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.