the data? You can buy a copy of the report here.